What's in this Article
With the Insights release, our team creates more and more Liveboards for your firm to use. Look at the prebuilt Liveboard below to find out more! If you'd like more training on Insights in general, please visit this link.
Billing Realization / Client Profitability Liveboard
What's new
This liveboard includes realization by service items and clients and profitability metrics. This means it considers the true cost of labor based on hours billed and the given salaries.
Why it matters
Firm stakeholders need the ability to track employee performance at more granular levels. This report not only allows firms to see changes but also includes live data. There's no need to pull a report every time you need it and then wait for the data to load. To go even further, using scheduled reports helps you stay on top of this data and spend less time crunching numbers.
How it works
Realization displays as a percentage and measures how much is billed compared to what was billable. What was billable is based on the set rates for the team member or service.
A realization % of 100 or higher tells you that your firm realized what was expected from your services. Any percentage lower than 100 means your firm did not realize the full amount as expected from your services. This could be because of write-downs or other factors.
This liveboard also includes profitability metrics, which take into account the true cost of labor based on hours billed. Team member salaries are taken from Canopy settings to calculate their hourly cost of labor.
An example of this is from a client level. Sort the client profitability report to show clients with the lowest profit margins and realization. You'll then see a list of clients for whom you should stop services. It means you stop doing work for customers who don't help you make a profit. You can also look at the users on your team and see who is doing the best job at making money. Then, you can have them focus on the types of jobs that make the most profit. It's like putting your best people on their best tasks that then help your firm make the most money.
Where to find it
Important Note: This Liveboard has sensitive information and is only accessible for Pro Users who have Insights and Team Member Salary permissions. If the permissions aren't on for someone, have an admin copy the liveboard and share the copy with that team member.
Access the Billing Realization/Client Profitability Liveboard by:
- Navigating to Insights
- Selecting the Liveboards tab, and
- Finding the liveboard named Billing Realization / Client Profitability
This liveboard dives into the current report offered in Billing and breaks data down by:
- Client
- Service
- Team Member and
- Task
This helps you understand where your firm stands from a profitability perspective, across several areas.
Feel free to customize this report by making copies of the template and adding filters or more fields/formulas!