Are you only running your time and materials contracts through Track? Many customers think Track is limited to jobs billing time and materials. However, due to the accuracy and visibility of Track, it is beneficial to have lump sum projects as well. By managing all projects within Track, no matter what billing strategy is being used, you can have timely and accurate visibility into your entire contractor workforce in one place. This allows you to compare lump sum versus time and materials for future work, incorporate costs into Insights reporting, and have one place for Authorizers to approve all costs.
To set up a lump sum agreement in the TRACK application:
- Create a lump sum agreement
- Add the applicable skills to the lump sum agreement
- Add a lump sum material group and item to the agreement
- If the vendor only performs lump sum work, determine the agreement skills by discussing them with the client
- Set up all labor rates on the lump sum agreement as $0
- Submit lump sum invoices through the material module
- Ensure that vendors allocate the lump sum resource hours to the appropriate cost objects
Contact us for more information on how to utilize the Track application for lump sum agreements.
