Project reports - View estimated profit based on quotes
We need to know Potential Gross Profit when Quoting ( Obviously ! ).
Potential Gross Profit = Estimated Charge minus Estimated Cost.
I understand that Project Details reports and Project Summary reports require Time Spent to be entered or an Invoice to be generated before Gross Profit can be shown.
But for Quotes we do not wish to generate an Invoice or record Time Spent, because a Quote is not a Project until it is awarded/won and does not require an Invoice until the Project is complete.
Please can we have the capability to look at Potential Gross Profit equals Estimated Charge minus Estimated Cost without having to generate an Invoice or record Time Spent?
To me this seems like the most fundamental of requirements for Quotes!
Many thanks for reading this.
Kind regards
Alan Watson
G7 Geotech Ltd
Alan Watson
shared this idea
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jon Allen
commented
It would also be really useful to be able to generate a report of future project business uninvoiced. So something that says these are accepted quotes less invoiced amounts = order book by project.
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Christian Lucy
commented
When building a quote gross profit is critical to be able to see so that you can adjust as necessary to make sure the margins are where you need to be overall. So not just the total gross but the the percentage margin for each item be show on the quote from an internal view with a calculated total quote margin
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Gavin De Mezieres
commented
Yes, if I understand the system (Xero) correctly, the profitability of projects only works on actual invoices (expensed and sold). Which is correct from an accounting point of view as profit/loss is only realized on actual invoices processed.
However, it does not give you an estimated profit and loss on the project at the time of entering the project's estimated costs and estimated income. The estimated P&L is more important as you want to know at the time of estimation how viable the project is. This also highlights any potential errors before commencing with the project or before issuing quotes to the customer.
It should be easy to do as the estimated costs and income are all there when the project is captured on Xero.
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Deanna Matthews
commented
Totally agree with this suggestion. Was looking out rolling out projects now but not being able to see potential gross profit at time of quoting is such a huge gap for our business! Hopefully this is in the pipeline!