7 Ways to Make Your Quotes Easier with an Estimation Tool
Overview
Whether you’re working in a small firm that does only one kind of work or at an organization with different departments, your time is probably stretched thin. That’s why so many estimators have begun using an estimation tool to help them save time and streamline their workflow. An estimation tool can streamline the quoting process for any type of business. Even if you’re just starting out, it’s helpful to know what these tools are and how they can make your job easier. Here are seven ways you can use an estimation tool to make your quotes easier to create and review.
Create a central repository for all your project data
If you’ve ever worked in a small firm, you’ve probably seen some project data get put on random pieces of paper or Post-it notes. That’s because when you don’t have a central database for that data, it’s easy for it to get lost or misplaced. An estimation tool can help you centralize all your project data in one place. This can be especially helpful if you work in a large organization where different departments are responsible for different projects. By having all your project data in one place, you can more easily collaborate across departments and review past work to inform future estimates.
Track changes to original estimates and price recommendations
When you create an estimate, it’s common to have that estimate go through several rounds of revisions. When this happens, it’s important to track those changes so you can see how the costs of the project changed over time. If you don’t track these revisions, it’s easy for the status of a project to get confusing. An estimation tool makes it easy to track changes to both your original estimates and price recommendations. This can help you keep projects on track and make sure that your clients are getting the most accurate pricing information possible.
Estimate multiple versions of the same project
If you work in a firm that does a single type of work, it’s common to have multiple versions of the project that you repeat over and over again. For example, you might be responsible for creating custom software solutions for clients. If you only create one version of that software, it can be harder to create estimates. An estimation tool can help you estimate multiple versions of the same project. You can store all your project data in one place, create different versions of a project, and then use that data to help create accurate estimates for each project. This can be especially helpful if you work in an agency where you’re creating similar work over and over again but for different clients. By storing all your project data in one place, it’s easier to create estimates that are accurate and reflect the scope of work.
Automatically pull billable hours from timesheets
If your business is one that bills by the hour, it may feel like an estimation tool is unnecessary. After all, why would you need to estimate the time it takes to complete a project when you already know how long it takes? One reason you might want to use an estimation tool is to automatically pull data from your timesheets to help create estimates. You can use your timesheet data to create estimates that are as accurate as possible. This can be especially helpful if you work at a larger organization where several different departments are working on different projects. By using your timesheet data to create estimates, it’s easier to make sure projects stay on track and are completed within budget.
Sum up all costs at the end of a project
If you work in a firm and bill by the project, it can be helpful to know how much each project costs. That way, you can make sure you’re billing clients appropriately for the work being done for them. If you don’t know what each project costs, it can be hard to make sure your clients are getting the right price. An estimation tool can help you keep track of the total costs of each project. You might even be able to create a project-management feature that shows which projects are on budget and which projects are costing more than they should. This can be especially helpful if you work in an agency environment where multiple clients are being worked on at the same time. It’s often hard to keep track of the costs of each project when there are many projects happening at once. By having all your project costs in one place, it’s easier to make sure all projects are being billed appropriately.
Add an unlimited number of collaborators to a project
If you work in a firm, it’s common to have multiple people working on projects at once. But unfortunately, it’s difficult to track how many hours each person worked and keep that information up to date. An estimation tool can help you add an unlimited number of collaborators to a project. This can be especially helpful if you work in an agency environment where multiple people from different departments are working together on a single project. By adding an unlimited number of collaborators to a project, it’s easier to keep track of who worked on what and when. This can make it easier to bill your clients correctly and stay on track with projects.
Conclusion
If you’re working in any type of business that creates estimates, it can make your job easier if you use an estimation tool. An estimation tool can help you create more accurate estimates, track changes to estimates over time, and keep track of the costs of each project. That way, you have a better idea of how much each project actually costs and what it takes to complete each one.