The critical role billable rates play in reporting

One of the most exciting and powerful features offered by WorkflowMax is the ability to immediately gain deep insights into the profitability (or otherwise!) of every job.  Allowing you to identify and take early corrective action on the jobs that are not going to plan from a budget perspective.

“For the first time in eight years we truly know now how much a job is costing us and the profit we are making.”  Alex - Hamilton Elevators  

In WorkflowMax every Job features a ‘Job Financial Summary Report’ (see below), which helps you understand in seconds, whether you over or under-quoted that job, how your actual profits compared to your estimated profits, and exactly where your budgets over or under-shot targets.

"Cash flow and profits have more than doubled"         Miriam - Future Proof Concepts

Using the example above we are easily able to see that ..

• Our actual profit % (38.82%) was a little under our estimated profit % (42.46%)
• Our actual dollar profit  ($7,009.58) was a little under our estimated profit ($7,486.28)
• We under-quoted (see ‘Write Up (Off)’) this job by $1745.00.  We would normally have billed this job out for $19,801.76 (see the ‘Billable Column’), based on our standard mark-ups on time and costs, but we only quoted and invoiced $18,056.76
• Our waiting staff cost almost twice ($877.14) what we estimated ($448.60), while everything else was on, or very close to budget 

 “The program is very intuitive and has massively improved our understanding of projects how they are progressing financially.” Chris - Rig Pro  

It is absolutely critical that you understand the role that base and billable rates play in the calculation of every single number that appears in the Job Financial Summary (JFS) Report.  Get your base and billable rates correct and you will extract very valuable information from the JFS (and the myriad of other reporting that WorkflowMax offers). Get your base and billable rates wrong, and your reporting may lead you to making incorrect decisions - exactly the opposite of what we are all trying to achieve.

To ensure that you get set up correctly, we recommend that you click on the below buttons which will link you to relevant support centre help topics.

“WFMax has been the most amazing tool.   I can now see the profit of every job to the last dollar.”   Paul - Provision

Need more help? 

Contact an expert Workflowmax Approved Setup Partner

Check out our WorkflowMax Support Centre

Register for a live webinar with Q&A here.