Over the last 10 years, a trend has become apparent in the use of timesheet software among companies of all sizes. More and more, corporate executives are seeking to understand their project accounting costs. If they know their project costs – and many don’t – they can discover financial problems with projects early on and fix them. This can potentially save you millions.
According to a study by McKinsey and Company, research shows that "on average, large IT projects run 45 percent over budget and 7 percent over time, while delivering 56 percent less value than predicted." Sometimes, companies can do something about that – like cancel the project, put different resources on it, or change the scope – but sometimes they don’t discover the problem until it is too late to save the project. This means that many projects may fail for reasons that could have been discovered and fixed!