What is cost reporting in ON!Track?

Introduction

The Asset Cost Report in ON!Track allows you to monitor the cost of your equipment when it is utilised across various job sites or projects. It automatically calculates the cost based on the number of days the equipment is used at each location. This facilitates suitable cost allocations to the correct projects, conforming to Standard business practices used worldwide.

Current Practices: How Equipment Costs Are Tracked

To encourage smart and responsible use of equipment, many companies charge projects based on how long the equipment is used. This helps project managers:

• Book equipment only when it’s truly needed
• Return it on time so it’s available for other teams.

The current process is mostly manual and takes a lot of time:

• The jobsite staff writes down equipment deliveries by hand
• These handwritten notes are collected and sent to the office
• Office staff then enter the data into a system or calculate the costs manually

This method is time-consuming and increases the chance of errors. That’s why many teams are moving toward automated solutions that save time and improve accuracy.

Benefits of ON!Track Cost Reporting

ON!Track cost reporting simplifies equipment cost tracking and improves accuracy.
Key features include:

• Transfer-Based Logic: Replaces handwritten delivery notes with system-generated transfers, reducing manual effort and errors.
• Fast Cost Calculation: Enables quick calculation of equipment costs per jobsite, improving operational efficiency.
• Broader Item Coverage: Allows cost allocation for all assets and quantity items, not just high-value equipment, maximizing cost recovery.
• ERP Integration: Supports seamless data export to ERP systems via ON!Track Unite, ensuring consistent and up-to-date records.

Business Impact:

These features deliver:

• Significant time savings
• Improved data accuracy
• Increased visibility and value of equipment usage across projects

If you are interested in understanding what Time-based charges are and how they extend daily rates, please check: What are Time-based charges and how do they extend daily rates?