This report cheat-sheet breaks your project and overall business analysis down into several key areas:
General Project Review Reports
Creating projects in CORE can be simple. However, populating only the required fields does prevent you from benefiting from some of the most useful features in the Projects module. We highly recommend using phases, level budgets, tailored billing options, project rules, and assignments. You can also use project groups to help in organization and reporting. Some of the most frequently-used reports to provide this clarity are:
1. Project List
The Project List report allows project managers to visualize which jobs they should have eyes on, current contract amounts, as well as project start and due dates.
Value: This report allows your management team to have a current list of active projects/phases, as well as due dates. Consider scheduling this report by a project manager.
2. Project Status
The Project Status report simply lists the project, contract type/amount and the billable value of time/expenses (Spent) to date.
Value: Similar to the Project List report, this Project Status report can also be used to highlight projects over/under contract amounts in relation to the value of billable services performed. Note: N/A represents no contract limit.
3. Contract Analysis
The Contract Analysis report provides a detailed comparison of project contract amounts vs. services and expenses over a given period. It also provides estimated completion and actual percentages based on project progress.
Value: This is a 'heartbeat' type of report that can highlight project completion progress, and also features a work-in-progress 'To Be Spent' column.
4. Budget Comparison
The Budget Comparison report provides an overview of actual time and expense entries logged against a project vs. the estimated limits set by the current budget.
Value: Not only does this report help keep your team informed for remaining tasks, managers can also easily identify where budget overages occurred.
5. Due Projects
Do not be fooled by the simplicity of the Due Projects report. Being able to provide a snapshot report to project managers to remind them and their teams of important deadline can be critical in preventing costly scope creep.
Value: Keep your team informed of these critical dates. Add this useful Dashboard Widget, and do not forget to use the filter to set date ranges and other settings.
Project Management & Time Tracking Reports
The focus of this sub-section is to provide guidance on setting project scope, employee schedules and then tracking actual progress made as time is logged to your projects.
1. Employee/Project Allocations
CORE provides a built-in Gantt chart component that can be used to set up and manage employee workload and schedules.
You can find the Gantt chart feature under the Projects > Plan > Resource Allocation in CORE. It is an excellent tool to help visualize employee workloads. It can also provide information on revenue forecasting based on expected billable value of time to be performed.
After you have successfully configured employee tasks and dates, you can run either the employee or project based allocations reports to display a list of time scheduled as well as completed vs. remaining hours.
Note: Employees may also want to add Dashboard widgets to see assigned hours.
Value: The Allocation & Forecasting screen brings employee scheduling to the forefront. Your team is able to see pending vs. completed tasks. Managers are also able to see the billable value of the scheduled time. Use the built-in Gantt chart for visual tracking of project scope completion.
2. Allocated vs. Earned Revenue with Forecast
After task hours have been allocated to employees/groups, try running this summary report to show both task progress and forecasted income.
Value: This easy-to-read report displays the expected revenue for assigned tasks over a given period of time. Even if you bill fixed fee, your management team can now confidently compare set contract amounts vs. the value of expected services.
3. To-Do Tasks
(Filtered by Type 'Project' and ordered by Priority)
Whether or not you decide to use the full-featured allocations options listed above, you still can benefit from creating reminders for employees to help provide a working list of outstanding tasks to complete.
Value: These to-do entries might not be as detailed as allocations; however, the extra benefit here is that a completed To-Do can be automatically converted into a time entry.
4. Time Entries Graph
The value of the Time Entries Graph report is that it visually breaks down the hours spent on a project by activity, without having to read through a detailed list of time records.
Value: Save time on project review. Rather than scrolling through lists of time entries, use this graph report to display hours spent on a project by activity.
Expense Tracking Reports
1. Project Expenses
If you would rather see a list of expenses, either detailed or summarized, the Project Expenses report provides you with information on cost, reimbursable status, as well as mark-up value, and the amount of tax applied.
Value: This report lists out expenses in details, and automatically sorts the entries by project for easy review. The report also denotes important status flags, such as whether the expense entry is reimbursable back to the employee and if it has been paid and/or billed.
Invoicing & Revenue Collection Reports
1. Project Manager Billing Review
Use the Project Manager Billing Review report to list existing project invoices, payments received, as well as credits/write-off amounts applied.
Value: This report can be run directly from the main Projects screen, under More > View Reports. It provides a list of invoices per project, as well as billed value and payments received.
2. Percentage Billed
If you are more interested in viewing a summary of billed vs. contract values, then consider running the Percentage Billed report.
Value: This concise report gives project managers a quick overview of billed amounts vs. contract values, work remaining as well as percentage billed. Scheduling this report on a monthly basis, by project manager, can really help keep both job captains and the billing team aware of how much work is in the pipeline.
3. Project Account Transaction Details
Another useful billing report is the Project Account Transaction Details report. It includes invoice details, payment date/method, as well as any retainer use.
Value: While there are many billing reports in CORE, the Project Account Transaction Details report is extremely useful for tracking the application of project retainers. Note that 'Retainer Applied' refers to income that was originally received (often in advance) as unearned income and has now been applied to an invoice as earned income.
Job Costing Reports
1. Project Performance
The Project Performance report provides a summary of project cost vs billable amounts, along with the billable value of remaining (unbilled) services/expenses.
For example: This Therapy Center project has a fixed contract amount of $200,000 and has billed $22,876.82 to date. In addition to showing the fixed fee billing amount, this report also shows the earned value of billed services $21,770.00 which is (10.89%) of the contract value; a total of $3,722.42 in cost to date.
Value: Project managers can review the health and profitability of a project summarized into one easy report.
2. Cost Analysis
The Project Performance report provides a summary of project cost vs. billable amounts, as well as the billable value of remaining (unbilled) services/expenses.
Value: This easy-to-read report allows you to gain a quick understanding of billed time and expense value vs cost, as well as overall project completion.
3. Project Time & Expense (Summarized)
If you are looking for a snapshot report listing out project hours and expense cost totals, look no further than this handy report. Use 'Options' to hide details.
Value: This a very flexible report that can be filtered to show costs by employee, project, groups and/or date ranges. It is based directly on the burdened cost value of time and expense entered into the system, so it is critical to verify that employee rates and overhead multipliers are configured correctly.
Document and Information Tracking
1. Project Notes
Below is an example of a project note displayed by the Project Notes report.
Value: The Project Notes report provides a convenient date-driven list of important project information, such as changes to contract amounts, purchase orders, and more.
2. Submittals, Drawings, and Requests for Information (RFIs)
Similar to the reports for documents and project notes, CORE includes the ability to track and display a list and current statuses for time sensitive documents.
The reports are not shown here as they reflect the reports already shown above.
1. Earned Value
The Earned Value report compares the billable value of budgeted time vs the estimated billable value of completed tasks.
Value: This report is a great option to use when you need to see not only estimated project progress, but also how much can be billed against a set contract.
2. Employee Realization Rate
Use this report to compare hours worked vs. the value of billed (realized) time.
Value: While it is certainly important to analyze projects and financials, consider using CORE’s employee-level reports to gain a better understanding of employee performance, and the value of time billed with a write-up/write-down (WUD).
3. Project Profitability
Provides comprehensive information about gross project profitability within a specified date range.
Value: This multifaceted report not only provides a clear profit percentage, but it also enables project review of earned value, unbilled time (WIP), payments, and other key performance indicators. It also includes cost-based review.
4. Monthly Revenue by Project
Provides a graphical representation of project revenue by month.
Value: The power of visuals cannot be understated. Bring the Monthly Revenue report to your next planning meeting to help emphasize key projects to optimize office efforts.