NEW REPORT: Billable hours this month

This week we released a new graph in the jobs report: the billable hours this month.

At the start of every month a num­ber of work­ing days and work­ing hours is avail­able to you and your team. To max­imise turnover and prof­it, ide­al­ly, you try to log as many of those hours as bill­able time. The more bill­able hours you can book in a month, the more you are like­ly to invoice, either at the end of that month or at the end of the projects.

Some projects have a fixed price, but if your agency does a great deal of work by the hour, it is impor­tant to keep an eye on month­ly bill­able time. If lots of peo­ple are on hol­i­day or work­ing on your own web­site, you are like­ly to bill out less time and that can influ­ence your cashflow.

The bill­able hours this month area in the jobs report, lets you keep an eye on the month­ly pro­gres­sion of timesheets and even gives you a pro­jec­tion of the high­est achiev­able result for the month. 

Let’s take a look at the dif­fer­ent parts of this report:

Screen Shot 2019 06 19 at 20 20 33
  • Max poten­tial: Total num­ber of hours avail­able this month, based on staff work­ing days and based on the team’s aver­age hourly rate (as set in Stream­time). June 2019 has 20 work­ing days. waya­head counts the work­ing hours of each staff mem­ber to work out the total hours avail­able. The graph on the left shows total hours, while the num­ber on the right shows the mon­e­tary val­ue, based on each team member’s bill­able rate.
  • Tar­get: Bill­able tar­get for the entire team, as defined in the team pref­er­ences in waya­head and based on the team’s aver­age hourly rate.
Screen Shot 2019 06 19 at 20 32 07
  • Bill­able hours: Val­ue of bill­able time entries so far this month. The mon­e­tary val­ue is based on the sell val­ue of logged time in Streamtime.
  • Non bill­able hours: Sum of non bill­able hours so far this month. Of course, bill­able and non bill­able jobs, clients and items are defined in the report­ing pref­er­ences in waya­head. Non bill­able hours are only shown as a time val­ue. This is because the sell val­ue of non bill­able time entries is often 0. E.g. 8hrs hol­i­day will have a sell val­ue of £0,00 in Stream­time. Adding up the total wouldn’t make any sense.
  • Miss­ing hours: This val­ue is impor­tant! As the month pro­gress­es, we can expect the team to have logged a cer­tain num­ber of hours – whether bill­able or non-bill­able. waya­head will cal­cu­late how many work­ing hours have passed since the start of the month. The it checks how much time is account­ed for. The dif­fer­ence between the two is miss­ing time. Hope­ful­ly the team will com­plete those timesheets lat­er, but just in case, the num­ber is clear­ly high­light­ed so you can see how much you are poten­tial­ly miss­ing out on! Need­less to say, you don’t want to see any red on that dashboard.
  • Pro­ject­ed result: Let’s say today is June 19th. There are 7 more work­ing days this month. Let’s assume all hours of those 7 days are logged as bill­able time. That’s the max­i­mum result you are able to achieve for the remain­der of the month. In fact, chances are it’s going to be less than that, because you might rack up more unbill­able time and miss­ing time.
    Pro­ject­ed result is the sum of bill­able time so far + remain­ing time this month and it can be com­pared to the tar­get value.
Screen Shot 2019 06 19 at 20 42 00

The colour codes in the graph match the ones of the num­bers on the side. The blue num­ber in the mid­dle of the graph is the num­ber of bill­able hours so far this month. The out­er graph shows the tar­get, the mid­dle one shows the expect­ed result, the inner graph shows the pro­gres­sion so far this month. Hov­er over the graph to see more details.