3 Reports to Start Monitoring Your Business’ Health

January 14, 2020 Jeff Pollina

Whether it be time, invoices, staffer information or expenses, every aspect of your business should be monitored to some extent to ensure your company is moving forward. I would like to show you three simple, yet effective reports you can start tracking to be able to grow your business. The reports I mention are applicable to any professional services firm and can be tailored to suit your company’s specific needs. 

Report #1 - Capacity vs. Input

Managers and business owners need to be able to monitor how much his/her staff is working. Compared to a detailed report that tracks which projects a staffer is contributing their time to, this report is a high-level view to see if the staffer is hitting their weekly or monthly capacity. For example, if your team’s standard workweek is 40 hours, that would be their capacity. This report takes the staffer’s tracked time divided by their capacity, giving you a percentage of how much they worked for that time period. There is additional time vs. capacity fields in the BigTime report center that you can choose from to better suit the type of data you are specifically trying to pull. 

From there, you can use the report to help spot ways to improve staff efficiency and strengthen utilization rates. There may be places you’re unaware of where resources aren’t being used to their potential and slight adjustments could make a big impact on the profitability of your firm. 

Report #2 - AR Aging

It is crucial to be able to monitor the cash flow into your business. Especially in the early stages of starting your business, every penny needs to be accounted for. One of the most important things to have a constant pulse on is how many invoices are still unpaid. 

BigTime provides you with a pre-built AR-Aging report that groups invoices by 30, 60, 90 days of outstanding balances. You also have the ability to hone in on specific invoices and clients. This makes it easier to track down the clients who still haven’t paid and be able to forecast what funds you have to work with until you are paid. 

Report #3 - Expense Detail

The majority of businesses deal with having to expense general items for their staff. Whether it is lunch, a cab to a client's office, or a flight, you will want to track every single one of those expenditures. An expense detail report lets you see who submitted the expense, the expense category associated with the expense, the cost, notes, and if it was approved or not. You can then group the report by staffer and time period to have a detailed record of their expenses for a specific time period.

Having a detailed report of expenses to start with makes it easier when the time comes to invoice your client and track the cost of a project. As with all the reports you build for your firm, the more in-depth your data can go, the stronger the insights you gather from them. 

 

As your business grows, there are many more reports you can add to your list to make sure you have a complete view of your company’s KPI and health. We suggest starting with these reports so you know the three main pillars of your firm: how is your staff spending their time, how much is it costing, and how much money is there to work with.

BigTime provides you with multiple pre-built reports, in addition to giving you the ability to create your own custom reports. To learn more about our reporting center, you can request a free personalized walkthrough of BigTime.

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