Financial Reports

Bric’s financial reporting provides in depth metrics to help support decisions and analysis. There are three ways to view your financial report: By client, by project, or by person.

  • Client Financials provides metrics from all projects assigned to a specific client.
  • Project Financials provides additional financial metrics that are not available in the project plan.
  • Person Financials provides metrics by person such as Billable Hours and Utilization.

The report pulls tracked time, billing rates, and hourly and salary rates from your active and completed project plans. Learn more about project plans here.

Note: the client financial report requires time to be tracked in relevant projects — learn more about tracking time in Bric.

Accessing a Report

Click to Play Accessing Client Financials

You can access your client financial report by clicking on “Reports” in the navigation bar. Click “Financials”. The report defaults on the Client Financials Report.

To change the type of report, click the “View By” menu. You will then be able select to view either by Client, Project, or Person.

Note: A user must have the “Manager with Financials” access to view reports. To change access levels of users, click on the top right menu and select “Access”.

Selecting a Date Range

Click to Play Selecting a Report Date Range

The report defaults to the current week. You can view the report in a variety of date selections. Current date selections include:

  • This week
  • Last week
  • Current month to current day
  • Last month
  • Custom Range

To select your date range, click on date range menu above the report. Then select the date range you wish to view.

Understanding your Metrics

The report uses tracked time, billing rates, and expenses from projects plans. Metrics vary slightly between Projects/Clients Financials and Person Financials.

To be included in the report, project plans must:

  • Have a client assigned
  • Be set to active or completed
  • Have time tracked

Learn more about project plans in Bric

Project and Client Metrics

  • Billable Hours

Billable Hours = Σ(Tracked Time)

Billable hours is the total amount of hours tracked in a project for a specific client. This is useful for preparing documents for billing, and comparing the amount of time work by client.

  • Revenue

Revenue = Σ(Billable Hours x Billing Rate)

Revenue is the total number of billable hours multiplied by the billing rate assigned to the respective person. Each person’s billing rate is either user specified, the role rate, or the company default. For more information about billing rates, click here.

  • Real Rate

Real Rate = (Total Revenue / Total Time Tracked)

Real Rate is the amount of revenue earned per hour on projects. It is calculated by dividing total revenue by the amount of time tracked. Your real rate is the effective rate that you are charging a client. Keep in mind this is not a blended rate. A blended rate is the average of each person’s billable rate on a project.

  • Labor Expense

Labor Expense = Σ[(Time Tracked x Hourly Cost)+(Time Tracked x Salary Cost)]

Total Labor Expense multiplies each person’s total time tracked by their hourly cost. Tracking labor expense helps you understand the amount of resources that each client requires.

  • Salary Expense

Salary Expense = Σ(Time Tracked x Salary Cost)

Total Salary Expense takes the time tracked by salaried employees and multiplies them by their individual salary costs. Unlike hourly expense, salary expense is more stable in total. By tracking salary expense, you will gain insight into which clients require salaried resources.

  • Hourly Expense

Hourly Expense = Σ(Time Tracked x Hourly Cost)

Total Hourly Expense takes the time tracked by hourly employees and multiplies them by their hourly costs. Hourly expense tends to be unstable based on the needs of each client. Both hourly employees and contractor hours vary. Tracking hourly expense allows you to understand which clients are hourly resource heavy.

  • Gross Profit

Gross Profit = (Total Revenue – Total Expenses)

Gross profit takes your total Revenue and subtracts your total expenses. Note: Calculations are based off of tracked time. A discrepancy may happen when doing fixed bid projects, as the total revenue is calculated off of billable hours and not the client budget.

  • Margin

Margin = (Total Profit / Total Revenue)

Your margin is your total profit divided by your total revenue. This allows you to understand how effective your costs are and how much of your revenue you are taking home at the end of the day. A common error is to focus too closely on margin. Percentages can be misleading – make sure to focus on the contributing numbers.

