Studiometry 9 Feature Spotlight: Profit Tracking & Cost-Rates

September 13, 2011

Studiometry 9 gives you many new tools to help better analyze your business’s income and profit. In previous versions of Studiometry you were able to create items with “markup”, allowing you to enter your cost for the item as well as what you charge your clients. This is a great solution for “goods”, but for “services” there wasn’t a solution in place to track cost for hourly work items. Many Studiometry users have employees or contractors that they pay a specific amount per hour for their work, and in Studiometry 9 this can now be tracked using Cost-Rates.

Flexible Cost-Rate Settings
Cost-rates are, in a nutshell, how much you pay per hour for a specific work item. If you subtract this from the billed rate, you’ll end up with your profit.

Studiometry 9 gives you many flexible ways of tracking the cost-rates for your work items. It’s really a great system because you can set up Studiometry to automatically populate cost-rates based on your exact needs. Cost-rates can be set individually for Employees or Contractors, set by default for an entire Debt/Credit type, or set manually for each item. You can even choose to have certain Employee’s or Contractor’s cost-rate override the Debt/Credit type’s default cost rate.

Cost Rates

Powerful Profit Tracking Capabilities
Because of the new ability to track how much money you actually make for your work, Studiometry can now easily calculate and track profit for entire projects and clients. This adds a completely new metric for measuring the value of projects and employees, which could be used to help focus your business on more profitable projects and make more money.

Use Profit Data in Custom Summaries
The powerful Custom Summaries features get even better with profit integration in Studiometry 9. You can now calculate and display Profit based on client, project, employee, type, or specific date ranges within your summaries. The ability to, for example, see how much a specific employee actually made for your company in a certain time period can be a very useful analytical tool.