Generating Job Profitability Reporting in Base
Context:
Base can optimize job tracking, cost management, and AR/AP processes. From client request to service fulfillment to invoicing, vendor payment, and receipt - Base streamlines the entire workflow for efficiency and accuracy.
Identifying the Challenge: Real-Time Profitability Analysis
1. The Challenge:
Base understands that even with accurate and prompt data entry, the reporting cycle is still never perfect, and not all jobs are billed by month’s end. The need for a tool that provides real-time insights into your organization's expected profitability is a must.
2. Base’s Solution:
The Job Profit Report in Base offers the ability to select specific date ranges to obtain a comprehensive snapshot of all transactional data and allocations within jobs. From charges and expenses to invoicing and allocations, Base tracks it all, presenting the data in an easily exportable format for detailed analysis and team reviews.
Step-by-Step Guide: Generating and Viewing the Job Profitability Report
1. Navigate to Accounting:
Begin by selecting 'Accounting' from the left navigation panel.
2. Access Reports:
Click on 'Reports' in the dropdown
then choose 'Job Profit Report' .
3. Set Your Dates:
Choose the start and end dates for the period you wish to analyze. This is crucial for obtaining accurate and relevant data on your organization’s profitability. You can also select dates to see job updates between dates.
4. Load the Data:
Click 'Refresh' to load the report, revealing a detailed breakdown of all transactions and funds movements within your jobs.
5. Export and Analyze:
With the data now visible, export it to Excel in your preferred format, ready for in-depth analysis and review with your team.
Understanding the Financial Buckets
Revenue: Charges invoiced, approved, and pushed to the accounting system.
WIPs: Charges added to a job but not yet processed through the accounting system.
Accruals: Expenses added to a job pending processing through the accounting system.
Cost: Expenses allocated against an invoice and processed through the accounting system.
Profit Equation: Revenue - WIP - Revenue Credits + Accruals + Cost - Cost Credits
Next Steps:
Learn about Accruals Reports: Explore our comprehensive guide on generating and viewing open accrual reports here.
Summary:
Base’s Job Profit Report is a valuable tool for clarity and control over financial workflows. By following this guide, users learn to generate, view, and analyze their job profitability data, ensuring no detail is overlooked. Look into the the full capabilities of Base’s financial reporting today.