Contract Expected vs Actual Margin
One of the key features of ServiceTrade's service contracts is the ability to assign an expected revenue value to a contract, and to compare expected vs actual revenue. However, this feature did not allow you to evaluate how effective your business was at actually achieving that revenue.
With this release, it is now possible to assign an expected margin percentage value to a contract, and to see the expected vs actual margin for that contract in real time. This information will let you see, for instance, when a contract is achieving its revenue expectations but requiring a larger resource investment (representing additional costs, and therefore lower margins) to do so.
To assign expected margin to any customer contract, simply edit that contract and enter the expected revenue, as a percentage:
The contract status section on the top right side of the page will now show both expected and actual margin to users who have permission to do so. Actual margin is calculated by comparing the job item costs on completed jobs for that contract with the invoiced revenue for that contract.
The expected and actual margin of each contract are now also included in the contract list export:
IMPORTANT: To view expected and actual margins, users must have permission to see both job labor and non-labor costs, permission to view invoices, and permission to view contracts.