Financial Cents offers several reports so you can get the insights you need to scale your firm. These include:
Time Tracking Reports - Know where your team is spending its time and over budget work
Effective Hourly Rate - Identify which clients are underpriced and killing your firm's profitability.
Capacity Management - Get an instant overview of your team's work capacity, make informed resourcing decisions, and easily reassign work.
Client Tasks Report - Track all outstanding and recently completed client requests.
Team Activity Report - See who on your team is currently working, what else they worked on, and how much time they worked that day
Time Tracking Reports
In the reporting section, you can run reports for specific dates ranges.
The reports will give you insights into:
Actual vs budgeted hours to see if you are running over budget
How much of your time tracked was billable vs non-billable
The amount of money you are billing your clients
You can also view the reports on 3 different levels:
Client Reports - To see how much time your firm is spending on individual clients.
Project Reports - To see the type of work your firm is spending most of its time on.
Staff Reports - To track your staff's time and manage payroll.
You also have the ability to drill down into the reports and see the individual time entries for each client, project, or team member. This allows you to easily get more insights and identify why something may be over budget. You can also edit the individual time entries from this view.
You can also easily export all your time tracking data into a CSV or excel file to analyze or import into your other systems.
Effective Hourly Rate
Tracking your effective hourly rate helps you identify which clients are killing your firm's profitability. This report is essential for firms that bill their clients on a fixed-fee model.
This report can be viewed on the main client dashboard view.
We take your time-tracked and divide it by monthly billings for each client to get your true effective hourly rate every month.
This will help you understand how much you are making if you were on an hourly basis for each client. Helping you identify your least and most profitable clients. You can use this data to increase your engagements with unprofitable clients and boost your firm's bottom line.
*** Pro-tip: Most firms typically make between $70-150/hr
If your team tracks time in Financial Cents the time tracking information will automatically populate every month. You can also set up your monthly engagements to populate every month to automate this entire report. Most firms have to spend hours running this report every month in spreadsheets. This allows you to do it in minutes. You can learn how to set up your monthly engagements/ billings in this article.
As your team grows it becomes harder to ensure they have enough capacity to get their work done. If you don't watch it carefully it can create bottlenecks and cause your firm to miss deadlines.
That is why we released the capacity management report. It will allow you to get an overview of your team's capacity, view the individual projects, and re-assign them to other members of your team.
The capacity management report can be found on your "Reports" tab. In the report, you will see your team listed out and the number of projects assigned to each of them for each time period.
You can hover over any time period for a team member to see how much they are over or under capacity.
Then you have the ability to click it to see the individual projects and tasks and assign them to other team members to easily level out the workload.
Client Tasks Report
Making sure that your clients are sending in the information your team needs to complete their work is imperative if you want to continue to hit your deadlines. That is why we released the new client tasks report to make it easier for you to track your outstanding client requests.
Just like capacity management, you can find the client tasks report in your "Reports" tab.
It will list out all the projects with client tasks on them that have not yet been completed by the client. You can click the project title to view the actual client tasks inside the project.
You also have workflow filters to quickly locate open client tasks for specific team members, clients, and etc.
Team Activity Report
This report will let you see
Who on your team is currently working
What everyone is currently working on
What the worked on throughout the day
The total time tracked that day
So you can hold your team accountable and ensure they are focused on what is important. This feature is great for managing remote teams.
As shown below, you can quickly see who on your team is currently working at any moment within the main view.
You can also drill down to see exactly what they are working on now, what they worked on that day, and how much time they tracked.
You can access this report within Reports > Team Activity. If you do not see the report, you will need the owner on the account to give you access to it through the user permissions.