Transcript for the video 'Q3 Mastering financials in Teamwork.com':

Hey, everyone. Welcome in. Thanks so much for joining today. We're just gonna get started in a minute or two here, once we get some more folks in the attendee list. If you want to post in the chat where you're calling in from, where you're dialing in from today, we can use that as sort of an icebreaker. My name is Andrew. I'm on the East Coast here in the Northeast in Rhode Island, specifically the ocean state. And I have my colleague Renee here as well. Yeah, guys. I'm calling in from Denver, Colorado. So nowhere near the ocean, but I wish I was. Alright. Give me just one more minute here. Alright. Yeah. Let's go ahead and get started, Renee. I would say, just in the interest of time, we have a lot to get to today. So yeah. Yeah. We'll kick it off today. Well, cool. Thanks for joining, guys. Today is, like, an overview of how to best set up your Teamwork platform for success in the financials section of it. So, yeah, today, both me and Andrew will be helping you all, kind of walking you through, what it looks like to best set up your financials and the core features within the Teamwork platform. So, yeah, we can kick it off. I'm Renee. Like I said before, I'm a customer success manager here. Andrew? I'm a customer solutions manager here. Nice to meet everyone. So I work with a lot of our current customers. Renee and I both work a lot with our current customers, sort of one on one to help coach them on how to best set up Teamwork for success, how to best use the features in Teamwork to get to their desired outcomes, and really how to run the operational side of their business and and professional services business within Teamwork using our financials aspects. That's time logging. That's rate cards. That's budgeting. That's forecasting. So all that stuff we're gonna focus on today. And, really, what Renee and I spend a lot of our time on day to day is helping our customers, enable them to to use those features. So, hopefully, everyone stays at is able to get a little bit of insight into into that those features in Teamwork today, and we'll be able to leverage some of those going forward. So thanks. Yeah. Yeah. Yeah. Basically, our agenda and learning objectives today, kind of like what Andrew just said, gonna be going over the financials in Teamwork dot com. So the core features of setting up rates, tracking those that time and billable hours, what budgeting and forecasting looks like, profitability and reporting. We're just gonna go through that. And, yeah, some common questions that we do receive, we'll kind of tackle at the end. If you do have questions coming in, I'll also address that. Please feel free to drop questions as we go along. Yeah. And then we'll talk about what next steps kind of look like. And yeah. A good way to participate today, just use, the q and a section at the bottom. Please ask any questions that you'd like of what we are going over today. It's super helpful to get those answers, and we'll best try to answer those questions at the end of the demo. Yeah. I'm gonna stop, you know, between kinda sections here, for questions. So please feel free to pop your questions into the q and a area there. It just helps us track the questions. And if we need to follow-up with you offline on a question, the q and a does help us sort of track those and make sure we get to everyone. So please enter your questions into the q and a q and a section before. If you haven't used Zoom webinar before, you'll be able to find out on the toolbar there. So, yes, use that. Also, you can use the chat to say hello, leave us a comment, and use your emojis to, react to what we're going through today. Oh, yeah. And one last thing, Renee, about the recording. Oh, yeah. Yeah. We are recording this. So, if you would like this to be sent out, we will send it out, after this call. And so, yeah, you can go back and rewatch it. We will supply you the recording. However, the advantage of being on this webinar live here today, obviously, we have a good fifteen people or so on this, ask your questions live here because, you know, we wanna get your questions answered specifically around this stuff here. So, we will send the recording, but feel free to ask questions as we go. Thanks. Okay. With that, I'm gonna paw I'm gonna share my screen or share my demo site here. One second. Alright. So everyone should be seeing my screen here. We let me just double check that. Okay. We're good. So everyone here. So I'm starting in my demo site today. So this is a complete demo site. Obviously, it's gonna have example projects, example clients, and all that good stuff there. So, just be aware of that. As you may know here, your left hand navigation bar is over here. You know, I have a lot of stuff pinned to my sidebar here. You can pin or unpin these items to the sidebar. But today, we're gonna be focusing a lot within the finance section of individual projects, and, also, we're gonna touch on a little bit of reports and stuff as well at the end. So lots to go through. Before I get into any of that here, the first kind of thing I wanted to just, again, reiterate to folks is I'm gonna start on the client tab here, and let's just take a look here. I like to start here as sort of, like, the top level of the site. Right? Your clients are at the top level. So for example, here, have Apple. I have Coca Cola. I have Ella's Kitchen, and I have multiple projects running for those clients at a time here. So this is a nice kind of view to fear you to be able to see what each product entails for the client. And at a top level, at the client level, is the client healthy or not? Right? If I wanna just for you admins or for you people that are kind of over overseeing things, you can see the client at the top level in this view here. If I click into a client here, I can do I can see things like budget breakdown, my profit numbers, the billable time information, any quotes that I've created. So I really just wanted to show you guys that very quickly here before we dive into the individual aspects. This helps frame our conversation a little bit here. So the scenario here is, again, I have multiple clients here, multiple projects for each client, and each project can have a different type of budget that we're gonna go through today. At the client level here, you see your roll ups of budgets here. So if you have financial budgets or time budgets, we're gonna go through the differences between each of those. You'll be able to see those within here rolled up to the client level as well. So I can come back here and show you more of this at the end and also to make sense a little bit more. But just wanted to show you and and start here today because you get that nice roll up at the client level. All the information, not just budgets, but the task information, all that good stuff there. So the first thing we wanna do, we're kinda go through this in chronological order here. So this would be the order of operations in order to set some of this stuff up here. So kind of like a checklist of things you want to do as you go. So we're not gonna go feature to feature. We're gonna go through each step of the process here. The first step before you were to implement any of these financial features is making sure that you have rates set up for your individuals, for the people on your team. Right? So on this people, I'm gonna go to the people area down here, which is gonna encompass all my people, collaborators, accounts, and all that stuff, all those different user types. I'm gonna filter quickly to user type accounts because my accounts are your paid seats. Those are the folks in your system logging their time. They will have cost rates and bill rates associated to them. Okay? I can set up their billable target here, which we can go through at the end in reporting, but I can I wanna make