If you want to succeed in the field service industry and increase your cash flow, you need to be looking at your business data.
We are living in an age where trade contracting businesses have access to powerful technology. At the heart of these technological advancements is data - information that can show you the who, what, when, where and why of things going right or wrong within your business.
Data can include all sorts of information such as how long it takes your field staff to arrive at their job site, the amount of jobs you have scheduled this week, updated pricing from a vendor, and more.
Reporting tools can help you visualize the data your company generates every day. Reports pull together the information that is important to field service businesses like total unpaid invoices, work currently in progress, profits gained on jobs and other insights.
That kind of knowledge at the fingertips of business owners and operators is undeniably valuable when it comes to generating a positive cash flow and smooth-running processes.
Most business and job management software will have some built-in reporting tools in the form of a library of different reports, each set to pull in certain data from the software.
simPRO has more than 60 standard reports to help users engage with and understand their business data. Reports can even be set up to be sent directly to email inboxes weekly, bi-weekly or monthly.
Here are four reports that simPRO users often use to increase their cash flow:
1. Job WIP Report
The Job WIP report offers users a snapshot of jobs in simPRO that have not been invoiced in full, or archived, up to and including a specific date.
This report is a great way for our users to monitor jobs with actual costs that are yet to be invoiced. With this information, tidying up jobs and cash flow at the end of the week or month becomes infinitely easier.
The Job WIP report is a great way to source any possible issues that could be affecting the workflow of a job, and determine if there are any staff members that may be lacking important training to complete their work.
2. Profit and Loss Report
The Profit and Loss report gives simPRO users the chance to assess how their business is performing by reviewing the profit or loss status of invoiced jobs.
If you've been seeing impacts to your cash flow, but are unable to find what exactly is causing these impacts, reporting is your most valuable tool. The Profit and Loss report in particular can help you identify where you are losing money on jobs.
With that information readily available, you can quickly locate any patterns or processes that are repeatedly occurring in jobs reporting losses, and start making the efforts to adjust.
3. Customer Rank Report
Knowing which of your customers are generating the most business can offer up valuable insights.
It's important to know if there are field staff, processes or vendors that may be impacting your customers’ overall satisfaction and leading them away from your business.
simPRO users can rank customers in their system by turnover, profit, margin, average invoice value and other factors within a specified date range.
Use the Customer Rank report to identify the customers that are not engaging with your business, and get in touch with them! They'll be pleased to hear you are contacting them to find out what went wrong and are looking to resolve the problem.
4. Aged Receivables Report
The Aged Receivables report helps simPRO users control the debt collection process.
This report displays all customers with outstanding invoices up to 91 days overdue or more. In the report, the amount owing for each outstanding invoice for each customer is grouped according to its overdue status (in 30 day increments), so you can quickly see how overdue each invoice is.
Users can also generate overdue statements and final notices to bulk send to all customers with outstandings costs directly from the report.
If you need a unique report that isn’t one of the 60 standard reports in simPRO, you can create your own using our BI Reporting tool. This reporting feature is designed for more advanced and custom reporting needs.
To learn more about simPRO reports and other software features, visit the simPRO website.