A significant update to Financial Planning capabilities now includes Labor Plans from Tasks (Resource Planning) and Actuals from Timesheets in a Labor section giving unprecedented and highly accurate insight into your projects’ forecasted revenues and costs.
Extending Financial Planning’s monthly projection and tracking of Non-Labor costs and revenues, we now add the Labor costs coming from Task Assignments (Budget Cost, Budget Revenue) and Timesheets (Actual Costs, Actual Revenues).
If you deliver Billable projects, you can consider this as Financial Utilization
If you deliver Billable Time & Materials projects, you can consider these amounts as key inputs for Revenue Recognition purposes.
How it works
Labor amounts snapshots are calculated every night based on:
Planned Work assignments (Task Work per User) --> Budget Cost & Budget Revenue
Actual Effort as reported in timesheets --> Actual Cost & Actual Revenue
Use the refresh button when you know significant changes have been made to the work plan, or timesheets have just been logged and you need the latest most accurate financial position of your project.