sure the first thing is to make sure, again, that your cost rates are set up here and your billable rates are set up here? Now to explain the differences between the two, first, cost rate. The cost rate represents in Teamwork the hourly cost to your company to employ this user. This information is only visible to the site owner, okay, and the and the site administrators within your site here. Okay? So if you are not a site administrator, you will not be able to set this information up. You will not be able to see this information Because cost rates can can sometimes encapsulate salary information, we make this very hidden from any other user. You have to be a set admin to be able to see this information. Alright? So I've set up a cost rate for each of my individuals here. It's a simple it's really simple to do so. If I have if I wanna change the cost rate for a user, I can click into it. I can adjust the cost right there. So I'll adjust Lewis' cost rate to seventy five an hour. You can also retroactively apply this rate. So right now so let me just go backtrack a little bit here. So Lewis, for example, has a cost rate set to sixty dollars an hour right now. Let's say Lewis got a raise, change roles, something like that. I can adjust this rate here. Hit save changes, and now that's going to start today. Okay? So any new time logs that Lewis' creates, that's gonna now be costed at seventy five an hour. I can also adjust it from a certain date, so I can retroactively apply a cost rate as well there. Okay? That's gonna be important for you to know. So you can do the cost rate from today or from a selected date there. K? That is going to help you calculate the cost that goes into the project. Alright? The labor cost. The next is the billable rate. This is represents in Teamwork the hourly rate you charge your clients for each user. This rate can be customized per project. That's one of the biggest questions we get. This is just a a, what we call a default site wide rate. So when someone enters a project, they're gonna come in at this rate here. But that rate can be customized per project. So a lot of our our team our team or customers, you know, they build clients for different they build clients in different ways. One client might get a discount. One client might be billing at a separate rate. You can do that within each of the individual projects that you set up for those clients. So I'll go through how to do that in a bit here. I I just wanna show you some very important that you set up that billable rate at the site level there for you to, make sure that everyone has a billable rate when they come into a project. It's their standard default billable rate. Same concept here. If I was to edit that excuse me. Excuse me. I can update that billable rate from today, and I can retroactively apply billable rates as well. So same concept there. So that is the cost rate and billable rate. You wanna make sure you have those set up before you do anything, before you start using, any financial stuff, people start logging time. It's in it's most important to set that up. If you already have people logging time, again, keep in mind, you can retroactively apply those rates so that people those rates are applied to previous time logs. Okay? Now let's go into a project. I realize we have a question here. We'll get to that question. I promise. I'm gonna go into one of my Apple projects here. In my Apple project, in the finance area, I'm gonna go to rates here. So on this rate on this rate card here, this is an individual project bubble. I have those default rates applying. Let's look at, if I open up one of my people here, I look at for for example, I can adjust these bill rate for this project. Okay. So for Apple, for this digital marketing plan, we're gonna bill them a little bit more, let's say. So let's put d at two hundred an hour, and I can apply that from August first, for instance, and save changes. What's really nice here is that you gotta look into how the billable rate has changed over time. So when it was adjusted, by whom, and, you know, what the what the difference was. So, you know, d was fifty dollars an hour, then one hundred and fifty, and now it's two hundred an hour. Okay? So that is how you would look at your rate cards for individual projects there. So, again, I I adjusted those rates there. And, yeah, I can do the same with cost rates as well. I might just stop there. I think there are a couple questions in here, and I'll I'll pause there after the rate. Any other question about rates, pop them in there. So go ahead, Renee, if you wanna read off the questions. Yeah. Yeah. We got two questions here. So the first question is after we log time, can we monitor the cost of project as teams? Yeah. Absolutely. I can show you we'll get to reporting at the end there. If I go to profitability, for instance, though, I can switch this over to users. This is one of our scale features here, and you're able to see the costs, the total cost per user, and the revenue per user. And you can filter this by team. So you could say, okay. I wanna look at my costs across projects from my engineering team. Okay. So total in the month of, let's say, the month of July my engineering team, just make sure just your date range is there, my total cost for my engineering team was twelve thousand three zero seven. So that's one way you could do you can look at your cost by team in the profitability report. So I'll come back to this at the end with reporting, but that's one way you could do that. Next question. Go ahead, Renee. Yeah. Yeah. So the next question is, I would like to calculate the cost of project by role rate, not by any personal rate. Same concept there, actually. So you can filter this by role. Okay? So, like, if I wanna see my cost or revenue by role, I could filter this here by let's say my role is, like, front end developer, for instance. I could filter by role, and that would show me my total cost for the for this role and revenue from this role in the month of July, for instance. So it just requires a bit of filtering there in the in the profitability report to get that information. But roles here, as you can see, I've defined a role for each person in here, and that's a field you can filter by on those reports that will give you some of those insights. Great question there. It looks like those are the only two questions that we had come in so far. Awesome. Alright. So I'm gonna get into the different types of budgets and setting up budgets now within Teamwork. So I'm gonna go back into my digital marketing plan here and go to my finance area. And, again, this is the kind of area where you'll see all your rate cards, all your budgets, your time and expenses and invoices, which we'll get to today. For this example today, for this project here, I have set up a retainer budget. Now when you add a new budget in Teamwork, you have three different budget types. We have a fixed fee example where you charge the client a fixed price for the project regardless of the time spent. So that's like if you're selling, you know, if you're selling a service, like, you're building a new website for a client, for instance, and you're charging them ten thousand dollars. Right? And that ten thousand dollars is your fixed revenue. Right? You're charging them ten thousand, and you wanna calculate cost towards that. So for instance, again, ten thousand, my start date is August first, and I can build in in a fixed fee scenario, I can build in what I want to target as a profit margin. So if I want a twenty percent profit on this project, my target costs here are gonna be eight thousand dollars. So it calculates that for me automatically. So that's really helpful for fixed fee scenario. Time and materials is just build the time spent based on billable rates. Super simple setup there, which we'll go through in more depth