Project Revenue Reporting Method

Modified on Tue, 16 Apr, 2024 at 5:18 PM

With the addition of the Revenue dropdown box in the Project header, users can now choose how revenue is tracked on their projects.

Revenue Options

The Revenue dropdown box offers two options for reporting Project revenue:

Fixed Price (Default):	Time & Materials (New):
The default option, Fixed Price, has been the traditional method of reporting revenue in iCFM Selecting Fixed Price ensures that the total value for all scheduled work on the project matches the total of all confirmed quotes associated with that project This option is suitable when the project has a predetermined and agreed-upon fixed bid amount	By choosing Time & Materials, the value of scheduled work is tied to the rates specified in the associated bids This option allows for dynamic pricing based on actual time and materials used, accommodating projects with variable scope and requirements If bids are not present or if the services booked are not included in a quote, the prices will fall back to the base rate-card, ensuring consistent and transparent pricing

Fixed Price (Default):

Time & Materials (New):

The default option, Fixed Price, has been the traditional method of reporting revenue in iCFM

Selecting Fixed Price ensures that the total value for all scheduled work on the project matches the total of all confirmed quotes associated with that project
This option is suitable when the project has a predetermined and agreed-upon fixed bid amount

By choosing Time & Materials, the value of scheduled work is tied to the rates specified in the associated bids

This option allows for dynamic pricing based on actual time and materials used, accommodating projects with variable scope and requirements
If bids are not present or if the services booked are not included in a quote, the prices will fall back to the base rate-card, ensuring consistent and transparent pricing

Project Accruals: When Time & Materials is selected as the revenue option, the Project Accruals function will be disabled. Project accruals are not applicable in this scenario as the project value is tied to the rates specified in the bids and bookings.

GekkoQueue Rebuild: After selecting the desired revenue option, users need to click the Save button to apply the changes. Please note that upon clicking Save, a complete GekkoQueue rebuild will be triggered. The time required for this process may vary depending on the size of the project.

It is important to allow sufficient time for the GekkoQueue rebuild to process, especially for larger projects, to ensure accurate reporting and forecasting of revenue.

Benefits of Time & Materials Option:

Flexibility: Projects with varying scopes and requirements can now be accurately tracked based on the actual time and materials used.
Transparency: When bids are not available or services booked are not included in a quote, the system automatically falls back to a custom rate-card or the base rate-card, ensuring consistent and transparent pricing.
Cost Control: Producers have a clearer understanding of their project's costs and can make informed decisions based on the actual work performed.

For any further assistance or questions regarding the new revenue reporting feature, please reach out to our support team.