Product Update: New Invoice Report

The new invoice report will give you insights into your revenue and contribution like never before. Knowing who your top clients are in each financial year and what % of the turnover they are responsible for. Seeing which account managers most contributed to the agency's turnover or which job types are most profitable. You can see it all in this new report.

To build this report, waya­head fetch­es all invoic­es ever cre­at­ed in Stream­time and makes annu­al sum­maries based on your finan­cial year. There is a set­ting that lets you choose how far back data has to be retrieved: this could be handy for agen­cies with large vol­umes of invoic­es or in case you don’t have a full year worth of data in your first year of using Streamtime.

All invoic­es are sum­marised by month, by client, by account man­ag­er and by job type. Like oth­er reports in waya­head, these last 2 require you to label the jobs cor­rect­ly in Stream­time first. All results can be con­sult­ed in inter­ac­tive graphs and in insight­ful tables views.

The report also lets you tog­gle between rev­enue of con­tri­bu­tion views. While rev­enue is eas­i­ly cre­at­ed from the sum of all invoic­es, it’s not always use­ful for agen­cies who deal with many or large third par­ty expens­es. Hav­ing an excep­tion­al month with a £250K turnover is fair­ly mean­ing­less if it includes £100K to be paid to a sup­pli­er for a large print­ing order. The con­tri­bu­tion – often referred to as agency fee – is the turnover minus the third par­ty costs (expens­es and pur­chase orders from Streamtime).

How­ev­er, the tricky thing is that Stream­time does­n’t have data describ­ing which 3rd par­ty expense match­es with each out­go­ing invoice. While both the expens­es and invoic­es are relat­ed via the same job, there is no data con­nect­ing the dots. In some cas­es it seems straight for­ward: you pur­chase some print work and bill it out at the exact price as men­tioned in the pur­chase order. But in oth­er cas­es, the invoice could have mul­ti­ple expens­es merged into a sin­gle price or spe­cif­ic costs, such as a free­lancer’s hours, may be includ­ed in oth­er services.

waya­head has long offered a solu­tion for this prob­lem: you can con­nect the dots using the Invoice Con­tri­bu­tion report. This report can show you all invoic­es sent out in a par­tic­u­lar date range and let’s you deter­mine for each invoice which third par­ty costs match the out­put. With the last release there is even a new func­tion allow­ing you to par­tial­ly match expens­es with invoic­es. So we can say that 30% of a free­lancer’s cost was billed on the first invoice and 70% went out on the final invoice. This makes the cal­cu­la­tions of the actu­al con­tri­bu­tion a lot more accu­rate. Best prac­tice is to use the Invoice Con­tri­bu­tion report month­ly to val­i­date all invoic­es for that month.