Planifi supports forecasting Revenue/Billing based on remaining fee over the project schedule which is available in the billing/revenue tab. Or in the Projects tab Planifi takes the amount of remaining contract and remaining planned spend/effort and factoring in how much future planned effort/spend can generate in revenue. Essentially this means if a project is forecasted to be underbudget or spend less than there is contract remaining (remaining revenue) will be factored into an increased revenue forecast. And if the project is forecasted to go over budget the future planned spend will be reduced by the remaining revenue factor.
Video Summary:
Planifi's Revenue Forecasting is a comprehensive feature within the project staffing area, offering a sophisticated approach to financial forecasting. This feature introduces a new column, "Available Revenue," allowing users to forecast in hours, dollars, and revenue, based on a bill rate or cost rate times hours.
The Revenue Forecasting feature works by taking the total contract and the remaining fee to create a 'revenue factor.' This factor is based on whether you're projected to go over or under budget. For example, if you have a $200,000 contract and have billed or invoiced $100,000, you have $100,000 remaining for billing or revenue. The system then compares this with the planned work, adjusting the forecast accordingly.
If the planned work is valued at $80,000, meaning there is an excess of $20,000, the system applies a 20% increase to the planned spend forecast, predicting a windfall. Conversely, if the planned work is valued at $120,000, the system will adjust the revenue factor to be closer to 0.8, forecasting a reduced revenue of about $80,000.
This feature provides a revenue or billing forecast based on the amount of work being done and the remaining contract, offering a unique perspective on project finances.
In addition, Planifi's Revenue Forecasting allows for an employee-level forecast, providing a detailed revenue by employee view. This feature works at the project phase, task, or even down to the employee, offering flexibility and precision in forecasting.
The Revenue Forecasting tool is also filterable by discipline, allowing users to view revenue based on remaining contract dollars for specific disciplines, such as architecture or electrical engineering, across the entire company or within a region.
For any questions or support needs, Planifi's team can be reached at support@planifi.net.