With the introduction of the new Financial Suite, a host of financial settings have been added to help you manage the new functionality.
Assigning default rates to Staff
While costs and revenue can be determined by setting rates on an item by item basis, sometimes we know exactly what things will cost and what needs to be charged on the basis of who's doing the work. If you find yourself in such a position, go to the Settings/Hourly Rates/Cost & Charge Rate Defaults menu, and you'll see space for each staff to have default cost and charge rates listed. This means any given item you add can calculate its relative cost & revenue as soon as its assigned to one of your staff.
Preset Hourly Rates
Having an hourly rates menu is nothing new to ProWorkflow; you can now set a cost rate against a given rate also. So in the instance that all senior staff are paid the same and charged out at the same rate, you'll be able to automatically cost their activities on the basis of their role. Additionally, any time these rates need to change, you'll have the option to assign these new rates to existing projects, and more importantly update your templates that may include these rates.
Accounting & Tax Page
On the Accounting and Tax page, we've provided space to create a list of Tax Codes and Accounting Codes, which can then in turn be applied to items, as well as quotes and invoices. This is useful in scenarios where you may tax expenses and time differently.
If you're integrated with one of our accounting partners, this page provides a few more functionalities. Tax Codes, Accounting Codes and Customers can be actively pulled and synced from your preferred partner. You can also choose whether or not to include tracking categories, which means you can more efficiently track certain item categories once they've made your way over to your accounting platform.
Products & Services Library
You now have a products and services library to help you add materials and fixed cost expense items. Thinks like goods and services can be listed here, and will be tied to certain item types. If you have an item that you sell on a per unit basis that has a per unit cost, this is a great place to put it.
