Features Below Available To: ✅ Grow Plan ❌ Track Plan ❌ Free Plan
What is the Profit Drivers Report?
The Profit Drivers Report gives you insight into which types of projects bring your firm the most profit. The report can be customized to show you revenue vs. costs for specific categories, clients, and phases. For the report to be accurate, the following will need to be completed:
All compensation details must be completed in the Directory for the entire team.
Invoices for all projects should be created in Monograph.
If QuickBooks Online is integrated, then the cost import must be set up and completed.
💡 Pro-Tip: To get the most out of the Profit Drivers Report, you'll want to add Categories to your projects by going to each project's Details tab.
Navigating to the Profit Drivers Report
To access the Profit Drivers Report, navigate to Analytics in the menu on the left-hand side of the screen and then click on Profit Drivers below Profit.
Different Parts of the Profit Drivers Report
Grouping and Filters
At the top of the screen, use the grouping and filters to find the data you're looking for.
First, select how you'd like to "Group By":
Category (default) - groups projects by category. E.g. compares the profitability of "commercial" projects to "residential".
Client - groups projects by client. E.g. compares the profitability of all projects for Client A vs projects for Client B. **Note that this will also include clients added via Quickbooks Online.
Phase - groups profit by phase instead of project. E.g. compares the profitability of the CD phase in all projects to the profitability of the CA phase.
An additional Status Filter can be used to drill further down into specific data:
Status (multi-select) - only include the projects with the selected statuses.
The report will default to show only Completed projects.
💡 In the Where Does This Information Come From? section below, we'll show you how we calculate these numbers. Please note that different data is used for QuickBooks Online vs. non-QuickBooks Online users.
Bar Graphs
After selecting your Grouping and Filtering options, refer to the bar graph to compare Revenue vs. Costs.
Hovering over the bars will provide more detail, with Revenue represented in blue and Costs represented in red.
Table Chart
Below the bar graph also displays the totals based on your grouping and filtering selections.
Granular Table Chart - Clicking into the table chart will expand and give you a more granular view of what projects make up the totals in your table chart.
Where Does the Information Come From?
Depending on whether or not QuickBooks Online is enabled, the math and calculations used for the Profit Drivers Report will vary for QBO vs non-QBO users. For QBO-enabled users, compensation, invoices, and the QBO Cost Import will need to all be up to date. For users who do not have QBO enabled, compensation, invoices, and the overhead multiplier will all need to be up to date.
🚨 Without this information being completed, your report will be inaccurate. If you are not using Monograph's Invoicing function, then your Revenue amount will be blank.
Here is how the math works:
QuickBooks Online Users
QuickBooks Online Users
When grouped by Category or Client, per project:
Revenue - the sum of open, paid, and past due invoices, not including retainers and taxes.
Costs - the sum of Employee Wages entered in Compensation in the Team Directory and Labor-related costs and project costs imported from QBO.
Gross Profit - this comes from Revenue (excluding draft invoices) less Costs.
Margin - this comes from Gross Profit divided by Revenue.
When grouped by Phase, per phase:
Revenue - the sum of all the firm services revenue (fixed and hourly fees) from all instances of that phase (or custom phases with that name).
Does not include Consultant Revenue, Expenses, Taxes or Other Items.
Costs - the sum of all the costs from all instances of that phase.
Does not include Consultant Costs or expenses/imported project costs.
Gross Profit - this comes from Revenue (excluding draft invoices) less Costs.
Margin - this comes from Gross Profit divided by Revenue.
Non-QuickBooks Online Users
Non-QuickBooks Online Users
When grouped by Category or Client, per project:
Revenue - the sum of open, paid, and past due invoices, not including retainers and taxes.
Costs - the sum of wages, bills, and expenses.
Wages are made up of salaries paid and hourly rates multiplied by hours logged.
Bills use the "bill amount".
Expenses come from expenses logged to timesheets.
Gross Profit - this comes from Revenue (excluding draft invoices) less Costs.
Margin - this comes from Gross Profit divided by Revenue.
When grouped by Phase, per phase:
Revenue - the sum of all the firm services revenue (fixed and hourly fees) from all instances of that phase (or custom phases with that name).
Does not include Consultant Revenue, Expenses, Taxes, or Other Items.
Costs - the sum of wages, bills, and expenses summed across all phases of that type/name.
Wages are made up of salaries paid and hourly rates multiplied by hours logged.
Bills use the "bill amount".
Expenses come from expenses logged to timesheets.
Consultant costs and expenses/imported project costs are not included.
Gross Profit - this comes from Revenue (excluding draft invoices) less Costs.
Margin - this comes from Gross Profit divided by Revenue.
🚨 Projects can be in more than one category, so when you sum across categories (e.g., revenue), some revenue can be double-counted if your project is associated with multiple categories.
Report Use Cases
Which types of Projects are projected to give me the biggest planned margin?
Head to the groupings and group by category. From there, you'll see a breakdown of all of your projects grouped by category showing which categories net you a higher planned revenue.
Which clients should I continue to seek work from?
Head to the groupings and group by clients. From there, you'll see a breakdown of all of your projects grouped by category showing which clients net you a higher planned revenue.
Permission Settings to Access the Profit Drivers Report
Admins will have access to this report by default. To allow other users to have access, they will need to have 'View Financial Reports' permissions 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 an Admin for assistance.