Finally… An agency revenue forecast you can believe in!

Posted by Rene Praestholm on November 30, 2018

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We recently held a webinar to demonstrate how Deltek WorkBook software can help you achieve accurate revenue forecasting.

One of the things that really hit home to me was how critical this financial process is, yet so difficult to get right. Net Revenue Forecasting is essential to run any agency and is the means to effectively answering several killer questions: 

  • Is there enough new business in the pipeline to cover costs?
  • How is new business progressing?
  • What is the health status on our on-going projects?

Agencies aren’t alone in this; these questions are also vital for in-house and external teams. Agencies need to know how much revenue is generated in the short and long term, how much profit will come from it and when it will be available. Equally, in-house teams need to manage costs, track expenses and quantify their financial value to the rest of the organisation.

You can’t manage what you don’t capture

Unfortunately, software that can capture all the information required to provide a forecast you can trust has previously been the luxury of large organisations alone. This is simply because the functionality required would only normally be found in complex and expensive ERP systems.

But with WorkBook, businesses of all sizes can take advantage of a holistic and integrated finance solution. We understand that even very small agencies often have complicated financial set ups, with people from different companies and entities, in different geographic locations, working on the same project. This makes it even more important to be able to have one financial view you can trust.

Forecast Net Revenue

One holistic view

Whenever we enhance an aspect of our solution, we aim to stay true to our mission of helping simplify agency processes. As such, we’ve developed a way for you to accurately forecast cashflow and revenue and monitor and manage costs by integrating all your agency operations from end to end. You need a real-time view you can trust so WorkBook enables project information to be continually entered into the system and assigned to the correct accounts. This gives you an up-to-date view of your financial situation instantly, as well as the ability to track against financial metrics whenever you want.

There are simply too many product features for me to cover here but one I’d like to highlight is that project costs automatically link to your financial module. So; total price, actual hours, supply costs and expenses, what’s been invoiced so far, etc., are all visible. Whether you’re accessing WorkBook from the project or the financial module you’ll see all entries. You can also correct discrepancies, which you’ll always want to do occasionally based on factors learned by the account team, and then rest assured that the same accurate data is being viewed by everyone. We are working behind the scenes so that you don’t have to worry about repeating entries in multiple systems.

 

Simplify Your Forecasting


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Many organisations have no choice but to manage revenue forecasting outside their current system. By combining actuals from the Finance module, with forecasts from the prices quoted in the Jobs module, and then incorporating information from the CRM module, WorkBook gives you a complete view of everything you need to manage the net revenue forecast in one place.

 

About the Author

René started his career in 1999 as a project manager overseeing large and small business software installations with global advertising networks. He was the first employee in WorkBook and has worked on more than 250 implementations of the system. With his profound knowledge and experience in the agency industry, René knows how a modern agency should be run. He is now working as the Global VP of Agency Solutions with Deltek out of the Copenhagen office.

 

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