here in a bit. I'll show you an example here, but time materials is gonna be simple hours times billable rate. And then finally, we have a retainer model, which I have set up here. So a retainer model is simply a recurring month over month budget for your clients. You can set that up, to repeat on a monthly cadence, weekly cadence, every two weeks. Most of the time, it's monthly, we find, in a retainer scenario. But this would allow you to essentially create a recurring budget month over month there. You also have the options to add unspent hours to next period's budget or subtract overspent hours from next period's budget. So on a retainer model, we get that scenario quite a bit. It's like, if they come in under their hours for one month, we wanna roll over those hours to the next month. Or if I go over hours, I wanna subtract that amount from next month's period. So you have options down here to set that up as you wish. In this scenario, I have set up a retainer budget. It started on if I hit, let's say, edit budget here, this is gonna show me that this started on August first here, and it's five thousand dollars a month. So if I look back here, my June budget was June one through June thirtieth. My budget was five thousand, and my billable to date was, two point one three k. So forty two percent of the budget was reached that month one. Month two, I went over budget. As you can see here, it was seven point three nine four k. So I went over budget, so it's telling me I went this much over budget for this period. And now I'm in the current month. So right in the current month, I'm at one point five k, thirty percent of the budget used so far. So down here in the retainer model, it's gonna show you month by month what your target was each month for five thousand and what you use each month. And people a lot of our customers love this little graph down here because it gives them a quick insight into what what their how their budget's performing month over month here. So one month we might go under, one month we we might go over, one month, we might be right on track. It just depends on your current you know, on the time logs that go towards this project here. Okay? The profitability here is a pretty simple calculation in a retainer scenario. And the the profit here is gonna show in a retainer scenario, it's gonna show you the five thousand dollars, which is what you get from the client every month. They give you five thousand dollars every month for their retainer. And it helps you calculate the profit because your revenue is five thousand no matter what in this retainer, but it's gonna calculate the cost to date for the current retainer period. So the cost to date so far is five hundred and ten dollars, and the five thousand minus the five ten leads you with your profit amount. Okay? So we'll go over that more, but I just wanna show you the how the profitability calculation is working up here for you in a retainer model like this. Alright. So that is retainer. Month over month again, the ability to customize what you roll over each month there or keep it consistent at five thousand dollars a month for in this instance, all helpful stuff there. So that's a retainer. Let me go back to projects here and go into the marketing campaign example I have set up here. Again, same client, just a different, project, a marketing campaign, for instance. I'll go into budgets here, finance again, and just show you a time and materials example here. So this budget period is June one through August thirty first, so it's a three month project. The billable target is ten thousand dollars. That's my budget. And I have incurred four point one three k to date. So that all that means is that the hours logged on the project times the billable rate right now equals four point one three k, and that's forty one percent of my budget taken up already. Fifty nine percent remaining. K? Profit works a little bit differently. The profit is simply the billable amount minus the cost for the date the date range. So, again, the cost is hours times cost rate. The billable is hours times billable rate, and the difference between the two there is the profit in a time and material scenario. Pretty simple there. Couple more things on the time material side I wanted to showcase is that when you have it like, in any type of budget, actually, you're able to set up what we call task list budgets. So in that scenario, I have a ten thousand dollar project budget, but I can break that ten thousand dollars down into individual parts of the project that equate out to the task list here. So for this instance, I just took the ten thousand dollars, and I've allocated two two thousand dollars to planning, two thousand dollars to paid media, two thousand dollars to campaign asset, and two thousand dollars to campaign tracking. Of course, these amounts can be different per task list there, but it helps you track which parts of the project might be coming in over and which parts might be coming in under. Especially if you're trying to track what services are the most profitable, you can do so with this, type of budget set up here. If I hit edit task list budget, of course, I can customize the amount per task list there as well. K? So that's time materials. And then lastly, I wanna show you a fixed fee example if I can find one here. Bear with me. I have a Coca Cola project here for a website project plan. If I go to finance here, this budget ended. I might just see if I can let's go ahead and delete this and set up a new one, actually, and show you the fixed fee example because the fixed fee does work differently here. So, again, website project plan, let's go ten thousand dollars. Let's have the budget not repeat. Let's have it start, you know, back on June first, for instance, and we'll have a profit margin target of twenty percent and create budget. So I retroactively applied that budget because I have time logs that, you know, were from back from June, July. So it automatically has costs incurred on this project on this budget because I have the budget set up to be start on June first even though we're in August right now. Again, in the fixed fee scenario here, it's gonna measure your cost towards the budget, not the billable rate towards your budget. So that's the one key difference there to remember. But, again, this is just a ten thousand dollars fixed fee. That's your revenue. And then cost to date is two point four four five. So that's twenty four percent of my budget taken up so far with my fixed fee. What the key kinda thing down here for fixed fee is gonna show you cost to date and my target cost. So, again, if you're targeting a twenty percent profit margin, my target costs are eight thousand dollars, and I've only incurred two two thousand four hundred and forty five dollars of cost to date. So what's really nice here, again, your target profit margin is twenty percent. Right now, it's seventy five percent. But as I log more time on this project, it's gonna show it's gonna, you know, lessen my profit margin and increase my cost as the more time people log towards the project. Okay. So that's fixed fee. Couple more things I wanna go over. Two more quick things, and then we'll jump stop for questions. I know there's kind of some in there now. One more area to incur more expenses towards the project or more cost towards the project besides just billable or excuse me, by besides just hours times cost rate is going to be our expenses here. So we know that our customers, you know, incur costs on projects that are not just time based, that can be materials or can be hard costs, and that's where you can add in expenses here. Alright? So for instance, I'm going to put in a cost for this project here. So we had to hire, I don't know, Amazon Web Services, right, for this website project. That cost that cost us five hundred dollars. Right? Let's