Overview
The Financial Summary is a crucial tool that provides real-time insights into job performance, enabling you to identify and resolve potential financial issues early. To maintain control over your finances, check this section regularly throughout the job, not just at the end. This approach ensures you have a clear understanding of your financial standing, helping you make informed decisions that drive success.
How the Financial Summary Works
The information presented in the Financial Summary differs based on the type of job:
Quoted Jobs: The summary compares the quoted labor and materials with the actual recorded costs, enabling you to monitor whether you are staying within budget.
Charge-Up Jobs: Since there is no quote for comparison, the system calculates profit based on the actual costs and selling prices of all items added to the job.
Tip: Hover over the question marks next to each figure for more details on how the numbers are calculated.
General Rules:
"Billable" or "Priced" refers to amounts recorded in the quote.
"Costs" refers to the actual expenses added to the job.
Understanding Your Financial Summary
At the top of the summary, you'll encounter your Overall Position, offering a clear and impactful snapshot of the job's financial health. This essential information empowers you to make informed decisions and drive your project's success.
Green = You're on track.
Red = You are exceeding your allocated limits. Warning messages will indicate potential issues.
Key Metrics:
Cost vs. Current Potential Profit - This analysis provides a clear comparison of the actual costs incurred to date against the initial quoted amounts, highlighting any discrepancies and ensuring transparency in financial management.
Billable Bar - This illustrates the amount that has already been invoiced alongside the outstanding balance yet to be billed, providing you with a clear understanding of your invoicing progress.
Profit Margins & Invoiced Sections - Available after the first invoice is sent.
Profit Margin: Tracks margins based on approved invoices.
Invoiced Section: This shows how much of the quote has been invoiced in comparison to what remains outstanding.
Spent Costs - Summarizes total labor and material expenses incurred to date, comparing them against the quoted costs
Labour Hours – This section compares:
Quoted hours vs. Actual time logged
Remaining hours vs. Future scheduled hours, ensuring you stay on track.
Labour Costs & Material Costs - This section compares:
Quoted vs. Actual costs.
The Labour Costs section also highlights uncharged hours, which won’t contribute to profit
Job Phase Breakdown – If a job has multiple phases, this section allows you to track each phase separately.
Labour & Material Breakdown Graph – A visual comparison of:
Labour vs. Materials.
Hover over the Priced Bar to see the cost of labour and materials as recorded in the quote.
Variations – If a job includes variations, you can toggle what is included in the Financial Summary from the top-right corner
Conclusion
By consistently reviewing your Financial Summary in the Job Card, you will effectively take control of your job's financial performance. This proactive approach not only helps identify trends and discrepancies early on but also enables you to make informed decisions that will drive profitability and ensure the long-term success of your project.