Guide to concepts and activities for A&E firm owners.
Key Concepts
Total & Net Revenue. Total revenue is vanity, net revenue and net income are sanity, and cash is reality.
Accrual vs Cash basis financial statements
Unbilled Revenue, Billed Revenue, Work In Progress, and Accounts Receivable
Daily Activities
Review sales pipeline and move deals through sales process.
Enter time.
Enter expenses.
Review prior day utilization. Fire anyone with missing time.
Update projects for contract and financial changes.
Weekly Activities
Sales meeting.
Submit completed timesheets.
Supervisors approve completed timesheets.
Project managers approve time charged into their projects.
Review prior week utilization report. Fire anyone with missing time.
Project manager meeting with principals to review project status.
Review and update workload schedules.
Monthly Financial Meeting with firm Controller / CFO and principals. Review the following reports.
Project profitability. Reconcile total revenue, net revenue, and net income to the income statement or the report is trash.
Rolling forecast and variances. Watch forecasted cash six to twelve months into the future.
Summary financial scorecard.
Detail financial statements. Confirm understanding of every value on the balance sheet.
Backlog report
Utilization report
Accounts receivable
Accounts payable
Work in progress aging
Write up / down report. Details difference between Spent/WIP and invoice amount on flat fee projects.
Write off report
Hero Section
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Use this text to describe your feature in detail. Visitors enjoy reading well written, descriptive copy about specific features of your product.
Add a title
Use this text to describe your feature in detail. Visitors enjoy reading well written, descriptive copy about specific features of your product.
Text & Image
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Text & Image
Pair text with an image to call out a particular feature, benefit, or product. A common best practice is to stack multiple Text & Image sections in an alternating pattern.
Call To Action
An instruction to the audience to provoke an immediate response, usually using an imperative verb such as buy now, find out more or visit a store today.