call the category for let's just call it general. I can title this expense AWS services. Description here is like, okay. I'm using AWS to host website. I can even upload receipts or invoices here to, to, you know, have attachments on expenses as well. You can also do AI autofills if you have actual receipts, like you're taking your clients out to dinner or your visiting clients and you take them up you know, any receipts that you need, you can AI autofill upload the receipt and have it autofill out for you, all this criteria here, which is super nice. When I add in that expense there, all that's gonna do is take that five hundred dollars and increase the cost. Okay? So it's just gonna put more cost towards my project. Again, besides the hours times cost rate, it's going to put in more cost for myself. So expenses apply on any budget type there. Just wanna show you that example. The last thing I wanna show before we get to questions here is notifications. These can be our budget notifications here. This can be really helpful. This is really a powerful, little feature here. You can set up specific notifications to email people or mobile push people, different people on your team, whether it's yourself or other people on the project, when the budget exceeds a certain percentage. So, of course, you can look at a report to look at all your budgets and where they are. But if you wanna get alerted when my budget on this project reaches ninety percent, let's say, you can set that up via the notification module here. You can even set up more notifications. So I wanna be notified when my budget reaches ninety percent and a hundred percent in this scenario here. Alright. So that is setting up budgets in a nutshell there. So next, we're gonna talk about time logging and how to, you know, log in time on projects. But if you really think about the, again, the order of operations, it's setting up your rates first and then going up and setting up your budgets, and then the project begins to be worked on. Right? And that's gonna run log time and all that good stuff. These budgets can be set up, of course, after the project is created, or when you're adding a new project, you can set up your budget during this while you're setting up the project as well. Okay? So, like, that budget setup process that I showed you is going to be you know, you can access that really from anywhere, whether you've set up a project already or you're setting up a new project. Alright. That was quite a bit of information. I know we have some questions here, so I'll pause for questions. We have a kind of a lot in there. So go ahead, Renee. Yeah. Yeah. So the most recent one that came in is does the budget style you pick for a project make any difference when it comes to creating an invoice? Was okay. Good question there. When the does the budget, style matter when you're creating invoices? Not necessarily is the short answer. You can create invoices from any any budget type. Right? And the process is the same. The invoicing, though, whether if you're doing a fixed fee or time materials project, you might invoice differently. For fixed fee, you might invoice as a fixed price. For time materials, you might just be basing that invoice on time and expenses. So when you set up an invoice, it's gonna ask you on any project there. So whether when I'm doing a fixed fee budget or whatever type of budget I am, it's when I set up a new invoice, it's gonna ask me, is the invoice gonna be set up on based on time and expenses, or is it based on a fixed price there? Okay? And that's applicable to each invoice you create in the project. So, again, for fixed fee projects, you might just invoice on a fixed price. Right? You might take fifty percent upfront and fifty percent when the project's done, for instance, and you just invoice that in two separate periods with fixed price invoices. On time and materials, you might just you might just bill them at this in the middle of the project. At the end of the project, you can just base the time base the the invoice on time and expenses, and that's just hours times billable right there. So you do not have to worry about you know, it's just you're whenever create an invoice in a project, you're selecting whether the invoice is based on either of those kind of, different steps, I guess. K. I'll stop there. Hopefully, that answers it. Alright. And then the next question that we had come in is, for a fixed rate, if hours and billable rates are entered, does the profit automatically calculate without adding a target profit rate? Without adding a target profit rate. Yeah. You don't have to add a target profit, I don't believe, if you didn't want to. So, yeah, that's that's sort of optional there. The the profit on the project will absolutely still calculate. I'll just go back to my fixed fee example. It goes to the marketing campaign. No. That was time materials. I was on my fixed fee. Go back. One second here, guys. The website project plan for Coca Cola, that was my fixed fee. Go to finance. Yeah. That that profit number right there is gonna calculate automatically whether you whether you put a target profit margin in or not. So, again, the profitability calculation on a fixed fee is your revenue, which is the fixed amount minus your costs, and that leaves you with your profit. So, absolutely, that that profit will still calculate even if you don't put in a target profit percentage. Okay. And then another question. When will invoices show the net expense amounts on them? Right now, they only show the gross expense amount, and we have to type the net into the description. Good question there. Let me think here. Go back to my time and materials project, And I'll just add an invoice for this budget period. Total cost four thousand. It's billable. I mark it up twenty percent. Counting. And then on my invoice, I can add in my expenses here. So when you add in, like, a billable expense like this example here, I marked it up a certain amount, so it's gonna show the total there. I'm go back to can you answer the ask the question again, Renee? Yeah. Totally. It was when will invoices show the net expense amounts on them? Meaning I'm not sure I know what that means. When you add an expense and you mark it billable in this scenario and you mark up an expense, it's gonna give you the total because it's giving you your cost of the expense plus the markup to the client. So when you put that on the invoice, it gives you the total, like, the the the amount you pay plus the markup there. In our ex let me just bring over to bring you over to my our expense summary report there. You can see the total cost across projects for all of your like, this is the cost. So I guess this would be the net, and this is the gross almost here. So maybe on the expense summary report, you're able to see the difference there. But on the invoice of the client, you're billing them for the full amount, the cost plus the markup there. So I'm not sure that's gonna be changed anytime soon, to to be honest. I can check we can check on that for you offline. Let's let's make sure to follow-up with that one, but that's how it works right now. Yeah. Okay. And then we have another question. Is there an ability or any plan to add in the ability to create client based rate sheets? That is yeah. So it's per project right now, not per client. So you would adjust that manually for each project within that client. So it's, you know, it's doable. I know it's a bit of a workaround. I'm I'm not sure if there's if that's in the plans. I'm not part of the product team, unfortunately. I'm not sure if that's in the plans to, to change. But, you know, again, for each client, you are able to update the projects specifically for those clients in the rates rates section of each of those projects for that client there. So that's doable. It's just just for for all