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Aged Accounts Receivable - From the reports menu go to Billing, Aged A/R Balances.
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This report will tell you which clients currently owe you money and help you gauge how your collection efforts are going. The longer an accounts receivable is outstanding the greater the probability of it not being paid in full (or at all).
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Aged Invoice Listing - Run this report by going to Client, Aged Invoice Listing
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This report will give you a breakdown of the invoices that make up the Aged Accounts Receivable.
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Aged WIP (Aged Work in Process) - Run this report by going to Client, Aged WIP (do not include any date filters).
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This report will tell you if any clients have unbilled time or expenses and how old they are (30, 60 , 90 days etc).
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Invoice Listing - Run this report from the A/R Transaction tab - Filter for the date range of the financial year and under options choose to just show subtotals and totals or no detail.
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This report will give a total of Invoices that have been approved in Timeslips and sent to clients.
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Charges on Hold Analysis - Run this report from the Client tab
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If you have slips on Hold this report will show them, additionally if you have a client hold (arrangement 1 of client information) this report will display which clients are on hold.
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Funds with Running Balance - Run this report from the Funds tab
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If you have placed any money into the Funds account this report will show you the current running balance of the clients with Funds.
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Staff/Timekeeper/Consultant Productivity - Run this report from the Slips tab and select Productivity by Period. Filter the report by slip transaction date for the financial year.
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This report will show you a breakdown of
Billable and Unbillable - Hours Worked - Fees & Costs. You can sort this report various ways depending on how you wish to analyse the productivity of staff.**note if you have purged slips in the date range they will not be included. If you have closed or made inactive client or timekeepers be sure to remove the slip classification filter**
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Staff/Timekeeper/Consultant Profitability - Run this report from the Slips tab and select Profitability by Period. Filter the report by slip billed on invoice date for the financial year. This report will show you Slip Fees (actual slip value) Billed Fees (billed value of slip) and Difference (profit or loss).
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By running this report you will be able to determine how profitable a Staff person is. Additionally you can run this report by client/project to determine the profitability/margin of a client. This report can help you to increase the awareness of your project managers and staff to profitability.
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After running these reports it's time to analyse them and make an action plan for next financial year.
Here are some things to think about:
1. Increase billed hours by ensuring all hours worked (both billable and non-billable)
are recorded daily.
2. Analyse Administrative time and convert it into billable hours or more productive time.
3. Reduce duplicate entry by making Timeslips available to
all staff to input time - there
are various entry methods including slip entry, timesheet view and tstimer.
4. Use Budgeting Feature or Custom Fields to increase monitoring of budgets.
5. Reduce the time it takes to bill clients by making Timeslips available to project managers to monitor time - use Timeslips Today Dashboard and Reporting to assist.
6. Consider billing more regularly - twice a month or weekly.
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