Get revenue projections based on your staffer’s hourly billing rate. In this article, we’ll show you how to select the hourly revenue projection in resource allocation. Then, we’ll explain how to run a report to get hourly projections for your staffers.
Note: This article assumes that you’re familiar with the Task Editor. Also, instead of “tasks,” your firm may refer to these units of work as “budget items,” “phases,” “work items,” or “engagements.” It’s easy to update the lexicon settings in BigTime to accommodate your firm’s needs.
Select Hourly (Rate*budget) in Resource Allocation
After you’ve added hours to your tasks in the Task Editor, click ALLOCATIONS...EDIT ALLOCATION.
Then, click SAVE. Doing so will open the “save allocation budget” window. Now, click the GRAY ARROW, under “revenue recognition model,” and a picklist will populate. Select HOURLY (RATE*BUDGET).
Click SAVE to save your selection.
Next we’ll create a report with hourly projections.
Create a Report With Hourly Revenue Projections
Navigate to your Report Center, and then follow the steps below.
1. Scroll down in the Report Center window, until you see several options under Allocation Reports. Click on the hyperlink ALLOCATION BY MONTH/PROJECT.
2. Click CUSTOMIZE, near the top-right corner of your window, and select CUSTOMIZE from the picklist.
Note: Learn more about customizing a report in this article.
As you customize your report, be sure to add “allocated fees” as columns for the months that you want BigTime to make hourly projections for.
To do this, click on the column titled ALLOCATED (M1).This will generate additional options within the column so you can customize it. At the top of this column, select ALLOCATED FEES (M1).
Allocated Fees, in an hourly projection model, projects a staffer’s revenue based on their hourly billing rate. For example, Jeff is allocated 20 hours of work each month for the next three months and his hourly billing rate is $100 per hour. We anticipate that he’ll bill $2,000 for each month.
3. Click SAVE to save your change.
Follow this same process for the remaining columns, but select “allocated fees” with the corresponding number (M2, M3, M4, and so on).
4. Click CREATE REPORT, located near the top-right corner of your window, to generate your report.
A new window will pop up that’ll allow you to title the report and select where you’d like to publish it. After you’ve made your selections, click PUBLISH REPORT, which will cause another window to pop up.
5. Click EDIT REPORT SETTINGSto adjust the allocation period. Since the report is projecting into the future you may need to modify the month and date of the report. You can type a numeric date into the textbox or select a date and year from the calendar that populates, once you place your cursor into the box.
6. Click RUN REPORT once you’ve made your selections.
In the image above, we anticipate that Charlie Brown will generate $10,000 in December 2022 based on his hourly billing rate and the hours he’s been allocated.
7. Scroll down in the Report Center window, until you see several options under Allocation Reports. Click on the hyperlink ALLOCATION BY MONTH/PROJECT.
8. Click CUSTOMIZE, near the top-right corner of your window, and select CUSTOMIZE from the picklist.
Note: Learn more about customizing a report in this article.
As you customize your report, be sure to add “allocated fees” as columns for the months that you want BigTime to make hourly projections for.
To do this, click on the column titled ALLOCATED (M1). This will generate additional options within the column so you can customize it. At the top of this column, select ALLOCATED FEES (M1).
Allocated Fees, in an hourly projection model, projects a staffer’s revenue based on their hourly billing rate. For example, Jeff is allocated 20 hours of work each month for the next three months and his hourly billing rate is $100 per hour. We anticipate that he’ll bill $2,000 for each month.
9. Click SAVE to save your change.
Follow this same process for the remaining columns, but select “allocated fees” with the corresponding number (M2, M3, M4, and so on).
10. Click CREATE REPORT, located near the top-right corner of your window, to generate your report.
A new window will pop up that’ll allow you to title the report and select where you’d like to publish it. After you’ve made your selections, click PUBLISH REPORT, which will cause another window to pop up.
11. Click EDIT REPORT SETTING to adjust the allocation period. Since the report is projecting into the future you may need to modify the month and date of the report. You can type a numeric date into the textbox or select a date and year from the calendar that populates, once you place your cursor into the box.
12. Click RUN REPORT once you’ve made your selections.
In the image above, we anticipate that Jane Doe will generate $12,700 in January 2023 based on her hourly billing rate and the hours she’s been allocated.