intents and purposes, like, you can't set up with the client level yet. It's per project right now. I'm not sure if that's gonna change, but we can follow-up on that one for you as well. Alright. And then let's do one more. Can you do a retainer model to calculate per expense rather than time spent? Yeah. So I believe that so I'll go back to my retainer example here. Like, if you're not logging time, I assume, the cal the and the profit calculation here is the billable amount minus cost for the project. So to answer your questions, you don't have to log time on the project. You can just add in expenses if there's just hard costs. Your cost for a freelancer or things like that, you can add in expenses there, and the profitability calculation will still be correct for you because it's just that profit number minus the cost. You don't actually have to log time on the project to incur costs. You can add expenses instead. Alright. And just to be wary of time, we will move on to the next portion. Awesome. Yeah. I know there's more questions in there. I'm happy to come back to some of those at the end there. Alright. So next step in the process there. Okay. We've we've we've set up our rates for each person. We've set up our projects. We've set up our budgets. Right? So next step is working on the project and logging time. We do wanna just cover over some aspects of logging time and Teamwork as there's been, you know, quite a few updates in terms of how to log time and Teamwork. The base level here is that, you know, you can log time in Teamwork towards a task, towards a specific task that someone is assigned to, or you can log time towards the project itself there. Okay? So in in a project here, in this retainer model here, I'm assigned to some tasks here. This task down here is published blog content. It's estimated at thirty hours. But if I open up that task there, I can go ahead and log my time towards that task there. So I'll just put in fifteen minutes there. I can, make sure that it's marked as billable. The date is August sixth. I can do a description field here if I'd like. And let's see here. Oh, that's fifteen hours, not fifteen minutes. I'll put fifteen minute minutes in. I add a description if I want to, and then I can log my time that way. It's pretty simply there. So now you can quickly see fifteen minutes logged towards my thirty minutes of estimated time on this task here. When you go to the time section within a project here, and if I go and sort my my time logs here, you can see here that when I log my time towards a task there, it gives me a description field for the task that I logged it towards. So I logged this time towards published blog content. The task list was SEO, and the time was fifteen minutes there. Okay? If I log my time just towards the project in general here, like these ones here, it won't give you a description unless you put in the description. So that's just one important piece to remember there. But in any case, if you want your folks just logging time towards the project, that's doable as well. We have clients that do it, you know, both ways there. To do that, all I have to do is hit log time up here. I can just put in forty five minutes or an hour, and I just leave this blank here and log my time. And now that's a one hour log towards the project. Again, the rate still applies to the to the budget and everything. It's just logged towards the project, not towards the task. Alright? So that's quickly a logging time there. I just wanna point out one more thing here is that you can actually start a timer if you don't like logging time. That way, you can actually start this little stop clock that you can pause and start as you need to. Though some of our clients love doing this, some don't. Some don't use it at all. That's totally fine. This stop clock can be helpful, though, if you're working on multiple tasks across projects, you can start and stop timers as you go. I can collapse this. I can open it, whatever I need to do. And at the end, I can just go ahead and log the time. So those are kind of the two ways of logging time. It's just the log the start timer or just the log time model here that I was showing before. Now we know that you you and your, employees are not, you know, working within one project at a time, typically. You're working across clients, across projects, and, you know, managing that can be a headache sometimes. So what we've done is in the home page here, so kinda coming out of the project view and going into a home page view, this is kind of your center console for all your work in one place here. If I look at the my work area, it's gonna show me all my tasks assigned to myself across my projects and clients. I have a lot of, like, tasks here as you can see. I can update my dates here if I need to. And in this field, it works the same way. Right? I have estimated time and log time. I can open up the task. I can log my time straight away from the task in here as well. I can go into this log time column here. I can log more time or start the timer here as well. So, again, if you're just working just a real pro tip here again. If you're working across clients, this is a nice view for you to come into and be able to find all your tasks in one place across your projects and clients without having to click into into each individual project there. Alright. Also within the my work area, we have two more views that I wanna show everyone. We have the my calendar view here. The calendar view is gonna show you you can hook up your Google Calendar or Outlook calendar into this. It will show you your meetings and all your stuff from your calendar as you can see here. Right now, I have the mastering financials and teamwork, project happening right now. And this view, I can actually time block my day with tasks here, which can be really helpful. So if you're an end user, you can kinda come in, time block your day for certain areas. So I can put this okay. I'm gonna work on this task later on today from two o'clock to three zero five or two o'clock to three o'clock, and I can quickly log my time towards my task in here as well. So if you real if you like sort of more more calendar view here to log your time, you can do that within this view here to time block your day and log your time quickly. You can also log your time as nonavailable towards your meetings and everything. So if I wanna log a thirty minutes for lunch later on today, I can go ahead and log that time. That's gonna be internal time most likely. So I I'll put it towards my one of my internal projects here, if I can find one. Look for a Teamwork. This is okay. Perfect. Meetings, non billable, thirty minutes, log time. So that's logging time towards, like, an individual meeting from your calendar, which can be really helpful. Again, connect your Google Calendar or Outlook calendar to this. Lastly, we have our time sheet. So another way of logging time, this is something that our customers really requested a lot from us. We built this time sheet area here. This will show you all of your tasks or projects from a certain week here. So I'm in the week of August fourth here. I have some projects on my time sheet, but I also have some of my tasks on my time sheet. You can see how much time I've already logged towards my tasks here. But here, simply, I can put in a time log for each individual day here. So let's let's say I wanna log time for yesterday. I spent two hours on the blog content. I can just put in two, and that time logs just like that there. So really simple way for, again, not just end users or worker visas we sometimes call them is for every user to be able to keep track of all their time in one place, log their time, and see what their totals are for the given week there. So especially if you're responsible for for logging in forty hours a week of time, make sure to come in here