Job Time Entry Accuracy and Greater Cost Control for Restoration Contractors
Claims may start with insurance providers, but restoration contractors are the face of the entire claims process. Almost a go-between for insurance policy providers and policyholders, they are the ones who people trust to repair the damage to the assets they value. They are also the resources that insurance providers count on to help them hold up their end of the deal for policyholders who are in need of help.
As the people that bridge the gap between insurance carriers and customers, restoration contractors have the challenge of working within the bounds of insurance policies while also completing work to the satisfaction of policyholders.
In other words, contractors and field professionals must constantly be mindful about how many hours they are putting into a project. And, without an easy, digital way to track time and monitor labor costs against a project budget, it’s extremely complex – if not impossible – to complete projects on time and within a budget set by the parameters of insurance policies.
Manual time-tracking processes are especially hard to manage accurately when you consider that the average technician works on four to five projects every day.
To make this whole process more feasible, CoreLogic is now introducing a digital tool that will enable field professionals to track their time more easily and accurately. The timesheets add-on feature to our job management platform, DASH®, also gives restoration contractors insight into labor hours and progress so they can make real-time decisions about the optimal completion of a project.
Leveraging the timesheets feature, technicians have an easy, digital way to log their working time. On the back end, restoration contractors will realize greater labor cost control and also ensure that their technicians get compensated appropriately and on time.
CoreLogic® Timesheets™: Easy, Accurate Time Entry for Field Professionals
Timesheets is a feature in both the DASH mobile and web-based platforms.
The mobile edition allows field professionals to track their time on the job with a single click of a button on their mobile phones.
There are options for professionals to start logging their time when they begin traveling to a job – with an ‘On the Way’ button, and also an option for them to start the clock when they arrive onsite – offering flexibility for companies who have different requirements for time tracking.
As soon as the technician submits their hours and these notes through the timesheets feature, it is all automatically reflected within DASH.
Integrations for Efficient Job Management
When technicians finalize their timing and job notes through timesheets, the labor information automatically populates in DASH’s job costing center.
With the mobile app directly integrated with the DASH job management platform, managers have one web location with constantly up-to-date information for managing every labor resource’s time. This simplifies time reconciliation and saves time.
There are oversight procedures put in place, too. Working hours logged and resulting payments due are not finalized until entries go through a two-step approval system – a primary and then final sign-off. The final approval is usually issued by someone in management or accounting.
When approved, the timesheets function within DASH allows those in the approval chain to put hours into the ‘overtime’ bucket – where the specific hourly rate has already been applied – so that the right pay rates are automatically applied for compensation.
Timesheets also syncs with QuickBooks Online, one of the most common accounting softwares for businesses, which uses the data that comes from Timesheets for bookkeeping, invoicing, expense tracking, and so on. This reduces manual entry into your accounting system.
Using Timesheets to Achieve Greater Cost Control
One of the biggest – if not the biggest – benefits to using CoreLogic’s new timesheets is that it allows restoration contractors to maximize their control of labor costs.
Since the labor costs instantly transfer to the job costing center, managers have the ability to track project budgets in real-time, directly within DASH. If technicians are spending more time on a project than was originally planned for when the budget was created, then managers can make instant changes while a job is in progress to reduce costs.
If when analyzing a budget against existing job costs, a manager realizes that the project is trending to go over budget, they can take control to change the trajectory. For example, the contractor can hire a subcontractor at a lower pay rate to finish certain elements of a project that may have been started by one of their own technicians.
All in all, this innovative new timesheets feature within DASH gives restoration contractors a more robust set of tools to stay within budget for every project – to maximize their control over costs for every assignment that comes from insurance carriers.
Timesheets: A simple solution with incredible benefits
Timesheets may seem like a simple tool, but leveraging it allows restoration contractors and their technicians to spend their time and energy doing exactly what they need to do in order to serve their customers – both insurance providers and policyholders.
Eliminate the manual, administrative work and the human errors that come with it to meet budget guidelines and establish more profitable partnerships with insurers and better relationships with your own technicians.
To learn more, contact our sales team by calling 866-769-7855 or emailing insidesales@nextgearsolutions.com. To schedule a demo of our offering, click here.
©2023 CoreLogic, Inc. The CoreLogic® statements and information in this blog may not be reproduced or used in any form without express written permission. While all the CoreLogic statements and information are believed to be accurate, CoreLogic makes no representation or warranty as to the completeness or accuracy of the statements and information and assumes no responsibility whatsoever for the information and statements or any reliance thereon.
