v3.13: 7 Jun 2020 - forecasts as % complete

Revenue forecasts can now be entered as percentage complete each month - great for companies who invoice based on progress. New settings available for administrators.

Read on to find out about all the new things included in this release.

If you have any feedback or questions please let us know - send an email to support@projectworks.io and one of the team will get back to you pronto.

 


 

Enter revenue forecasts based on percentage complete

Up until now revenue forecasts were simply entered as the value you intended to invoice in a given month. It was simple and it works, but it isn't how all industries work. 

This release provides a new option for entering forecasts on a project - based on either the cumulative percentage complete each month, or just the percentage of a budget.

Note: Your Projectworks administrator will need to activate the settings to enable forecasting based on percentages and you will need to choose to show the applicable columns.

Using cumulative percentage complete for revenue forecasts

One way of forecasting your project revenue is by the cumulative percentage complete you expect to be each month. The cumulative percentage complete can be entered against each of your budgets (phases) based on how you expect the project progress to track.

As a simple example, you have a budget of $50,000 and expect to deliver the work over a 3 month period. After one month you expect to be 20% complete, at the end of the 2nd month 70% and 100% complete after the third month. That would translate to forecasts of $10,000, $25,000 and $15,000 for the months.

Use cumulative percentage complete for fixed/progress invoicing

 

TIP: Set the project default billing method  to "Use revenue forecasts (e.g. fixed / milestone)" for fast invoice creation.

Entering forecasts as a % of the budget for a month

You can choose to also enter the monthly forecast as a percentage of the budget.

 

New options on the forecasts screen

More columns available

In the previous release we added the ability to show or hide columns on the forecast screen. As promised, more columns have been made available for you to view.

  • Worked amount (total): Shows the total worked to date
  • Worked amount (month): Shows the total worked for the month (the first month shown on screen
  • % Invoiced: The percentage of the budget that has been invoiced
  • % Uninvoiced: The percentage of the budget that has yet to be invoiced 
  • (Per month) % complete: Lets you enter the cumulative percentage complete
  • (Per month) % to invoice: Lets you enter the percentage of budget to forecast 

See historical invoiced amounts instead of forecasts

Another new option has been added, allowing you to see the the actual amount invoiced for historical months. Toggle the "Show historical actuals" option to switch between seeing the forecast amount and the invoiced amount for previous months.

 

Terminology change: Office is now Organisation

As part of changing the terminology about "your company" we are replacing the term of office with organisation. This more closely aligns to the how customers set up their structure within Projectworks.

There are no changes to functionality at this stage - simply a name change. We will soon be adding the concept of location into the structure.

Prior to adding location we will be in touch with all our customers to ensure their are no issues with implementing the new structure.

 

Project workbench screens: New tiles added

New tiles have been added above the menu on all screens within the project workbench. 


Tiles above the menu show the total budget, projected effort and revenue at completion and the progress of work vs resourcing for the current week

  • Total budget
  • Projected effort at completion
  • Projected revenue at completion
  • Progress of work vs resourcing for the current week

Project expenses & timecodes screens updated

The expenses screen for a project has been updated to the new style, allowing expenses to be sorted and grouped as you want to see them.

The design of the timecodes screen has been updated, with no functional changes (at this time)

 

Projecworks administrators: Tenant settings (coming soon)

The first step in providing access for administrators to control some system wide functionality has been completed. A settings page is available within the administration section - and will be turned on in the next release.

Some of the settings that will be able to be specified are:

  • Default project billing method: The billing method for a project can be defaulted to either forecast or time entries
  • Show forecasting percentages: Needs to be activated to enable entering forecasts based on percentages
  • Can edit forecasts for last month: Allows you to edit the forecast for the previous month - as part of preparing your invoice)
  • Invoice number: Set a prefix and starting number for invoices

 

API updated

Refer to the Swagger definition to see the new endpoints.

Leave

The API has been expanded to include a set of endpoints for leave which will support integration with leave or payroll systems.

Resourcing

New fields have been added to the resourcing endpoints:

  • 'daysofcapacity'
  • 'hoursperday'