and see your totals as well here. When I log that time, right, the end result is, of course, when I log time on each of these projects there, an hour of bill you know, any any hours I log, my bill rate is gonna apply, and my cost rate is gonna apply, and that's gonna go towards my budget and my profitability calculation for each project. Okay? I know we have a lot of questions. I might just stop there in the interest of time there, but I just wanna showcase all the different ways you can work on tasks, log your time and projects, and then also in your home page here as well. Any questions come up there. Okay. So, yeah, we have had a few questions come in. So can you have multiple timers at once for different tasks slash projects? Absolutely. Great question there. So, for example here, if I'm looking at all my late tasks here, my my work section, which I have a number of late tasks, hopefully, your view does not look like this, I can start work to work on my tasks here. I can start the timer on this reporting task here for an advertising campaign project, but I can also start my timer down here for my agile software development project. So what's cool about the timer here is that I have two timers going, but only one of them is actually running at a time here. So what's cool about this is I can actually just start the other one here. I got more if I want here, not just two. I can start and stop timers as I'm working on those different tasks from different projects there. So I have a project here from Walmart, Nike, and Coca Cola. That's three different client projects. I can start and resume my timers based on which task I'm working on. Just at the end of the day, you wanna make sure to to pause and resume your timers, of course. This can be collapsed, I mentioned. At the end the day, you just wanna go ahead and and be able to log all that time. Just click the little red button here, log time, log time, log time. That's that. Alright. And then another question. If I'm setting up a new fixed fee for a project, can I set the start date to be in the past so I can see past budget versus cost? Yeah. Absolutely. You can when you set up your project budget on any project there, I'll just maybe show example of a project that does not have a budget. Perfect. Let's do this one and go to finance and budgets. I'll just go ahead and delete this budget. So let's say this project has been going for a while and you've been logging time on the project. You don't have a budget set up yet. Create the budget. Budget amount for fixed fee, let's call it, like, seven thousand this time. My start date of the budget, I can retroactively say, okay. This actually this project actually started on July first. My target profit margin here is fifteen percent and create budget. So as soon as I create that budget because I started the budget on July first, I already had time logs in the project. I already have costs incurred towards the budget because I already have those time logs towards my budget there. So, yes, you can absolutely retroactively apply those budgets. Just make sure that your rates are also retroactively applied when needed there. So, again, your cost rate in this scenario, I can rip I can apply this rate from a certain point. So make sure that your rates are applied, as well retroactively if you need to. I would just, just make sure you set those up correctly. Alright. Another question is if we hire the outsource working in my project, how can I invite them to a project and let them log time as a client user type, or do I have to pay for the license? It's a good question. We do look at this quite a bit here. I would say short answer, freelancers should be a paid license in Teamwork, and that's because they're in Teamwork logging their time. They're using they're using Teamwork. Right? So it has to be paid license. That's yeah. That's just sort of how it works there, even though they're not a member of your team. And that's the reason there is because freelancers typically work on multiple client projects, so the client user won't work for that. A client user is designed to actually be a client to just interact with their own projects. So for instance, if I create a client user in Teamwork and their company is Apple, for instance, they're only gonna be able to see and work on Apple projects. They're not gonna be able to see Coca Cola projects because we look at them as a true client. Right? They can only see projects that they're associated to. So with freelancers, if you have them working on multiple client projects across different clients, they would typically be a paid license there because they're logging time in TMark. They have a billable rate. They have a cost rate, and that's just how that's how it's it's it's meant to be there. Some of our clients will just add an expense for that freelancer instead of having them log time in Teamwork. If you're able to do that, that that's fine. You can just add the expense for the client or, excuse me, from the freelancer. So let's say the freelancer might track their time in a different system and they just invoice you for their time. You can just create that as an expense in Teamwork, which wouldn't cost you a license there. It wouldn't cost anything to do that. But if you want them in Teamwork log in time across client projects, you would it would be a paid license. Yeah. Alright. Do you wanna do one more, Andrew? Sure. Alright. Let's see. Any plans to make expense expense entries reoccurring? Yeah. Melissa, I see your question there. Every month, we have the same expenses, but we have to manually create them each month, which is time consuming. Yeah. Totally get that. Melissa, we might follow-up with you offline. I'm not sure if that's in the plans. Sorry. I don't have a, one of our product product managers on this call. That's a really good suggestion there. I can see how that might be common across our customers, especially if you're you know, have a recurring freelancer cost or recurring ad spend or, you know, digital assets, things like that. I can see that multiple examples of that could be recurring expenses. We don't have that just yet, but something that we could be doing. I just don't know for sure, so I wanna make sure to, just follow-up with you offline on that one, Melissa. Sarah? Alright. Any do you wanna answer any others, Andrew, do you wanna keep going? Let's go through the last two couple bits here. I I I know we're kinda running up on time already here, so I promise not to ramble too much about these last two. I'm just gonna cover invoices very quickly here, and then, and go back to invoices really quickly, and then we'll go into reporting. I'll spend about five to six minutes on all that, and then, we'll take any other questions. I'm happy to stay a little bit longer to answer questions as well if we need to. But, so we looked at invoices quickly earlier. So now we've we've set up our rates. We've set up our budgets. We have set we have worked on our project. We have logged our time on projects. Now how do we actually get paid? Right? So creating invoices in Teamwork, very simple there. Whether you connect to QuickBooks or not, you can set up your invoices to, you know, use a QuickBooks ID number there if you want, or you can do it just a custom invoice number. And, again, like I mentioned before, your, the invoice price can be based off of time and expenses or a fixed price there. Okay? So I have a number of invoices set up in Teamwork already here. So if I look at this one, for example, this invoice sixty seven, this is a fixed cost invoice. Right? This is just five thousand dollars as you can see down here if I remove that. Fixed price total five thousand dollars. I can then just simply export that invoice out to PDF Excel or Xero or QuickBooks as well there, okay, to go ahead and get paid. Once you're paid for that, you can mark