Watch a video walkthrough of internal and external cost management in Scoro, or discover at your own tempo with the GIF guide.
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Internal costs
Labor cost in Scoro refers to your own in-house delivery cost. It is calculated automatically by multiplying the hours logged against each task and project with employee's hourly labor rate.
Tracking labor costs can help you understand your project delivery efficiency and monitor project margins.
Outsourced costs
Outsourced costs in Scoro can be split into two categories: expenses and supplier bills.
Purchase Orders
You can use Purchase Orders in Scoro to record your supplier agreements—documenting what and how much you've ordered. This will help you to manage expenditures as you maintain an overview of how much of your cost budget is already reserved.
If you've already estimated supplier fees on the quote, you can convert the quote data into Purchase Orders with a few clicks.
Once you receive a bill from your supplier, you can turn this purchase order into a bill.
Bills
Bills are all the invoices you receive from your suppliers. These can cover anything from outsourced services like copywriting to purchasing physical products, licenses, or ad placements.
Keeping track of supplier bills lets you stay in control of your costs. If you've already estimated the supplier fee on the quote, you can use the data on a quote to automatically generate a bill. You can also create a bill from scratch right from the project view. This way, it will be linked to the relevant project automatically.
You can also create a bill from scratch right from the project view. This way, it will be linked to the relevant project automatically.
Expenses
Expenses are purchases made by your team members to deliver a project. Things like client lunch or business travel fall under this category.
You can add an expense directly from the project view to ensure it is linked to the corresponding project. If the expense was initially covered with personal funds, you can mark it as reimbursable.
If your business uses Expensify, set up a data sync with Scoro to save time and avoid duplicate work. All the expenses logged in Expensify are sent to Scoro and automatically linked to the relevant project.
To keep your projects profitable, you must strike the right balance between costs and revenue. Next up, see how you invoice for your work and make sure you have received payments from your clients.