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Profitability is the ability of a business to earn a profit. A profit is what is left of the revenue a business generates after it pays all expenses directly related to the generation of the revenue, such as producing a product, and other expenses related to the conduct of the business activities.
By identifying the REAL profitability of each of your Line of Businesses (LoB), business owners can make better strategic decisions. REAL profitability gives business owners an easier ability to identify winning and losing business units, making it easier to decide what to do about it. (ie. close the LoB, put more resources into it to make it better, etc.)
Making a business decision based on a guess due to lack of true financial data can have drastic outcomes. All because you didn’t have reports with the needed data. A standard finance report of your gross margin simply doesn’t provide you with enough information to effectively measure and run your company.
A typical situation: Your gut instinct says you need to enhance your business operations, but after reviewing your P&L reports, the data you have in front of you simply can’t show which line of business needs to be improved. So you’re forced to guess, estimate, and waste time on complicated calculations. In the end, you still don’t have enough information and it simply becomes an educated guess.
Only summarized numbers are available preventing an accurate view
Breaking out business units allows for a more defined view
LaborCast is designed to work in any browser
Username and password is required to access
No. LaborCast is licensed by company.
No, LaborCast is fully cloud based using API connections.
Initial setup takes less than an hour.
Yes, LaborCast is cloud based, only requiring the URL and API key to access your server. Cloud hosted or On-Premises is supported.
LaborCast allows adding individuals based on payroll information along side with ConnectWise users.
Employee, Independent contractor, Hourly, Salary, Employee type (Officer, Operations, Management) and bonuses are included
LaborCast collects time entries from ConnectWise Manage, noting which business unit they were created against.
A journal entry report is provided giving a proof of payroll. An IIF export is also available for direct importing into QuickBooks.
Besides providing a journal entry recap, overtime calculations are provided which helps to provide proof of payroll. +40 and 8/40 methods are provided.
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