Making high-quality components is what you do best as a subcontract precision engineer – but how do you know if you’re making a profit on every job?
In a recent technical discussion, Geoff Gartland, Managing Director of PSL Datatrack, joined Tom Skubala of MTDCNC to explain how PSL Datatrack’s Financial modules help subcontractors improve cash flow, gain cost visibility and understand job profitability like never before.
“You may be making money overall as a business,” Geoff says, “but I’m sure there are some loss leaders in there. If you take those out, you’ll make more money.”
The Problem with Disconnected Financial Processes
When financial tasks like invoicing, purchase invoicing and job costing are handled manually – or across multiple disconnected systems – the result is often late invoices, manual errors and poor visibility on whether a job was actually profitable.
Without accurate, up-to-date financial information, you’re left making crucial business decisions based on guesswork.
The PSL Datatrack Solution
Geoff outlines how PSL Datatrack brings clarity and control to the financial side of subcontract precision engineering – automating administration and giving you the tools to track real costs and cash flow with confidence.
- Invoicing that pulls from real data
No more guesswork – invoices are automatically created using data from the works order and delivery note, ensuring the right quantity and price every time
Learn more about PSL Datatrack’s Invoicing module
- Purchase invoice matching that protects your margin
Check that every supplier invoice matches the purchase order and what was actually received – all within one dedicated system
Learn more about PSL Datatrack’s Purchase Invoicing module
- Job Costing that shows true profitability
See the actual cost of producing each batch, including overheads, material and subcontract processes – and use that data to make smarter quoting and production decisions
Learn more about PSL Datatrack’s Job Costing module
“Your quotation is what you quote your customer. Your works order is what you then take the order at. Job Costing gives you the overhead… so you can identify those jobs that do lose you money,” explains Geoff.
PSL Datatrack also offers a Multi-Currency module, ideal for subcontractors trading internationally. It simplifies transactions with overseas customers and suppliers by handling all relevant documents – like invoices and purchase orders – in the correct currency. This not only removes the hassle of manual conversions but also ensures financial accuracy and professionalism when dealing with multiple currencies and exchange rates.
Watch the Video
If you’re unsure how much profit you’re really making on each job – or if late invoicing and poor cost visibility are hurting your cash flow – this short video is a must-watch:
Let’s Talk
Ready to eliminate manual mistakes and make more money with production control software? Let’s talk!
