The Financials tab within a job provides a detailed breakdown of costs, allowing for a comprehensive analysis of project finances. This article explores the cost breakdown section within the Financials tab, highlighting information related to labour costs, timesheet entries, purchase orders, and bills.
Summary of Cost: The Financials tab presents a table summarizing the costs associated with the job, providing a clear breakdown of various financial aspects.
Projected P&L and Revenue: The projected profit and loss (P&L) section displays the estimated financial outcome based on the revenue generated from the quote entered in the Quote tab.
Labor Costs: Labor costs are calculated based on mobilizations entered, representing staff wages, allowances, and related expenses.
Purchases: Expenses incurred for procurement, supplies, or materials are included in the Purchases section of the Financials tab.
Receipts: Receipts uploaded for the job, such as reimbursements or petty cash expenses, are considered in the Financials tab.
Actual P&L: The actual profit and loss (P&L) section reflects real-time data, incorporating timesheets, labor costs, purchase bills, and uploaded receipts to provide an up-to-date financial picture of the job.
By utilizing the Financials tab, you can effectively monitor project finances, track profitability, and maintain accurate records of costs, revenue, and profit.
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Labor Costs and Timesheet Entries: Scrolling further down in the Financials tab, you will find a breakdown of labor costs. This section displays all the timesheet entries associated with the job, providing essential details for tracking and managing labor expenses. The information includes:
- Start and end time of each timesheet entry
- Trade or job role of the staff member
- Shift type worked (e.g., day shift, night shift)
- Total hours worked
- Costs incurred for labor
- Costs including any shift loading (SL)
- Inclusion of meal allowances, if applicable
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Purchase Orders: The Financials tab also includes a breakdown of purchase orders. Here, you can find detailed information about all the purchase orders that have been sent out for the job. This section provides insights into procurement activities, allowing you to track expenses related to supplies, materials, or services.
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Bills: Under the bills section, you will find a breakdown of all the bills that have been received for the job. This section provides visibility into the expenses incurred from external vendors or service providers. Tracking bills allows for accurate cost monitoring and management.
By utilizing the cost breakdown section within the Financials tab, you can effectively analyze and track various cost components of the job. This includes labor costs, timesheet entries, purchase orders, and bills, offering valuable insights for financial management and decision-making.