RAVE's Financial Management System provides a number of key project and business profitability reports - via your Financial button, the project's Back Costing, Profitability and CC Report sub-tabs, and your Reporting portal's Branch Budget and Client Invoices reports. We're going to review each in turn, starting with the project's Back Costing sub-tab.
The Back Costing Sub-Tab
The Back Costing sub-tab breaks everything into two very easy-to-navigate options. One being by your Categories and the other by Supplier. We will now go through how the Back Costing page works in more detail.
The default view for the back costing page is by category as this is how we have grouped all of your Quotes, Budget, Purchase Orders and Bills. To the left, you will see your current Running Profit, the Variance between Bills & Quotes, and the Variance between Quotes and your Budget (if using a preliminary budget). Then over to the right-hand side, we show your Budget total, Quotes total, Purchase Order total, Bills-In total, Project Value (agreed client price), total Client Invoices, and Expected Gross Profit.
NOTE: Your Expected Gross Profit should be a positive number at all times. The running profit will be positive (+) or negative (–) depending on your invoicing cycle to clients vs the timing of the bills you pay.
As you can see below there are four further reporting sub-tabs - Budget, Quotes, Purchase Orders and Bills. These tabs compare your Budget to Preliminary Budget, Budget to Quotes, Budget to Purchase Orders and Budget to Bills. The Budget sub-tab will be greyed out if you are not using our 'Preliminary Budget' tab.
If one or more of those fields is blank then we will show you an overspend (red) or a black $0.00 - meaning there was no price in this field. You can see below that I have a quote for Labour for $9,000 but no Purchase Orders, and one Bill totalling $1,800. The Quotes vs Bills column is green - meaning there is some budget still remaining). The PO's field is red as there is no PO, but we have added a Bill for it. If you don’t use Purchase Orders you would just compare your Bills to your Quotes.
If you're over budget it will display as red, if you're under budget it will be displayed as green, and if you've come in on budget it'll be black. You can click on any quote, purchase order, or bill blue text to take you back to that page.
We also have two exportable export reports. 'Export to Excel' will export your entire Category back costing report to a CSV file. The figures are also colour coded, as above, and each Category has its own tab. This allows you to really break down your Costings and manipulate any information you need to.
The 'Export Charge Up Report to PDF' shows your Quotes (costs) vs your Bills, and the remaining balance. This report is used for open-book operators who share their Budget and their Bills with clients. This report doesn't have the client percentage markup on it.
Profitability Report
The Profitability Report shows you your Project Value, Approved Quotes, Bills, Client Invoices, and your current Expected Gross Profit vs your Running Gross Profit. This is a live report so any time a Client Invoice is created, or a Supplier Bill is loaded, the Running Gross Profit will change.
If your Running Gross Profit is negative (-) and you see no Invoices to Date (at the bottom of this report screen), it means you haven't charged anything to your client for this job. This can be done via the charge-up option, or via the Progress Payment sub-tab.
If your Running Gross Profit is negative (-) and you have Invoices, this means your Bills-In are higher than your Invoices Out to Clients and you need to check your costs i.e. double-check how you're tracking with your budgets, you may have overspent, or you may be missing a variation.
The Cost Centre (Chart of Accounts) Report
If you want to track your Budget via your Cost Centres, then your Cost Centre Report is the one to use. We take all of your Quotes and/or Bills-In and order them by your cost centre codes. You can expand each one to see what has been coded to that particular code, and easily see if any are left unassigned. For the unassigned ones, you need to click on and add a code to it, by clicking on either the blue Quote name or the blue Bill name, and editing that document to add the code to the line items.
Reporting (only available for those people with permission to see these reports)
We have a very large range of Reports, available from our Reporting portal - available via your profile dropdown, that is, your name in black up to the top right of the screen.
The Reporting portal is broken down into BRANCH or SALESPERSON reports. We're interested in the Branch reports - specifically the Client Invoices and the Budget reports.
Branch Budget Reports
The Branch Budget tab provides a date range feature, with a number of default options (financial year, quarter, months etc), plus the ability to search any date range i.e. from the day you entered data into RAVE until the present day.
The Quote Requests, Purchase Orders, Bills, Supplier Credit Notes, and Job Profitability tabs all have exportable options, plus project searching, site addresses etc. You can have a really good look around these options if you have these report access permissions.
Branch Client Invoices Reports
There are a huge number of Client Invoices reports also. These include Charge-Up Reports, Unpaid and Paid invoices, Requested Invoices, plus a break down across the range of Progress Payment invoices too. There are also options to print or export these reports, plus the ability to filter specific information also.
