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This guide shows how integrating Projectworks with Xero can help you manage jobs, track time, and keep your financials in sync.
Are you using Xero and looking for a way you can seamlessly manage your jobs and integrate data across the two systems.
Projectworks offers the most comprehensive Xero project management integration, making it a popular WorkflowMax alternative.
In today's fast-paced business world, managing projects, team members, and finances efficiently is crucial for any organization to succeed. Two powerful software solutions, Projectworks and Xero, have joined forces to offer a comprehensive and efficient ecosystem for businesses.
Businesses can improve efficiency and productivity by using Projectworks and Xero together. They can also see their financial status in real-time. Combining these Xero project management tools can help businesses streamline their operations.
This integration can lead to better decision-making and overall success for the business. Xero Projects is good for small businesses with fewer than 5 employees. However, as your team expands, you will require a more sustainable solution to accommodate them.
This article explains how combining Projectworks and Xero project management helps businesses easily manage jobs and finances smoothly.
Sending invoices and payment records
The Projectworks Xero project management integration enables businesses to exchange approved invoices and payment records effortlessly. Users can easily create invoices in Projectworks and send them to Xero for processing, keeping financial records accurate and current.
Then Xero matches payments with Projectworks, making it easier to manage debtors and see unpaid bills clearly.
Leave management
Projectworks automatically updates approved leave requests in Xero, ensuring accurate leave balances.
This integration eliminates manual input and links project planning with finances, ensuring accurate resource management when employees are absent.
Expense tracking
Projectworks seamlessly sends approved expenses to Xero. The integration checks if the expense matches an existing contact in Xero and creates a new contact if necessary.
Xero exports approved expenses as bills to pay, simplifying payment processing and ensuring accurate financial records.
Non-reimbursable expenses
The integration simplifies expense reporting by allowing businesses to submit non-rememberable expenses, such as subscriptions or travel expenses.
You can easily record these expenses in Projectworks and seamlessly export them to Xero for processing. This eliminates the need for manual entry, reduces administrative overhead, and ensures accurate financial records.
Tracking billable-time
The Projectworks-Xero integration streamlines Xero project management by efficiently tracking billable time and managing payroll.
Projectworks logs time and expense entries, reviews them, and sends them to Xero. The integration ensures that time entry cost rates match pay items in Xero, enabling accurate payroll calculations.
Projectworks adds time entries to employees' Xero timesheets, reducing manual work and keeping payroll records current.
Custom tracking categories
Syncing custom tracking categories between Projectworks and Xero allows businesses to classify expenses, revenue, or other financial transactions based on predefined categories.
This enhances financial insights and project tracking by providing a comprehensive view of project costs, margins, and profit.
Holistic project management features
Projectworks is software designed for professional service businesses. It helps with resource booking, time tracking, project tracking, expense tracking, revenue forecasting, invoicing, leave management, creating projects, reports, and business insights.
The integration with Xero enhances this holistic approach by seamlessly integrating these project management tools with your accounting system. The unified interface makes it easier to transfer data, reduces mistakes, and provides instant information on project financials.
By using Projectworks and Xero project management together, businesses can improve their operations, productivity, and financial visibility.
The integration simplifies work, saves time, and ensures accurate financial records. This helps professional services focus on core activities and achieve financial stability.
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Let’s say a consulting firm signs a $30,000 engagement in July and invoices the full fee upfront. The client pays quickly and the cash lands, but the work runs from July through September. By the end of July the firm has completed about one-third of the engagement - the project’s on track but the finance team have some work to do to match revenue with the costs incurred (the “matching principle” of having costs and revenue in the same period is a key accounting concept). Only a third of the project’s fee has been earned (because only a third of the work has been done), and the remaining $20k of revenue is deferred to a future period.