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Article Information
Reference #: FQ 00020
Author: StephL
Created: 12.23.11
Last Revised: 05.05.16
FAQ - Tracking the Costs of an Invoice
Q: Can Spectra/myStratus help me track the costs of an invoice?
A: Yes! View the costs of an invoice by using the software's Profit Analysis Report. If you're using the Professional edition of the software, there are also tools available on Production hub.
Instructions
The software helps you track your costs per item or per job for analysis reports that provide return on investment (ROI) information. The Profit Analysis Report calculates the ROI percentage, but does not add up the costs. To get your total cost, you need to subtract the total profit from the total revenue. You can also apply a filter to the Profit Analysis Report.
You can either set up the cost for each product in your price list or add costs for an order on the production order. Choose the method you will use in Maintenance > Preferences > Company (Studio) Preferences > Reports.
The Profit Analysis Report is a powerful tool to help evaluate the performance of your studio by determining how profitable your sessions are. You can create a Profit Analysis Report for your client groups, session promotions, or choose to create a general one. The report type you select will determine what filter and grouping options are available to you. Or, you can select a date range to determine your profits for a specific period. You can group the report in different ways. Do you want to view the profitability of your different session types, photographers, lead sources, promotions, or a certain client group?
The report will show the number of sessions in each grouping, the total revenue and total profit for each group, the average revenue and profit for each session, and a gross profit margin for each group. How does the report calculate total revenue? The report totals all the subtotals for each invoice that belongs to all the sessions in the group. The report calculates profit by taking the total revenue minus the total cost.
For Spectra/myStratus Professional users: If you’re using production orders and the Production Order Cost field, you can also find your total costs for an invoice by filtering the information on the Production hub and displaying and showing the total for the appropriate column. Also, remember there are many reporting options available on the Dashboard in Spectra/myStratus Professional. Find out your average sales per session and more!
Additional Information
+ Help Topics - Profit Analysis Report, Production Hub, Dashboard Overview