It’s important to keep an eye on your revenue stream to understand how much income your ongoing projects are generating so you can protect your cash flow. Let’s take a look at how you can do that in Scoro on
- project level
- portfolio level
This article will show you how to easily access and retrieve revenue-related information for a convenient overview, but you can also take a deeper dive into all the possible revenue recognition methods in Scoro.
Quoted vs Actual table
The easiest way to track revenue on a project level in real-time is with the help of the Quoted vs Actual table. Your project needs to be linked with at least one successful quote to enable this table. Ideally, you should also create your tasks from the quote to make data tracking as easy as possible.
The Income to date column tracks how much you have theoretically earned with the work you’ve completed so far. For example, if you’ve already completed 50 hours worth of work, you can see what that means in terms of actual revenue. The number of completed hours is multiplied by the unit price.
Unit price can be either role-based or service-based, depending on which revenue calculation method you’ve chosen for your project.
- Role prices– all completed time entries and events are multiplied by the selling price of the role assigned to the doer.
- Service prices – all completed time entries and events are multiplied by the selling price defined on the quote.
NB! You can choose between role and service prices only if you have enabled Roles for your site. Otherwise, service prices are applied by default.
The work-in-progress report shows you a list view of all your ongoing projects and how much revenue each of them has generated. Go to Reports > WIP Report to see the list of projects that are currently in the works. As always in Scoro, you can customize the view further to filter out any specific projects or include projects of various statuses.
To see how your project portfolio is currently doing income-wise, enable the following Data columns from the View button (and don’t forget to bookmark these useful views for easier access later!):
- Income to date (Actual)–shows you how much you have theoretically earned based on the work that’s been completed so far. The number of completed hours is multiplied by the unit selling price. The unit selling price is either role-based or service-based, depending on which revenue calculation method is used in the project.
- Income to date (Capped)– shows the amount you have earned based on the completed activities and their respective selling prices, but only up to the amount quoted to the client. In other words, this indicates the amount you can actually invoice for, even if the ‘Income to date (Actual)’ column shows a bigger number. Comparing these two columns gives you great insight into which projects have been underquoted.
- Income – shows revenue based on the invoices you have issued.
- Recognizable revenue – shows you a rough estimate of how much revenue you can already recognize based on project progress. The budgeted income is multiplied by progress, i.e. the amount of work already done. For example, if you have a project with a budget of 2000 EUR and you have completed 10% of it, this column would show 200 EUR.
NB! A project is displayed in the WIP report only if the option to ‘Compare budget estimates with actual results’ has been enabled in the project modify view.
Detailed Work Report
You can also use the detailed work report to get a portfolio-level overview of incoming revenue. This report shows only the revenue that your in-house team has generated. It does not take into account revenue earned with the help of outsourced services.
Use the filters indicated on the screenshot below to track income across projects.
The Selling price column indicates income to date – the completed (billable) hours are multiplied by the unit selling price. Unit selling price is either role-based or service-based, depending on which revenue calculation method is used in the project.
You can also play around with filters to dive deeper into the data behind the revenue number. For example:
- group data by Users to see how much revenue each team member is bringing in
- group data by Activity types to see which activities drive your revenue