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Job Financial Summary Report

Job profitability reporting (2 min 42 sec.)

The Job financial summary (JFS) report provides detailed profit, time and financial information about your jobs.

If you have quoted for the job, the JFS report is an excellent way to compare your actual profit against your estimated profit.
The actual profit will not be accurate until the job has been fully invoiced, and all time sheets and actual costs have been correctly added into the job.
If you have not quoted for the job, you can still create an estimate for purely internal management purposes. This estimate effectively becomes a detailed budget for the job, which you can use to better understand where your jobs are performing well and, where they are not.

You can run the JFS report at any time, at various stages in the job's lifecycle; for example, when the job:

has just been quoted
is in progress
is partially or fully invoiced.

If you have set up your account correctly and entered correct time and cost information, the JFS will give you an accurate snapshot of just how the job is proceeding. The report always uses the latest information available so you can be sure that your information is fully up to date.

Running the Job financial summary report

The report can be run for a specific job as follows:

In the Jobs menu, select Jobs, then select the job you want to report on.
On the job's information screen, select the Financial tab.
On the Financial tab, select Print Financial Summary. The report is displayed. You can email the report or export it into several formats.

The report can be run for all your jobs as follows:

In the Reports menu, select Standard reports.
On the Reports screen, select the Job Financial Summary Report (in the Performance Reports section).
On the report Options screen:
1. Select the required date range for reporting.
2. Select one or more clients.
3. Select the required job state or states to include in the report.
Print. The report is displayed. You can email the report or export it into several formats.

What's in the Job financial summary report?

There are five sections in the report:

Financial Summary
Time Summary
Staff Efficiency
Non Billable Time
Time to be Invoiced

1. Financial Summary

The Financial Summary section has five columns. The values in each column are calculated by using the most suitable base rates and billing rates, as explained below.

1. Est. Cost

This is the estimated cost of the job's tasks and any cost items at the quote stage. The cost of estimated time for each task is normally based on the Task Base Rate. However, if you have specifically allocated staff to tasks at the quote stage, the estimated cost is based on the Staff Base Rate.

How is the Est. Cost value calculated?

The way the Est. Cost value is calculated depends on two organisation settings, whether the job was quoted or not, and how staff are allocated to the job.

Task Invoice Rate	Time Allocation	Quoted?	Staff allocated at quote stage?	Est. Cost value is calculated using...
Task Billable	Staff	Yes	Not possible	Task base rate
Task Billable	Staff or Task	No	Not applicable	Not applicable
Staff Billable	Staff	Yes	No	Task base rate
Staff Billable	Staff	No	Not applicable	Not Applicable
Staff Billable	Staff	Yes	Yes	Staff base rate

2. Quoted

This is the quoted price of the job's tasks, plus any cost items, at the quote stage. The value of quoted time for each task is normally based on the Task Billable Rate unless you have specifically allocated staff to tasks at the quote stage; in which case, the quoted value is based on the Staff Billable Rate.

The quoting functionality in WorkflowMax can serve three similar, but distinct functions:

Primarily, it can serve as a quote, that you will send to your client. If the client accepts the quote, the quoted value will be used as the basis for invoicing your client later on.
You can issue an estimate for the client. An estimate is a 'best guess' as to what a job will cost, and may (or may not) be used to base invoices on.
You can create a budget (effectively a 'for-internal-use-only' estimate) which can be used to better understand how the job is actually performing against your budget.

If these first two columns contain information, the report will show an Estimated Profit, which is the Quoted value minus the Est. Cost.

How is the Quoted value calculated?

The way the Quoted value is calculated depends on two organisation settings, whether the job was quoted or not, and how staff are allocated to the job.

Task Invoice Rate	Time Allocation	Quoted?	Staff allocated at quote stage?	Quoted value is calculated using...
Task Billable	Staff	Yes	Not possible	Task billable rate
Task Billable	Staff or Task	No	Not applicable	Not applicable
Staff Billable	Staff	Yes	No	Task billable rate
Staff Billable	Staff	No	Not applicable	Not Applicable
Staff Billable	Staff	Yes	Yes	Staff billable rate

3. Act. Cost

This is the actual cost to you of the time written against tasks by staff members. The actual cost of time on tasks is always calculated by multiplying the actual time worked, by the Staff Base Rate of the person writing the time-sheet. The Task Base Rate is never used to calculate the cost of actual time - see the table in the drop-down below.

In addition, any cost items on the Costs tab of the job, that have been flagged as actual costs at the job stage (as indicated by a green tick to the left of the cost description), will appear in this column.

It can be very useful to compare the Act. Cost column with your Est. Cost column, to see how accurate your estimates were.

How is the Act. Cost value calculated?

The Act. Cost value is always based on the Staff Base Rate – regardless of the organisation settings, and regardless of whether the job is based on a quote or if staff have been allocated at the quote stage.