Person Metrics

  • Utilization

Utilization = (Tracked Time / Max Hours)

A person’s utilization is their total tracked time divided by their set max hours. This gives a percentage of the amount of time that they are working directly on a project. Note that tracked time utilization is different than planned utilization. Planned utilization tracks the total planned time for a person and can be viewed in the utilization report.

  • Billable Hours

Billable Hours = Total Tracked Time

A person’s billable hours is the total of their tracked time across all projects and clients. This gives a total amount of time that can be billed to customers.

  • Revenue

Revenue = Σ(Total Tracked Time x Billable Rate)

A person’s revenue takes their total tracked time and multiples it by their billable rate. Their billable rate can change based on the project that their time is assigned to – learn more about billable rates.

  • Real Rate

Real Rate = (Total Revenue / Total Time Tracked)

A person’s Real Rate is the amount of revenue earned per hour on projects. It is calculated by dividing total revenue by the amount of time tracked. Your real rate is the effective rate that you are charging for that person. Keep in mind this is not a blended rate. A blended rate is the average of each person’s billable rate on a project.

  • Labor Expense

Labor Expense = (Time Tracked x Hourly or Salary Cost)

A person’s total labor expense multiplies a person’s total time tracked by their hourly or salaried cost. Tracking labor expense helps you understand the amount of expense a person acquires.

  • Gross Profit

Gross Profit = (Total Revenue – Total Expenses)

A person’s gross profit takes their total Revenue and subtracts your total expenses. Note: Calculations are based off of tracked time. A discrepancy may happen when doing fixed bid projects, as the total revenue is calculated off of billable hours and not the client budget.

  • Margin

Margin = (Total Profit / Total Revenue)

A person’s margin is their total profit divided by your total revenue. This allows you to understand how effective a person is. Tracking a person’s margin can help analyze if a person’s billing rate is too high or too low.

Search and Sort

Click to Play Client Financials Search and Sort

The search function allows you to quickly filter through all clients to find a specific client, project, or person.

Click on the search box in the top right corner of the report. Type in the name of the client, project, or person you wish to find, and the report will automatically filter to that client.

Sorting allows you to quickly order your clients by a criteria. The report defaults to alphabetical order. You can sort by any of the metrics in the report, such as revenue or salary cost.

To sort, click on the metric you wish to sort by. This will sort by highest to lowest. To sort from lowest to highest, click again.

Breadcrumbs

You need the most detailed data possible. Financial reports are designed to give you an intuitive way to explore data from your projects and to help you understand connections.

With Breadcrumbs, you can explore connections in your financial reports. This feature enables you to filter to more specific reports based on a category. For example, you can view projects that are assigned to a client, and then go even deeper by viewing a people report for that project. (e.g. Client #1 Report > Client Projects reports > Project #2 People Report)

Click to Play

Adding and Removing Filters

To add a filter, hover over the row you wish to explore further. Options to add filters will appear (E.G. Client Report, options to filter to specific people, roles, or projects for a client)

For example, let’s assume that you are view your Client Financial Report. You want to explore the projects assigned to Client #1. By hovering your cursor over Client #1’s row, options to view Projects, Roles, or People will appear under the client name.

Clicking on projects will load a new financial report for projects assigned to that client. The breadcrumbs navigation bar will show Client #1 > Projects. You can repeat the process to view people assigned to a project. Your report will then load Client #1 > Project 1 > People.

You can also add filters by clicking on the filter levels in the navigation. A drop down menu will appear, showing you options to filter.

To remove a filter, click on the current filter in the breadcrumbs navigation. A drop down menu will appear. Click on “remove filter”. The page will load with the new report.

Using the last example, say you want to go back to Projects for Client #1. Clicking on people will bring a drop down menu. Select “remove filter” to view the report for Client #1 > Projects.

Common Warnings and Errors

As you run the report, you may notice a number of alerts. These alerts are here to help you identify when important information is missing.

They are:

  • will appear when information is missing. The most common missing information is a billing rate for a specific person. To resolve, hover over the to view the issue and find steps to correct it.
  • Projects must be active or completed for them to appear in the financials report — learn more about projects.
  • Tracked time is required for them to appear in the financials report — learn more about time tracking in Bric.