The Official BQE Software Blog

Real-Time Realization Reports = More Profits Featured Image

Real-Time Realization Reports = More Profits

May 11, 2017 | By BQE | 2 Comments

Topics: Profit and Loss, Profitability

Can you sit down at your computer and within 15 seconds find out how much money you’ve made on a project that you’re in the middle of? Or do you typically wait until a project is completely finished before doing a post-mortem, crossing your fingers and hoping that financial good fortune was on your side?

BQE puts a project’s vital financial information at your fingertips at a moment’s notice. Accessed through BillQuick’s Report Center, the real-time realization reports can give you vital insights. It'll tell you if a project is proceeding according to plan or alert you to a potential problem before it becomes catastrophic.

Here is how the real-time realization reports in BillQuick mean more money in your pocket:

No Surprises for Your Client = Profitable Project

Clients usually aren’t turned off by high fees that they know are coming their way. It’s getting an invoice that’s twice as high as they expected that will send them into panic mode.

Real-time realization reports will highlight a project’s potential cost concerns so you can discuss it with your client as soon as possible. If frequent changes by the client are the reason that costs appear ready to spiral out of control, you can ask the client if they’re okay with paying more, or if the project’s scope should be scaled back.

Remember the goal – no surprises for your client. Realization reports will give you the necessary information to show your clients how and why a higher project cost may be necessary and even warranted. Explaining potential problems with your clients before they occur could mean the difference between finishing a project in the black or losing a client.

No Surprises for You = Profitable Firm

We’ve all been there – looking at a project’s profit and loss statement for the first time only after the project is completely finished. And then you realize that the project you thought was under budget isn’t just over budget, it’s into the stratosphere.

BillQuick’s realization report should be your first stop every morning to make sure that you, too, don’t end up with an unwanted surprise at the end of a project.

Maybe your employees are under budget but a client is late on a payment. This report will show that this project is currently operating at a net loss. Or perhaps you see that a project is currently profitable, but it’s only at the halfway point with only one more payment coming from the client and your employees still need to spend a considerable amount of hours to bring it across the finish line. There’s a chance the project could finish in the red.

Just like for your client, the goal for you is no surprises. If you discover the need to discuss either raising a project’s fee or changing the scope, better to do it while the project is ongoing.

BQE Software offers intelligent project management and billing solutions for professional services industry that are designed to help increase performance and productivity through streamlined processes and integration. Check out BillQuick for more information.

Comments