To close a project, navigate to the project dashboard, click on the "Actions" button, and select the "Finish" option. This triggers a pop-up window that verifies whether the project meets the necessary criteria for closure.
Criteria for Closing the Project
The pop-up window will display a checklist of the three criteria that must be met before a project can be considered complete:
Project Progress: All work budget items must be marked as 100% complete.
Expense Reconciliation: All expenses related to the project must be set as received.
Invoicing Completion: The project should be fully invoiced, ensuring all billable work is charged to the client.
Addressing Incomplete Criteria
If any criteria are not met, Allfred will alert you.
If the project's progress is not at 100%, the system will highlight this. You'll have the option to set all budget item progresses to 100% directly within the closure window by clicking on the button "Set all budget items progresses to 100%".
Same works with received expenses.
For any missing invoices or discrepancies in billing, Allfred will list the under or over invoiced items and indicate the missing credit amount, allowing you to address these issues promptly.
Finishing the Project when it is not fully invoiced
Even if the project hasn't been fully invoiced, you can choose to close it by clicking on "Yes, close the project"
After a project is closed, Allfred automatically calculates the final profits and you can review the final financial outcomes
This includes an updated view of your project's profitability with breakdowns of profit from work, production, and media, as well as an overall work efficiency percentage.
Finished Projects Dashboard
Allfred's Finished Projects Dashboard offers a comprehensive overview of your completed projects, providing critical data at a glance to evaluate their success and overall performance.
Financial metrics:
Project Profit: This shows the total profit made from each project, allowing for a quick assessment of financial success.
Revenue: Total revenue (billings) generated from the project.
Net Profit: Summary of Profit (Work, Production Media) + Extras EBI
Net Margin: EBIT
Work Efficiency: Reflects the efficiency of the project execution, calculated as Budget minus Tracked time x Internal hourly rate
Gross Income: summary of revenue (Work) + Profit (Production, Media) + Extras EBI.
Project Details:
Each project row provides detailed information about the project, including the Project Manager, associated profit and revenue details, and the percentage of invoicing completed for each project.
Search and Filter:
Use the search functionality to find projects by brand team, type, status, project manager, or duration.
Export Functionality:
The dashboard allows you to export the financial data of finished projects for reporting purposes or further analysis.