Task Invoice Rate	Time Allocation	Quoted?	Staff allocated at quote stage?	Act. Cost value is calculated using...
Task Billable	Staff	Yes	Not possible	Staff base rate
Task Billable	Staff or Task	No	Not applicable	Staff base rate
Staff Billable	Staff	Yes	No	Staff base rate
Staff Billable	Staff	No	Not applicable	Staff base rate
Staff Billable	Staff	Yes	Yes	Staff base rate

4. Billable

The value in this column depends on whether you have a client-accepted quote or not.

If you do have a client-accepted quote, the Billable column represents what you would normally have invoiced your actual time and costs out for – as if you had not quoted them. In this case it can be very useful to compare the Billable column with your Quoted column, to see how accurate your quote was.
If you do not have a client-accepted quote, then this is the billable value of your time and costs, assuming you will invoice your client on the basis of your standard billable rates. Of course, you have the option to write up or down these calculated billable values when you come to invoice, if you wish.

How is the Billable value calculated?

The way the Billable value is calculated depends on the setting of the organisation setting: Task Invoice Rate.

Task Invoice Rate	Time Allocation	Quoted?	Staff allocated at quote stage?	Billable value is calculated using...
Task Billable	Staff	Yes	Not possible	Task billable rate
Task Billable	Staff or Task	No	Not applicable	Task billable rate
Staff Billable	Staff	Yes	No	Staff billable rate
Staff Billable	Staff	No	Not applicable	Staff billable rate
Staff Billable	Staff	Yes	Yes	Staff billable rate

5. Invoiced

This is what has actually been invoiced out to date.

The Actual Profit on the job will not be accurate until you issued your final Invoice, and all time-sheets and actual costs have been correctly entered against the job.

How is the Invoiced value calculated?

The way the Invoiced value is calculated depends on the value of the organisation setting: Task Invoice Rate, and whether staff are allocated to the job at the quote stage or not.

Task Invoice Rate	Time Allocation	Quoted?	Staff allocated at quote stage?	Invoiced value is calculated using...
Task Billable	Staff	Yes	Not possible	Task billable rate
Task Billable	Staff or Task	No	Not applicable	Task billable rate
Staff Billable	Staff	Yes	No	Task billable rate
Staff Billable	Staff	No	Not applicable	Staff billable rate
Staff Billable	Staff	Yes	Yes	Staff billable rate

Estimated Profit / Actual Profit

If you have information in your Quoted and Est. Cost columns, you will see a value for Estimated Profit ( = Quoted minus Est. Cost).

You may also see a value for Actual Profit ( = Invoiced minus Act. Cost). In addition, if you're using the:

Standard version of WorkflowMax, you will see an updated 'running balance' value for the actual profit every time you issue an invoice.
Premium version of WorkflowMax, you will only see an actual profit value after you have issued your final invoice.

Write Up (Off)

The Write Up (Off) amount is the Invoiced column minus the Billable column.

In the Premium version of the software, the Write Up (Off) amount is reported on only after the final invoice has been issued.

The Write Up (Off) amount lets you know by how much the 'theoretical billable value' (what you would have charged the client, assuming normal mark-ups on time and costs) differs from what you have actually invoiced on the Job. This value will have most significance when the job is completed, has been fully invoiced, and all time and costs have been fully and accurately recorded against the job.

The value of the Write Up (Off) amount will depend on whether the job was quoted or not.

If the job is based on actual time and costs (where there is no quote), the Write Up (Off) value will normally be zero – unless you have chosen not to bill your client using your default rates.
If the job is based on a quote, the Write Up (Off) amount will allow you to determine if the job would have been more profitable on a quoted or actual time and costs basis. In other words, did you over-or-under quote the work?
If the Write Up (Off) amount is a:
- positive number, basing the job on a quote was more profitable than if you had charged it out on an actual time and costs basis at standard rates.
- negative number, basing the job on actual time and costs would have been more profitable. In other words: the job was under-quoted, and you should use the Job Financial Summary report to identify where in the job your actual costs exceeded you estimated costs, and why.

2. Time Summary

The 'Time Summary' section lists all the job's tasks along with the Estimated and 'to-date' Actual, Invoiced and Non Invoiced hours.

3. Staff Efficiency

The 'Staff Efficiency' section lists all the job's tasks along with the Estimated and 'to-date' Actual hours along with a percentage calculation:

> 100% means that Actual is less than estimated time = staff working efficiently.
< 100% means that Actual is more than estimated time = staff are not working as efficiently as possible.

4. Non Billable Time

The 'Non Billable Time' section lists all time sheets entries marked as non-billable. If all entries are billable the message There is no non-billable time assigned to the job will be displayed.

5. Time to be Invoiced

The 'Time to be Invoiced' section list all time sheet entries that have not yet been invoiced. If you have quoted the job and fully invoiced it out on the basis of that quote, this section will remain populated with all time sheet entries as there is no direct link between the quoted value of time and the actual time sheets entries.