Project Management, Finance and Budgeting, Agency Management

Workamajig’s Integrated Accounting Solutions

by Success Manager, October 2, 2014

Finance director loves Workamajig's integrated accounting functionsSince Calico implemented Workamajig, I’ve started to lose my reputation as Chief Financial Buzzkill. I’m a happier person in general. I don’t have to spend as much time or effort running reports. Profit analysis is so easy, I can actually leave the office on time in the evenings. I can harangue my employees for unsubmitted timesheets with just the click of a button. Because all of the functions are integrated, I can relax knowing that any output from Workamajig is going to be accurate. I’ve started to make pleasant facial expressions, I’ve joined a book club and the other day, I approved a request for a pizza party for the entire office, with enough pizza that everyone can have two slices.

I’m sure you can see that this is a problem. Financial management is my responsibility, and if I set a precedent for two-slice pizza parties — or smiling — our agency could well descend into chaos. Yes, Workamajig is great for Calico, but someone left a smiley-face cupcake on my desk yesterday.

Problem: How can other finance directors lose their killjoy personas (assuming they want to)?

Solution: Workamajig’s integrated functions make project data available to accounting in real time, all the time.

Accounting systems Calico has used in the past weren’t actually accounting systems — they were bookkeeping systems that people frequently use for accounting. There’s a difference. What makes Workamajig stand out is that a full suite of accounting functions is integrated right in with the rest of the project management functions, so there’s no separate system to use. No new training, double entries or opportunities to transcribe numbers incorrectly and throw off reporting and billing. As data is entered into Workamajig during the course of the project, it becomes automatically available for accounting purposes. And it’s all designed around traditional accounting best practices and procedures, for accurate reports and a nice, clear audit trail. Accounting worries, and frown lines, are a thing of the past.

This all becomes particularly useful as we develop Profit and Loss reports. Workamajig makes them easier than any non-accounting, non-integrated system could ever accomplish. The system offers five different P&L reports: a corporate one for the entire company, based on entries into the general ledger, and detailed and multi-view reports based on specific projects or clients.

The project and client P&Ls are able to incorporate not just actual transactions but also unbilled costs, unpaid bills, overhead allocations — data that affects the way an agency plans for the future. It’s all drawn from one, integrated system, available in real time. That lets us see which projects or clients are the most profitable, where we’re losing money and how we can adjust our account services and new business strategy to bring in more money than we lose. Calico has already been able to use that analysis to become more profitable. Thus the pizza party, which I’m already starting to regret.

And that leads us to our second problem: How do I regain my uncompromising reputation when I’m walking around looking relaxed and well rested all the time? Are there books on the subject? Anyone?

- Linda, Finance Director, Calico Agency

Linda says that Workamajig's P&Ls lead to better profit analysis, which can lead to pizza parties, which isn't OK with her.

 

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