the status of the invoice as paid there. Okay? So it stays open until you actually mark it as paid. Time and materials invoices work a little bit differently, obviously, because you're gonna apply a bunch of different time logs towards that invoice there. So for this example, this is a QuickBooks invoice here. I've applied a bunch of different time logs from June to this invoice here. We have this is already open here, actually. These are individual tasks and everything. I just wanna point this one thing out. Once before you export this out to QuickBooks or out to PDF or whatever you'd like, we do have the option here to summarize the invoice, which can be really cool and helpful because, obviously, you might not want your client to see every individual time log with the hours and rate and everything. So, with that, you can summarize the invoice by task, by task list, by the date of the time log, or by who. Okay? So if I summarize by task list there, for example, it gives me this kinda nice summarized view of the invoice. So we spent eight hours on PPC. We spent five hours on, strategy, eight hours on SEO, and it gives you all of the amounts here rolled up for the subtotal and the amounts for each different task list there. So that that's probably the most common one that I find with my customers is that they summarize it by task list, so more summarize here for the client. Summarized by date, that's just, you know, each date of the, each each individual date there, multiple people, multiple task list, the total hours for each date there, and then, oops, summarized by who as well. So that's just each individual person there, and then summarized by task here as well. So that's each individual task there. So once you once you summarize the invoice, you can export that out to QuickBooks as you want to as well there. So I just wanna show you that part. That's pretty much it for invoices. That's creating them, going over both types there, and then exporting out to QuickBooks. Now I want to just cover reporting. I know, again, no questions here. So I wanna cover reporting very quickly here. You know, we could spend a whole hour on reporting, to be honest, guys, but I really just wanna highlight a few reports here that really tie this all together. The first I mentioned earlier was our profitability reporting here. Let's go to profit by, first by project here, and I'm just gonna go for the month of July, for instance. So whenever you come into report, it's important to make sure to, adjust your date ranges and adjust what you're looking at with the filters and by product or user up here. So this is showing me profitability per project here, again, with the different budget types as well here. So fixed fee, retainer examples, time material. The profitability does obviously calculate a little bit differently depending on what budget type you're using there. So make sure you're aware of that kind of stuff. What's really nice here is that it gives you all of the profit numbers here, the revenue excuse me, the total cost, the revenue, and the profit for each project. It also gives you the breakdown of the actual log time, like non billable time or billable time per project in here, and it gives you the budget information as well. It rolls up everything at the bottom here for you. And the last thing to remember here is to filter by which kind of projects that you want to. So if I just wanna look at one client at a time, I can look at Apple. If I wanna look at just select projects, I can do that there. If I just wanna look at project select projects that have a certain tag in common or a certain category in common. So if you wanna report on profit of all my, managed services projects versus my marketing projects, you can do that as well. So that's why, you know, the what we call site configuration and, like, the way you use categories and tags and Teamwork is important because you can obviously report by those fields there, which is super important there. I can look at profitability by product owner. So if I own a couple projects, I just wanna see what how my projects are performing versus everyone else's. So just make sure to use your filters here to look at the data that you need to look at. Back to the users area here, I can report on let's go back to the month of July here. I can report on profitability by user. The earlier question was, can I look at this by a role or by team? Absolutely. You can report, and you can filter by role here or by team to get those certain insights into how a certain team is performing. K? So just some quick tips there on the profitability report here. This is a scale feature, just to let everyone know, but this is really, like, where it ties all the financial data together in one place for you to get really those good insights there. This is exportable, and you're able to schedule this out as well if you need to. Okay. So five minutes left here. Two more quick reports is just the utilization report here. This is a very important one to look at. This is gonna show you estimated utilization per user, the total utilization per user, and then the billable utilization per user. So that's the key kinda metric that a lot of our customers will measure is what are my what are my employees billable utilization? Because, of course, the more the the more billable utilization they have, the more profit you have. Right? It's just billable time times available time. So out of my employee's forty hour work week, how much of their time is dedicated to billable work, for instance? And the more billable time you have, your employee's login, that equals more revenue for you. Okay? Key key metric into look at in this report here. Lots of other insights on this report as well, but just wanna show you that one. Lastly, you know, there there's log time per project. There's estimated versus log time per task. There's the time report, which just gives you, you know, all this good time information on projects. It can all be really helpful. Lastly, we have our custom reports and advanced reporting, which are scale features as well for the most part. But custom reporting can bring together a lot of different data points from all these different reports into one view here. The one thing I like to shout out here, which is really cool, is on these custom reports, you can look at, like, forecasted cost, forecasted billable totals, and, like, forecasted profit percentages on projects based on hours, that can be really powerful for you to help forecast and have insight into how much you're gonna earn off of these projects. If we if all goes according to plan, if we log all the estimated hours, what is our forecasted profit? What is our forecast cost going into each of these projects? So for custom custom reports give you a lot more capability to, again, customize the data points that you're looking at per project or per user or per task, things like that. I will stop there. I know we have some questions. I'm happy to go a couple minutes over if we have a ton there, but, hopefully, that helps there. I'm just looking at one tops off the page to me. Is there a Xero integration? Yes, Leslie. There is a Xero integration. You can export invoices out to Xero as well as QuickBooks, so that can help as well there. That's one question, but go ahead, Renee, with other questions. Oh, yeah. No worries. Is it possible to create invoices outside of a project and choose the client? Project or excuse me. Invoices are project specific in Teamwork, so no ability to create invoices, outside of a project right now. We do have an invoice status report now, which is great. You can see all your open invoices across projects in one view here. So that can be really helpful to kind of, like, again, what what's paid, what's not paid, in terms of invoices across different projects. But their invoices are project specific. Got