The Realization Rate Report will show the percentage of billable hours invoiced compared to overall billable hours based on time logged and invoices issued in Monograph.

To access the Realization Rate Report, go to Analytics > Staff and select Utilization Rate.

To ensure that the Realization Rate Report is as accurate as possible, you will need to set your team's target realization rates.

Navigate to Settings > Organization and scroll down to Realization. Click Edit to input your firm's target Realization Rate before clicking Save.

Generally speaking, the higher the realization rate the better the firm is performing and keeping 'written-off' work to a minimum.

The higher the realization rate, the more equal the vertical bars will be in the graph. If the Realization Rate is 100% then the bars will be even. Ideally, your firm bills most, if not all, of the billable hours to the client. This report only reflects previous time logged and Open, Paid, and Past due invoices and doesn't show any projections for future Realization Rates.

Target Realization Rate Line - the dotted line at the top of the graph will indicate the target realization rate you set up within the settings of your account

Realization Rate Line - the teal line will show you your realization rate for each month.

Bar Graphs - the two bar graphs will show Billable Fees Logged and Service Fees Invoiced. Billable Fees Logged are represented with a blue bar and Service Fees Invoices are represented with a yellow bar.

Hovering over each respective bar will give us either the Total Billable Fees Logged or Service Fees Invoiced for the month.

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Further Insights - Just as in the Utilization Rate graph, there are additional insights to be explored in the Realization Rate graph. Navigate to the top right of the graph and select 'View more detail'. This view introduces two additional filters.​

You can use the Projects filter, the Category filter or both. Both the Project and Category filters are multi-select. This filter allows you to view the Realization rate across just one project, multiple projects, or across different categories. Click on the arrow next to each month to view the list of all projects within the selected filters.

This report uses billable time logged in Monograph as well as the Service Fees in all Issued invoices over the selected time frame. To find the total realization rate, take the total Service Fees invoice divided by the Billable Fees logged, and multiply that by 100.

Billable hours are hours logged to Billable Activities on Billable projects. Overhead Time, Non-Billable Activities logged to billable projects, and time logged to Non-Billable projects are not included. Service Fees Invoiced are the amounts in either Fixed Fee Phases or Hourly Phases that have been invoiced. This means the service fees in invoices that are open, paid, and past due in that time frame. Retainers, Consultants, Expenses, and Other Items are excluded.

This report then takes the service fees invoiced and divides it by the billable fee logged in Timesheets. This ratio is then multiplied by 100 to get the Realization Rate.

Set a date range and navigate to the Realization Rate report, if the rate is less than 100% it means we've invoiced less than what our team has logged.

Using the Realization Rate report, navigate to 'View more Detail'. Then you can select certain categories and use the summary statistics at the top to compare and contrast Realization rates across categories.

By default, admins will have access to this report. In order to allow other users to have access, the "View Financial Reports" permission will need to be enabled.

If you do not see the Reports option, it means your current access level does not permit you to see Financial Reports. Please speak to your Admin for assistance.