The Top 10 Most Insightful Reports in BillQuick · •Avoid overly complicated reports...
Transcript of The Top 10 Most Insightful Reports in BillQuick · •Avoid overly complicated reports...
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The Top 10 Most Insightful Reports in BillQuick
Irfan QaziVP Customer ServiceBQE Software Inc.
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•Are my income numbers on track?•How efficient is my business?• Is my business healthy financially?•How can I prepare for the future?
What We Will Learn
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Business Health & EfficiencyFuture Planning
Income and Revenue
The Top 10
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•Do I need this report & what does it mean?•Easy access and easy to understand•Avoid overly complicated reports•Understand who the report is for•Standardize reports across your business
Reports Should Bring Value
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•Frequency: Monthly•What you billed and what you got paid•Compare to revenue and track the ratio• Identify factors blocking the cash flow
• Early payment discounts• Accept credit cards• Stop-work clause in your agreements
Cash Flow vs. Revenue1
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Cash Flow vs. RevenueCash
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•Frequency: Quarterly•Compare sales & understand trends• Identify growth driving sources
Revenue by Employee, Client and Item2
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Revenue by Employee, Client and Item
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•Frequency: Quarterly•Higher Realization Rate = Higher Profit •Shoot for 100% Realization Rate• Identify ways to increase realization rates
• Assign staff with core competencies to the project• Demonstrate value• Use flat fees and negotiate change orders
Staff Realization3
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Staff Realization
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•Frequency: Monthly•Measure of staff billability•Goal for entire staff (60% to 65%)•Goal for professional staff (80% to 85%)
Staff Utilization4
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Staff Utilization
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•Frequency: Monthly•Track profitability at all times•Learn from mistakes and successes
Project Profitability5
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Project Profitability
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•Frequency: Monthly•Revenue generated by projects managed•Collections by project manager•Ratio of revenue and collections
Project Manager Billing Analysis6
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Project Manager Billing Analysis
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•Frequency: Monthly•Forecast four to six months in advance•Assign resources to revenue sources•Relationship with monthly revenue capacity
Work in Hand (backlog)7
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Work in Hand (backlog)
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•How many months of billing?:
= (WIP of Hourly Projects + Unbilled Fixed Contracts)/Average Monthly Billing
Work in Hand (backlog)
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•Frequency: Monthly•Use billing schedule for milestone billing•Great cash flow projection tool• Identifies Scheduled vs. Actual
Revenue Forecast8
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Revenue Forecast
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•Frequency: Quarterly•Where are we winning business•Revenue of new business•Look into cost of winning
Income by Business Type9
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Income by Business Type
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•Frequency: Monthly•Compare actual results to financial targets•Helps in gauging organizational expectations
Financial Budgeting10
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Financial Budget Comparison
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•Be a business that is both data and knowledge rich. Take full advantage of BillQuick’s powerful reporting
• Identify your key sources of revenue for your business
•Analyze your cash flow trend. It can adversely affect the ability of your firms financial obligations
What We Learned
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•Set reasonable utilization goals for your non-admin staff (75% to 85 %)
•Keep an eye on your firm’s backlog. Monthly billing reduces your backlog, replace it by newly earned contracts
What We Learned
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Reports
Business Health & EfficiencyFuture Planning
– Cash Flow Vs. Revenue– Revenue by Employee, Client & Item– Staff Utilization– Staff Realization– Project Profitability– Project Manager Billing Analysis
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– Work in Hand (backlog)– Revenue Forecast
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– New Business by Type– Financial Budgeting
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Income and Revenue
The Top 10
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This Session
– Cash Flow Vs. Revenue– Revenue by Employee, Client & Item– Staff Utilization– Staff Realization– Project Profitability– Project Manager Billing Analysis
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– Work in Hand (backlog)– Revenue Forecast
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– New Business by Type– Financial Budget
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How Can I Find These Reports in BillQuick
– Cash Flow Vs. Revenue– Sales by Item, Client, Employee (top 10)– Employee Utilization– Write-Up/Write-Down Summary (custom grouping)– Profit by Project Manager - Comprehensive– Billing Analysis by Project Manager
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– Work in Hand – Phased Projects– Billing Schedule - Tab
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– Top Ten in Revenue (custom grouping) – Financial Budget Vs. Actual
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Comparable BillQuick Reports
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SALES
SUPPORT
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+1 (310) 602-4030
+1 (866) 945-1595facebook.com/bqesoftware
@bqesoftware
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SALES
SUPPORT+1 (310) 602-4030
+1 (866) 945-1595facebook.com/bqesoftware
@bqesoftware
youtube.com/bqesoftware