This report assists Project Managers in assessing the in-depth financials of projects and the stages they comprise. Comparisons can be made between planned costs and fees versus the amounts actually incurred and the running profit.
This report can be accessed and interpreted as follows:
- In the main menu, go to Insight and select Work in Progress under Fees & Invoicing.
- Set the filter to show projects with the required Project Status and click Load.
- This will load a list of respective projects which will be displayed in the left most column.
- In the following column, the internal Budget set up for the project will be displayed.
- Just next to it, the Actual Expenditure on the project thus far will be displayed as both a monetary value and as a percentage of the original Budget.
- The third column reflects the Reported % (Percentage) Progress of the project. A signal icon with full bars represents a project whose progress has been recently edited and the information is thus up to date.
- The Fee column indicates the total agreed upon fee for the project.
- Next to it, the Invoiced column reflects the amount invoiced as both a monetary value and as a percentage of the original Fee.
- The sixth column displays the Profit Projected based on the current finances of the project, taking into account the actual values captured thus far.
- The second last column provides an indication of the difference between the Invoiced amount and the Actual Expenditure. A positive green value indicates that the Invoiced amount is higher than the Actual Expenditure and a negative red value indicates the contrary.
- The final column shows Draft Invoices as both a monetary value and as a percentage of the Fee for the project.
- Each project can be further broken down to reflect the reported values on a sub project level. This can be done by simply expanding the project.
- Click on any of the project stages to zoom into that information.
- In the pop-up window, you will be able to see the Income, Expenses and Project Profit for this stage. If needed, you are also able to edit the reported Progress from here. Remember to Save any changes made.
- You can also change the WIP View between Invoiced vs Actual Expense, Invoiced vs. Reported Progress and Unbilled Time Value.
- Lastly, the report can be exported as a spreadsheet by click the downward facing arrow in the top right corner of the screen.
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