Project profitability is a very serious matter that worries us all. We have talked about it before in some posts like, for example, “Increase the profitability of your projects in 6 Steps” or “How To measure the project return“.
Every project needs a research about its viability and profitability and Doolphy won’t forget it, and that’s why it provides financial reports to you.
Like time reports, the financial ones have 3 components:
- Cost and expenses chart shows this information in a graphic way. You can compare projects that you are interested in, during a period of time that you have chosen previously.
- Financial summary table. Here you have the details of daily costs (they are result of multiplying cost per hour by amount of hours that every member team has invested in the project) and expenses per task. In addition, you get the total expenses and costs of each project that you are reviewing. As you can guess, the time charged by the members of the team in their time sheets is the most important factor in the calculations here.
- Table of margin and profitability. A last but not least, you have a table that explains the margin and profitability of each project that you are reviewing. You can see the real amount (since the start of the project until the date that you chose as the end of the report) as well as the amount associated to the selected time span for the report.
Thanks to financial reports, you can know the deviations that projects can have. One of the most important things of this feature is that you can look it up in real time, so you can know how you and your teamwork are progressing.
We would like to know your opinions. What do you think about financial reports? How do they help you daily?
Up With Your Projects!