Important note: Harvest supports multiple currencies, but does not support currency conversion. For that reason, reports in Harvest are split into multiple sections, when multiple currencies are in use. GoSimplo has a built-in currency converter (using daily rates from ECB), and all numbers are hence converted to the currency chosen as "Display currency" in GoSimplo setup here (click the cog wheel below Harvest logo).
BILLABLE WORK
The sales value of hours that categorize as “Billable hours” (see "STAFF metrics" article).
The value is provided in Harvest API on most records, but in the following scenarios we have to calculate it ourselves in GoSimplo:
Time & Material projects, where "Hourly rates" is set to "No hourly rates"
Fixed fee projects, where selected "budget type" does not allow you to specify hourly rate ("No budget", "Total project hours", "Hours per task", "Hours per person")
In these scenarios, GoSimplo will use "Task hourly rate" as the rate to be multiplied with number of (billable) hours.
Remaining budgets
Expressing what is still left to be earned on billable projects only, the formula is:
Budget amount – Billable work recognized already on project
Only including projects that are not archived as this is all about future revenue.
If Billable work exceeds budget on the single project, Remaining budget is set to zero (i.e. can never count as negative).
On the single project, Remaining budget is distributed evenly until project end date. If there is no end date OR end date is in the past, the entire Remaining budget is counted tomorrow.
As mentioned above, Remaining budget is calculated per project, which is then summarized to client level and all the way up to entire company outlook.
Note: If using "Budget resets every month" feature in Harvest, GoSimplo calculates the lifetime project budget as:
Monthly budget amount / 30 * number of days from start to end date (if no start OR end date, budget is always set to zero).
Gap
Gap is only shown for current fiscal year. And is equal to:
Total Finance revenue budget for the year – Billable work – Remaining budgets within current fiscal year
See and modify your revenue budget here.
Project revenue
Components of Project revenue are:
The sum of sales invoices (excl. VAT/taxes) which are not either in status "Draft" or "Written-off" and have an invoice date within the selected time frame.
From this all "expenses" having a date within selected time frame are subtracted at cost price (both approved and non-approved)
TRUE BILL RATE
Expressing the average, effective hourly rate on the projects that have been archived with an end date in the selected period.
Important note: Archived projects without an end date, will NEVER be included in these statistics, and we hence strongly advice to always set this in Harvest.
All transactions from the archived projects are included - regardless of their timing.
The formula is simply:
Project revenue from archived projects / Total hours used on the same projects
See and modify your True bill rate target here.