As a business owner, you know that profitability is essential to the success of your business. Streamtime's custom profitability reports allow you to easily monitor your job profitability, identify non-profitable jobs, and track jobs that are over budget. By using these reports, you can take action to improve your cost and sell rates, and maximize your profits. In this article, we will walk you through the steps to create three custom profitability reports in Streamtime.
Firstly, it's important to note that reports in Streamtime are highly customisable. This means you can tailor your report to display as much or as little information as you like. Now, let's get started with creating Profitability Reports.
¼ This Quarters Profit Report
The This Quarters Profit Report is an excellent tool for tracking how much profit you're making in the current quarter. This report shows all jobs completed this quarter and the total profit in the total row. To create this report, follow these steps:
Navigate to the Job List view in Streamtime.
Click on the Columns button and add the Profit Margin column.
Apply a Job Completed Date Filter and set it to "This quarter."
Click on the Save As Favourite button and give your report a name (e.g., "This Quarters Profit Report").
This report can be a fantastic tool to help you understand how much profit you've made from jobs completed this quarter. It includes all the details about each job, such as the job name, paid invoices, total profit, profit margin, and budget variance. By analysing this information, you can gain valuable insights into your business's financial performance. For example, tracking the profitability of each job can help you identify which types of jobs are the most lucrative and which ones may not be worth the effort. You can use this information to make better decisions about which jobs to take on in the future and how to allocate your resources.
Additionally, this report can help you manage your budget and expenses by analysing the budget variance for each job. This information can help you refine your budgeting and forecasting processes, ensuring that you stay within budget for future jobs. Lastly, this report can also help you manage your client relationships. By identifying which clients are the most profitable, you can prioritise your time and resources accordingly. You can use the information in this report to identify areas where you can improve your profitability and client satisfaction. Overall, this report is an essential tool for any creative business owner who wants to manage their finances, improve their profitability, and make data-driven decisions.
🚫💰 Non-Profitable Jobs Report
The Non-Profitable Jobs Report allows you to identify jobs that are not profitable. By identifying these jobs, you can take action to negotiate better rates with clients or reduce costs. To create this report, follow these steps:
Navigate to the Job List view in Streamtime.
Click on the Columns button and add the Profit Margin column.
Apply a Profit Margin Filter and set it to "Less than 1."
Click on the Save As Favourite button and give your report a name (e.g., "Non-Profitable Jobs Report").
Let us take a closer look at the Ravenclaw Job, as per this report, it resulted in a significant loss for the business. The hourly rate for the job was only $25, whereas Andy's cost rate was $207. This highlights the importance of monitoring project profitability and taking corrective action where necessary.
Creative businesses can use this report to identify unprofitable projects, such as the Ravenclaw Job, and take corrective measures. For instance, the business could renegotiate the rate with the client or find ways to improve productivity and reduce costs.
🙄 Jobs Over Budget Report
The Jobs Over Budget Report allows you to identify jobs that are over budget. By identifying these jobs, you can take action to get them back on track and improve your cost and sell rates. To create this report, follow these steps:
Navigate to the Job List view in Streamtime.
Click on the Columns button and add the Total/Budget column.
Apply a Budget Variance Filter and set it to "Greater than 1."
Click on the Save As Favourite button and give your report a name (e.g., "Jobs Over Budget Report").
As a savvy business owner, you know that managing your budget is key to running a successful business. That's where a jobs over budget report comes in handy. This report lists all the jobs that are over budget, giving you a clear picture of where you need to make adjustments to stay on track.
The report will show you the job name, the original budget, the actual cost of the job, and the variance between the two. It can also provide insights into why the job went over budget, such as unexpected expenses or changes to the scope of the project.
By reviewing this report regularly, you can identify patterns and trends that can help you improve your budgeting and forecasting processes. You can also use this information to make better decisions about which jobs to take on in the future and how to allocate your resources.
By using these custom profitability reports in Streamtime, you can improve your cost and sell rates and maximize your profits. The steps to create these reports are simple and easy to follow, allowing you to start monitoring your profitability in no time. So why wait? Start using Streamtime's custom profitability reports today! 💰