See the financial timeline of a project plotted on a graph allowing you to visually compare progress against budget. New dashboard widgets, locations for people, system settings and more changes to forecasts.
Read on to find out about all the new things included in this release.
- Added a new project all time financial timeline graph and a fresh version of the monthly graph
- Executive dashboard has new widgets for headcount, FTE and money owed
- People can now be posted to a location (eg a city, state or office) as well as an organisation (your company)
- Added a My Forecasts page to the forecasts section - easier than ever for a Project Manager to see and maintain the revenue forecasts for their portfolio
- Forecasts compared to projected burn, highlighted green when within the thresholds set by your Projectworks administrator
- Tenant settings page has been enabled to your Projectworks administrator, allowing a number of system wide configurations to be controlled
- New invoice template options for companies who issue invoices based of percentages complete and include a detailed budget breakdown
- The old project forecasts screen has been officially retired
- 1 month view has been added to the forecast screens, you can now choose to see 1, 3, 6 or 12 months of forecasts
- See utilisation for all organisations on the Executive dashboard widgets
- A number of SQL views have been updated with a revised calculation for FTEs
If you have any feedback or questions please let us know - send an email to firstname.lastname@example.org and one of the team will get back to you quick smart.
Project financial graph - All Time
A new "All Time" graph has been added to help you keep an eye on the financial status of your project. The graph is accessed by clicking the Projected revenue at completion block from any screen for a project.
The graph allows you to see the financial progress over time, plotting the value of work (timesheets), resourcing, invoices and forecasts against your budget. You can choose to show or hide some of the data by clicking on the legend.
The graph will show you if (and when) projected effort is going to exceed budget
Project financial graph - Month
To supplement the All Time graph you can choose to see a graph for a single month. The financial data for the selected month will be presented in isolation from the overall project, allowing you to easily see how you are tracking against the revenue forecast for the month.
You can navigate back and forward to see how other months are looking
Executive dashboard has new widgets
Three new widgets have been added to the Executive dashboard.
Headcount and FTE
New widgets show the number of people (headcount) and their full time equivalent (FTE) within your organisation. The numbers are tracked over time, showing the current and previous 12 months as well as the next month. Hover over each data point to see the total, broken down to permanent (employees) and contractors.
How are the values calculated?
Headcount is calculated as the maximum number of individuals active within each month. If a person works 1 day per week, or started on the last day of a month they will be counted.
FTE is calculated by comparing each person's work week capacity to the standard work week of your organisation. It also takes into account how much of a month they were active.
Eg: If your organisation has a 40 hour standard week
- Someone employed all month with a work week of 40 hours will be 1.0 FTE
- If they started in the middle of the month they will be 0.5 FTE
- A person employed all month works 3 days a week (24 hrs) they will be 0.6 FTE
Acting as a summary of the Awaiting Payment screen in the invoices section, the money owed widget shows the total amount of issued invoices which are outstanding.
People can be posted to a location
To provide a new way of setting up your organisation within Projectworks you can now include locations to help segment the different areas of your organisation.
In this first phase of implementing the structural change, locations need to be set on the posting for each person. In coming releases we will be updating numerous screens to have the option to filter by location.
A new screen to setup and manage locations has been added to the administration section. Each location needs a name and a timezone and optionally can also be linked to a holiday calendar.
Project Managers take note. Clicking the forecasts main menu will land you on the My Forecasts screen, where you can see and edit the revenue forecasts for your entire portfolio.
Remember: You can choose which data to show and hide as well as choosing how many months of data you see on the screen.
See if your forecasts & projected burn are within accepted thresholds
It's now easier to see if the value of you revenue forecast and projected burn are aligned. The "comparison" row is highlighted green for the months which are within the set thresholds.
Your Projectworks administrator sets the thresholds which determine if the difference between the forecast and projected burn is tolerable.
We thought it would be better to highlight the ones which are within range rather than highlighting the ones which are outside the threshold.
If a month isn't green you should review your projected burn and or forecast.
New invoice template: Cumulative % and budget progress
A new invoice template structure has been added specifically for our customers who invoice based on cumulative percentage completed each month.
The template allows you to provide a full budget summary on your invoice, with each budget phase having the option to show; the total budget, previously invoiced amount and percentage, cumulative completed value and percentage and the amount for this invoice.
The layout and design of the invoice template can be customised to match your branding and design. Contact email@example.com if you want a hand with it.
Administrators: App wide settings page live
The new system settings page is now live and able to be used. Access to the page has automatically be provided to the Admin user role, so everyone with that role assigned will be able to view and edit the page.
|Organisation standard capacity||Set the number of working days per week and the number of hours per day|
|Month End Report exception rules||Set the limits you want to enforce for forecast accuracy and effort recovery. Comments will need to be entered on the Month End Screen for projects which fall outside these limits.|
|Forecast vs Projected Burn||Set the value used to determine whether the difference between a monthly forecast and projected burn is highlighted as "good or bad"|
|Enable the cumulative forecasting percentage and ability to edit forecasts for the previous months. Choose to show the budget table on the invoice template||
Turn both these settings on if you will be doing forecasts and invoices based on cumulative percentage complete. Make sure to enable the budget table on the invoice template.
|Specify the format of your invoice numbers||You can enter a prefix as well as the starting number for invoices. Once set, the "Invoice number seed" will show be the number the next invoice created will have|
SQL views updated
The following views have been updated with a revised way of calculating the FTE for a person. There are no structural changes.