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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
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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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