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Dear <<First Name>>,
If you are reading this, you probably use ConnectWise to manage your Managed Services Provider (MSP) practice. ConnectWise automates ticketing, time entries, invoicing and much more, but sometimes that automation may have unintended consequences. In a recent discussion with a client, we found an example based on how the time entry is entered in ConnectWise:
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If a ConnectWise time entry has BOTH a "project" AND an "agreement" designated on the time entry, this can result in you NOT billing the time on the project (since the agreement will 'cover' the time).
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If this happens on a project where you bill the time on an hourly basis, the results are obvious:
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You reduce your profits since you will never bill the client for the project time.
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But is that STILL important if you do 'fixed-fee' projects? Yes, it's still important. When you go back and look at the overall profitability of your fixed-fee project you need to make sure that you are taking into account the W-2 cost of the time your engineers spent on that project. If an agreement has 'absorbed' that time, you may not see the true costs of that project in your review.
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Keep in Mind:
The agreement/project entry on the TIME ENTRY determines if the hours on that time entry are billed or absorbed by the agreement (even if the TICKET has a different agreement/project).
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Call to Action:
So when you and your team do your time-entry review process, make sure to pay special attention to time entries that have BOTH an agreement AND a project noted on the time entry. If you don't, you may be accidentally giving away project profits!
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THE NEW HAVEN APPROACH
As a result of our client conversation, we added a new report to the Executive Briefing Service for ConnectWise which shows you a list of time entries that may potentially be problematic. The report shows time entries that have BOTH an agreement AND a project designated. In addition, it ALSO compares the agreement and project designated on the time entry to the corresponding fields on the service ticket, looking for inconsistencies between the ticket and the time entry.
Here's a screenshot of the new report (click image to enlarge):
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ABOUT NEW HAVEN TECHNOLOGIES
At New Haven Technologies, we provide access to information so that you can make data-driven, informed decisions about your MSP business. Our service is provided on a month-to-month basis, and starts with a free two-week trial on your network with your data. We also include customized reporting, dashboards and SmartPhone reports, all at no additional cost as part of the service. If you are interested in learning more, just “reply” to this e-mail, or you can request a personal web demo of the service at http://newhaventech.com/request-a-web-demo/
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Best Wishes for continued success in building your MSP practice!
Dave Keller
Founder and Chief Consulting Officer
New Haven Technologies, LLC
Keller.D@NewHavenTech.com
(765) 335-KNOW
Stop Guessing. Start Knowing.
www.NewHavenTech.com
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Looking for CLOUD BRIEFING SERVICE (CONNECTWISE CLOUD) Beta Testers
At New Haven, we provide solutions that allow you to work ON your business. But up until now, you had to be using ConnectWise "on-premise" to benefit. NO MORE! We are pleased to announce that we are BETA TESTING our "CLOUD BRIEFING SERVICE" which works with CONNECTWISE CLOUD! Beta testers will get access to the service at no charge during the beta testing. This includes access to reports that allow you to 'stack-rank' your current clients based on profitability, profit margin, and many other metrics.
Interested in being a beta tester of the Clould Briefing Service?
E-mail: Beta@NewHavenTech.com
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