You can improve what you don’t measure. Track how many billable and non-billable hours were spent on a project. Know how much time was spent on specific tasks and who was working on them.
A top-down view of your projects helps you make an informed decision on eliminating the ones that are not profitable for your business. This gives you the focus to work on your most profitable projects.
Know where you stand with every project at every moment. The Economy report is great for keeping track of your project profitability and balance.
Project balance is calculated from billable hours multiplied by the billable rate. Then the labor cost is subtracted and any additional expenses are added to the final project balance.
By setting the date range on the Economy report to the start of your project (monthly by default) you can see the profitability of a specific project. Projects with a balance greater than zero are profitable and are worth repeating or keeping alive. A project with the balance below zero may need some revision or possibly get eliminated.