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The Advanced Cost Tracking dashboard explained
The Advanced Cost Tracking dashboard explained

K
Written by Kalya Ryan
Updated this week

The following article helps you understand what each section of the Advanced Cost Tracking dashboard does in Buildxact.

Important to note: the Advanced Cost Tracking dashboard is optimized for Contract Price jobs only.

When you log in to Buildxact, navigate to the dashboard by clicking 'Reports'. See below.

The Advanced Cost Tracking dashboard is divided into three sections: Overall Performance, Job Performance and Costs by Category.

IMPORTANT NOTE: This reporting does not pick up manual entries to the actuals costing screen, for this reason it is important that you use purchase and work orders to track expenses and use an estimate as the source of the initial budgets.

# Overall Performance

This section is designed to help you keep track of the overall performance of your jobs in Buildxact.

1. This is the list of all the Jobs you have in Buildxact under Jobs.

2. Planned Gross Profit is the profit you planned to make from this job. This is calculated using Outgoing Invoices (Appendix 2.1) and Actual Costings (Appendix 2.2), both found under Jobs in Buildxact. The calculation is all outgoing invoices (see Appendix 2.1) minus all estimated costs (see Appendix 2.2)

3. Profit Swell/Decline shows the change in profit since you started the job – taking into account where your costs have been under or over what you had expected. This is calculated as Planned Profit minus Profit performance to date as found in the ‘Job Performance’ section in the Advanced Cost Tracking Dashboard (see below).

4. Projected Gross Profit shows the profit you are going to make based on the actual costs to date on the job, as well as those not yet incurred. This is calculated as Planned Gross Profit plus the Profit Swell/Decline.

5. Planned Gross Profit % is what you expected – or planned your GP% to be for the job initially. This is calculated as Planned Gross Profit divided by the job's Gross Revenue (the Contract amount, see Appendix 2.1).

6. Projected Gross Profit % is what your GP% will now be for the job based on costs received to date and still to come. This is calculated as Projected Gross Profit divided by the job's Gross Revenue (the Contract amount, see Appendix 2.1).

7. Percent Complete shows how far you are through a job from a costs' perspective – in general, the further through a job you are, the less opportunity you have to improve your Projected GP%. This is calculated as Total Cost Spent (see the Job Performance section below) divided by the Total Cost Estimate (see Appendix 2.2) of the Job.

# Job Performance

To analyze a specific job from the Job Performance section of the Advanced Cost Tracking Dashboard, ​select a job from the drop-down menu at the top of the screen.

1. Profit Plan is all the original job details for the current job extracted from the Jobs section in Buildxact. This includes the original income, costs and any variations raised to date.

2. Income is the original project income for the project (see Appendix 2.1) plus any variation income raised.

3. Costs is the original project cost profile for the project (see Appendix 2.2) plus any variation costs raised.

4. Planned Gross Profit is Gross Project Income minus the Total Cost Estimate.

5. Planned Gross Profit % is Planned Gross Profit divided by Gross Project Income x100 to get a %.

6. Cash Flow In measures the current invoices raised and received to date. Client invoice details can be found in the Jobs Section of Buildxact, under Outgoing Invoices.

Invoiced to Client sums up the invoices issued to the client.

Yet to Invoice is the Gross Revenue of the contract less Invoiced amounts to the client.

Total Cash inflow is calculated as Invoiced to Client plus Yet to Invoice under the current job.

7. Cash Flow Out measures the current costs incurred to date plus what is being spent above and beyond the original quote and what is left to spend on the selected job.

Total Cost Spent sums the total costs spent on the project to date, based on the invoices entered into Buildxact.

Yet to Spend calculates what is left to spend on the project, based on the invoice data entered into Buildxact. It shows the Estimated Costs less the Actual Costs that are Fully Received. The balance will be the Yet to Spend amount. If any job line items are Partially Received, the full amount of the line item will be deemed payable and will form part of the Yet to Spend calculation.

Profit Performance to date is the same calculation under Profit Performance to date in the window titled ‘PROFIT PERFORMANCE’.

8. Profit Performance calculates the profit erosion/gain on the selected project.

Profit Performance to date is the sum of the overspending/underspending to date. That is, if the estimate for a line item was \$8,000 and the actual invoice fully received comes in at \$9,000, then this is a \$1,000 overspend. This is also the sum of the variance column in the Costs by Category section of the Advance Cost Tracking Dashboard (see below).

Profit Swell/Decline shows what the change in profit has been since you started the job, calculated as a %. The calculation is Profit Performance to Date divided by the Planned Profit.

Projected Gross Profit is calculated as Planned Profit plus the Profit Swell/Erosion amount.

Projected Gross Profit % is what your GP% will now be for the job based on costs received to date and still to come. If your Projected GP% is lower than your Planned Gross Profit % you should drill down further on the job to find out where you are losing profit. This is calculated as Projected Profit divided by the Gross Revenue for the project (giving the new Gross Margin % for the project).

9. Future Cashflow gives a summary of the net cashflows for the selected project.

Yet to Invoice is what is left to invoice to the client.

Yet to Spend is what is left to spend on the project.

Net cash flow calculation is Yet to Invoice less Yet to Spend to give you the net cashflow on the project.

# Costs by Category

This section is designed to help you understand the costs of your project broken down by category.

1. Project Cost Summary measures the current invoices raised and received to date. Invoiced to the client details can be found in the Jobs Section of Buildxact, under Outgoing Invoices.

2. Yet to Spend is calculated as the Estimate minus the actual costs on the project. If there are no actual costs for a line item, then the Yet to Spend should equal the estimate. If the line item has any items that are ‘partially received’, the calculation will exclude these items and will assume the line item is to be fully paid. That is, if a tiling estimate has \$10,000 on the estimate and a deposit is paid of \$1,000 and this is partially received, the calculation will assume the \$10,000 is still payable. This should be minor and infrequent, but the individual line item is not closed off, so ultimately, it is now known where the spend will end, hence the full amount is due.

3. Estimate is from the original Job/quoted details, reiterated into this section of the report.

4. Actual are the actual invoices being entered into Buildxact. Once the invoice is entered and the item is marked as ‘fully received’, the actual amount will appear here.

5. Variance is calculated as Estimate less Actuals (where ‘fully received’) to give the variance on the line item. If there are no actuals and nothing fully received, this column should be \$0.

6. Description Detail can be expanded using the ‘+’ symbol. This will show the line-by-line-item details from the original job.
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