Slow season? Not to us. Even on the hottest days of the year, our team went to work ferociously - resulting in a dazzling new update: crystal clear project financials!
Don't remain in the dark for your projects. At a glance, see how much profit you make on every project, while keeping your budgets and expenses at bay. Projects don't have to be a source of stress any longer.
Are you doing well? Will it pay off in the end? This update helps you learn from historical data and adjust accordingly - for better projects, time over time. This now includes your external budget: see the total budget of your customer, and how much of it has been spent. Your customer? He benefits from transparent communication, and honest pricing.
Happy to introduce you to our latest feature!
Projects insights: smarter, simpler
"Thanks to the Profit on projects widget, we now have a clear idea of costs and know exactly what to charge our customers. It also helps us determine a fair price for future projects." - Kim Deman, Muylle-Gadeyne
At Work Smarter this year, we launched the new Profit margin for projects. This new widget gave a clear overview of costs, revenue and profit per project. And although we were proud by the warm reactions we received, we solemnly swore to continue working on improvements as well.
Your profit per project can now be found in a new widget, which gathers all essential project financials in one place. Get a clear idea of your budget, profit margin and working hours!
Stay in control of your projects: the main benefits
So, one central place for all your project insights. The advantages are plentifold.
Not only will you effortlessly keep tabs on your budget and profit margin, but you'll also be able to intervene when and where you have to. At risk of going over budget? Contact your customer to look for a solution, or simply adjust things internally. At any moment, you'll remain transparent towards your team and your customers.
Another major benefit: as you always see how much budget was spent, you'll get a clear prediction of where your project will end, budget-wise.
Where do you find your project financials?
The new widget can be found on the overview page of a project. It helps answer crucial questions like:
- How many hours have you spent on a project?
- What is the total customer budget, and how much was spent already?
- How many costs did you make on hours and materials?
- How much profit will you have at the end of the project?
A clear overview is one thing, but sometimes, you also want to dive into the details of a project. What could have been more efficient? Which milestone took up too much time and why? Which team member spent too much time on a given task? Well: drawing lessons from current projects and improving towards the future was never this easy.
If you click on 'Details' for tracked time, you'll see an overview of all timetracking elements added for this project. You'll also be able to filter on date, user and work type.
Through Details for Profit, you'll see costs, revenue and profit margin per milestone in your project. For each milestone, you can check the performance and profitability of each team member, or even the profitability per task type.
Ready to tackle projects in a smarter way?
As we said at Work Smarter, these updates are just the first step. Our end goal is still: offering you the tools to make precise predictions for projects, and determining budgets - gaining that extra competitive edge.
In the meantime, be sure to have a look at our Knowledge Base for more info on this update!
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