it. Is there any plans to make expense entries reoccurring? That's the one we're gonna follow-up with offline there. Mhmm. I yeah. I I I don't know, to be honest. It's a it's a really good suggestion there. I think it it totally is is valid and and could be very beneficial for a lot of customers, but I don't know if that's in the plans right now. Alright. We have one at the bottom here. I joined late. I know you work with QuickBooks. Does Teamwork also work with Xero as well? Yep. Yep. Yep. TMark does work with Xero. We can if you could just go into our help area, I'll just go to that real quickly and just type in Xero. Exporting an invoice to Xero online. There's, like, a good help doc there. I'll just post it in the chat there if you wanna grab it so I can find the chat. I just popped it in there so for you so you can learn how to use that integration. And I see your comment there, Julie. A whole webinar covering reporting and invoicing. Yeah. Like I said, we could spend an hour on, on reporting alone. There's there's so much in there, especially if you're using custom reports. Our new advanced reporting is very powerful. Our our product team has done amazing work to develop, like, lots of advanced reports. So, like, just to show you this one, for example, this is an advanced report example, so we could talk all day about this. Julie, we can connect with you offline, and happy to schedule, like, a session with, with Renee or myself at some point to, to talk through that. But yeah. And go ahead with more questions, Renee. Sorry. Oh, no. All good. Looks like we went over some of these, so I'll make sure that we do ones that are relevant. Do you have any use case about logging time through ticket and Teamdesk, and what is the best practice for setting projects up in the Teamwork project product? So do you have any use cases about the log time through tickets in Teamwork Desk product? And what is the best part for setting up a project in in Teamwork product? So Desk is our ticketing system. Right? I don't have that I I have a demo site I could show you, but you can log time towards tasks right in Desk with the new kind of integration and the tight lean integration between desk and team or projects that we're looking at today. One cool thing that you might find beneficial is that within a project, if you're using desk, you'll see your tickets in in a team or project. I don't have it set up on this demo site, but you can log time directly towards those those tickets right within desk and within within Teamwork as well. So that can definitely be helpful for you if you're using desk there. Might might be worth a bigger conversation there to discuss with you. We're happy to, again, connect with you offline. If you wanna shoot us a a note, we can connect with you offline to talk a little bit more about the your Teamwork Desk experience and how to log time. And then for setting up projects in Teamwork, like, the the best practice there is we have some webinars coming up about, like, kind of general more general project management stuff and setting up teamwork projects. But our best practice there, all I can tell you, is if you can use templates, that that is the best practice. Project templates can be immensely helpful when lot when rolling out new projects and teamwork. Rather than starting from scratch, use a project template. So that can be, you know, any any project that you have that is a recurring type of project or a similar project, set them as a as a template and use templates to create new projects, I would say. I see Melissa's comment. They're doing a fantastic job with these webinars. Very thankful. I just wanna say thank you, Melissa. We really appreciate that. We do put you know, we put on these webinars. We have some customers attend, and these questions are are great to get live here, like I mentioned before. So thank you for that comment there. Looks like we could do we'll we have one more that just came in, and then we'll close out just in lieu of time. Can you customize your invoices? So the customization there, Leslie, what I mentioned before is, like, the the ability here to summarize invoices. You know? So summarize invoice up here by, like, the task list task or the dates. That that's pretty much the ability to summarize. You can hide the date column or hide the who column as well. That's pretty much the extent of our sum of our customization here. A lot of our customers will export the the invoice out to QuickBooks or their other system and customize it in QuickBooks further. But within Teamwork, just I would suggest using the summarized invoice area and and hiding the certain columns there if you need to as well. But that's pretty much that's pretty much it for summarization. Of course, like, when you build a new invoice here, you can add in notes on the invoice, which will display on the invoice. So, like, there is little bits of customization, but it really depends on your use case and what you're looking to customize. But a lot of our customers will just customize their invoice further within QuickBooks before they send it out to the client there. But there is those little bits of, summarization and customization within Teamwork for invoices. So, hopefully, that helps a little bit for you. Alright. On that invoice page for a project wise, they're not a total it's multiple invoices. Yeah. The total amount there. I I get that. I see there's two questions in there about getting the totals for each project there. Great question. That that's definitely something that our product team will be building in, I assume, in time, Leslie or Lisa. Excuse me. So great call out there to add. And, like, I think what you're asking there is, like, we can get a total amount invoice per project or even on the reporting excuse me, invoice status report here giving a total of all the invoices across projects. But, yeah, we we don't have that right now, but some some of our product team, I'm sure, is working on. I know we're over. I know people have jump off. I just wanna thank everyone for their time and attention today. Again, we'll send out the recording. I'm happy to take one or two more if there if there's any outstanding, Renee. Or Yeah. Totally. We can ask I think we already kind of went over this one, but for a fixed fee, if my if my team was to log time over budget, is there any notification for that? Yep. That's that's, that's those budget notifications there. So when you go into the budget area, make sure to enable those notifications to add notifications when the budget reaches a certain percentage of just a hundred percent. That seems like what you wanna do there. Notify me via email when the budget exceeds a hundred percent, or I think you can go even hundred and ten percent maybe. It's I I think it's just between one and a hundred. It's not gonna be over bud like like, over a hundred percent of the budget, but yeah. Alright. And considering we are five minutes over, we'll just close out here. We will answer any questions, that are in here. And if you do have any questions, please feel free to reach out. Best next steps under here are just exploring different financial features in your account. So please that support link that Andrew just dropped, that's a great resource. If you have any questions that you think you can try to find in there, we definitely redirect you. And then, yeah, if you do need help, just feel free to contact us at customer six experience at Teamwork dot com. We'd be happy to help answer any questions that you have, or you can feel free to reach out to my email directly. That is renee dot demurray at teamwork dot com. Happy to help with any questions that you all have around this stuff. Absolutely. Yeah. Thank you everyone for your time again. We'll send off the recording, and we'll chat again soon. Thank you. Alright. You all have a good rest of your day.