Agile teams working in professional services need to be able to quickly adapt as their environment does.
Keeping track of billed hours and expenses while juggling many customers, keeping superiors informed, getting paid, all while ensuring that projects finish on time and turn a profit can be difficult.
Managing expenses with Tempo Timesheets and Tempo Folio
With the Tempo Timesheets 8.0 release for JIRA server, it’s now possible to manage all billed hours for your customers including customer account revenue with custom price tables. On top of that, team members can now log their expenses on JIRA issues worked on for clients.
Tempo Folio, on the other hand, allows you to manage and track all financials for any project in real-time.
- Track revenue
- Get an overview of all costs and expenses in real-time
- Forecast end dates and costs
- Estimate profits
Here’s a quick breakdown of how your team members can go from logging their billed hours and expenses in Tempo Timesheets to project managers being able to control project costs and ensure those projects end on time and in budget with Tempo Folio.
Agile time tracking for billing
Team members can log time in Tempo Timesheets in several ways for the convenience of any kind of team, seamlessly in JIRA. Whether sitting at a desk or working off-site, we want time tracking to be as painless as possible.
This allows teams to review how they’re working, become more efficient, and keep customers informed.
When working for clients, it’s important to be able to quickly differentiate between hours billed for a customer and other types of company activity.
In Tempo Timesheets it’s easy to log work on JIRA issues associated with a specific Tempo Account or Customer and categorize those hours as billed.
Log expenses on issues
Various expenses can occur every day, affecting revenue targets. Expenses can include the lunch meeting from yesterday, travel expenses, and more.
This allows for more accurate reports more quickly and helps inform account managers and superiors of expenses before you have a chance to bring them up.
Once an expense is logged, it will appear in the expense section of the JIRA issue view. All expenses logged in issues part of a JIRA project and account are displayed in the revenue report and time & expenses report.
Control project costs
One way to use Tempo Folio to control the costs of professional services projects is to create projects (which we call folios) according to a JIRA project tied to a Tempo Account.
This way you can plan and track costs and revenue in real-time to get a financial overview of those projects.
You can easily sync the staff or Tempo Team added to your folio with worklogs from Tempo Timesheets to get more accurate data of how time is spent and how much initiatives cost.
Get information about employee expenses
Since team members are logging expenses directly on JIRA issues with Tempo Timesheets, project managers can easily see those expenses in the Tempo Timesheets time & expenses report and add them to their folio in Tempo Folio even before team members bring those expenses to their managers or the accounting department.
Set revenue goals
As your team is working on delivering customer projects, it’s possible to monitor account revenue with Tempo Timesheets and performance to ensure that projects are on track and not heading under your target goals, or over budget.
Visualize planned versus actual costs and revenue in real-time
Add an extra level to controlling revenue by choosing to track revenue in your folio. The rates associated with staff members in Tempo Folio refer to those people’s wages, not their billed hourly rate as in Tempo Timesheets.
Easily add planned costs to your folio, import revenue based on planned costs, and add a mark-up on costs. You can also add planned revenue individually or upload a csv. file.
Once work has been billed to the client with the help of Tempo Timesheets and payment received, simply take that that amount and add it to the actual revenue section in Tempo Folio. This will allow you to get an overview of how your project is doing and estimate profits.
Keep clients informed by forecasting end dates and costs
Use the forecasting capabilities in Tempo Folio to get detailed information on how the project is likely to end based on how things are going at the moment. Identify if you’re over budget or behind schedule to let your clients know ahead of time.
Detailed issue cost breakdowns in the issue cost report can also pinpoint exactly what is holding you up, allowing you to be transparent with your customers.
Calculate profits using the profitability report in Tempo Folio and always know if you’re on budget. If things didn’t end as expected, detailed breakdowns of expenses can give insight into what went wrong, allowing you to continuously improve for future projects.
For a professional services project, a clear overview of billed hours, revenue, costs, and profits will help budget the next time around and ensure that projects don’t end up costing your organization time and money.