Here is a quick look at the 5 key reports that you should be using in BillQuick as a manager:
1. WIP Summary with AR Aging by Project: Also known as Work-in-Progress (Summary) with Aging, this report shows a summary of both the work-in-progress (billable time and expenses) for projects as well as the aging. You can drill-down into the details.
2. Work in-Hand by Project: This report helps managers determine how much work is in hand, and whether additional projects can be taken or more resources are needed to work on projects. Typically, it is recommended to have about 4 months’ worth of work in hand. This can be calculated as:
Unbilled Amount = Contact Amount (or Fixed Fee) – Service Amount
Project Management Report:
3. Budget Comparison by Item: This report shows a comparison of the budgeted (planned), spent (actual) and remaining (left) activities and expenses for each project in terms of hours/units and amounts. The items are flagged as over and under budget accordingly.
4. Staff Performance: Also known as Employee Utilization, this report provides managers with a utilization summary of employees. You can drill-down into the details. The utilization rate is the percentage of an employee’s billable time and should ideally be around 85-90%.
Master Project Reports:
5. AR Aging by Master Project (Summary): Also known as Aging by Master Project (Summary), this report displays the aging and payment history summarized by projects. A key feature of this and other newly added master reports is that they display the information at the master or parent project level and roll-up the phase details under them.