The 'Financial Module' allows defining cost and billing rate at different levels and offers accurate tracking of costs and revenue numbers at role, resource, project and other levels (client, manager, team etc.).
It facilitates generation of financial reports at various levels and empowers organizations with financial insights to make strategic decisions.
Key features of Financial Module are:
1. Cost and Billing Rates: Define cost and billing rates at role, resource and project levels. Explore the tutorial on 'How to Define Rates at Role, Resource, and Project' for a detailed walkthrough.
2. Booking-Level Financial Settings: Inherit billing status and billing rate from different levels. Learn how to utilize this functionality by watching the tutorial on 'How To Do Financial Settings at Booking Level'.
3. Comprehensive Financial Reports: The financial report showcases cost, revenue, and profit figures at various levels. For a detailed insight into how this report functions, check out the related video.
4. Planned vs Actual Cost / Revenue / Profit: When used along with the timesheet module, organisation can generate comparative reports which highlight gaps between planned and actual cost, revenue and profit numbers.
5. Confidential Access: System admin status can choose which resources should have access to financial financial data and reports. This ensures that only authorised users are able to access sensitive information.
Benefits of Financial Module offer:
1. Accurate Cost Tracking: It provides precise tracking of costs at various levels such as role, resource, project, client and more. This information tells organisations the cost of delivering projects and employing resources.
2. Billing Efficiency: Streamlines billing by capturing revenue by projects and client, facilitating accurate client invoicing.
3. Rate Flexibility: Organizations can capture different rates over a period of time, accommodating changes in cost and billing rates.
4. Bench-time Cost Tracking: Financial module allows for the tracking of bench costs, enabling organizations to monitor and manage expenses associated with idle resources.
5. Comprehensive Financial Reporting: Generates detailed financial reports at multiple levels (e.g., resource, project, client, team), empowering organizations with insightful data for strategic decision-making.