To access financial information, you must have the 'Access billing information' global permission in your role.
Below are given some financial metrics, i.e. calculable parameters pertaining to financial and economic performance of a project. You can use these as reference when using project billing. They appear on the project details screen in the Financials section.
| Metric | Formula | Comments |
| Project profit | Project Profit = Total Project Billing* – Total Project Internal Cost** | Total of project-related bills minus total expenses and costs incurred during the project |
| Project Profitability, % | Project Profitability = (Total Project Billing – Total Project Internal Cost) / Total Project Billing x 100%. | Percentage of total project billing value minus total project expenses and costs in total project billing value |
| Project Cost Variance | Project Cost Variance = (Total Project Budget*** + Total Planned Expenses) – Total Project Internal Cost | Difference between budgeted and actual costs incurred by the project |
| Estimated Budget Profitability | Estimated Budget Profitability = ((Total Project Budget + Total Planned Expenses) - Estimated Cost) / (Total Project Budget + Total Planned Expenses) x 100% | Estimated profit portion of the project budget in percent. |
| Actual Budget Profitability | Actual Budget Profitability = [(Project Budget + ∑Activity Budget + Actual Billable Expenses) - (∑Time Log x Resource Internal Rate x Breakeven Rate + Total Actual Expenses)] / (Project Budget + ∑Activity Budget + Actual Billable Expenses) x 100% | Actual profit portion of the project budget plus activity budgets in percent. |
| Project Planned Expenses | — | Expenses planned for a specific project and Planned expenses aggregated from its activities |
| Estimated Cost | Estimated Cost = Project Estimated Cost± + ∑Activity Estimated Cost√ + Total Planned Expenses | The total of project estimated cost, that of all project activities, and planned expenses |
| Estimated Project Revenue | Estimated Project Revenue = (Project Estimated Hours x Project Rate OR Flat Fee) + Planned Billable Expenses | The amount expected to be billed to the client |
| Percentage of Project Billed, % | Percentage of Project Billed = Total Project Billing / Estimated Project Revenue x 100% | Amount billed as percentage of project expected revenue |
| Project Time Usage, % | Project Time Usage = Project Actual Hours / Project Estimated Hours x 100% | Percentage of actual hours spent in estimated hours |
| Work in Progress (WIP), % | Work in Progress = (1 – (Total Project Billing / Total Billed Amount) x 100% | Amount of work done but not yet billed |
| Total Project Payments | ∑project payments | Summary of all payments made by a customer |
| Project Upfront Billing Utilization, % | Project Upfront Billing Utilization = (Total Billed / Estimated Project Revenue) x 100% – (Actual Hours / Estimated Hours) x 100% | The total of work hours you have been paid for but have not yet spent |
| * (∑Billable Time Logs x Billing Rate OR Project Flat Fee) + Actual Billable Expenses ** ∑Time Log x Resource Internal Rate + Total Actual Expenses *** ∑Activity Budget + Project Budget + Total Planned Expenses ± Project Estimated Hours x Project Members' Average Internal Hourly Rate [(∑ Project Member's Internal Rate) / Project Member Count] x Breakeven Rate √ ∑(∑Personal Hours Left x Assignee's Internal Rate + ∑ Time Log Internal Cost) x Breakeven Rate. |
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Note: when using "flat fee" billing type - the Billing portion of a metric/formula is added Only after the task is closed, unlike other billing types where the Billing portion is updated as actual hours are added.
Printing Project Financials
You can print out the Financials section on the Project Details screen by using the Print report link.