Setting up Revenue Tracking
Step 1:
Head to the billing tab of the job where you want to set up revenue tracking and choose Contract in the Engagement Type dropdown. Then, click on the "+ADD DETAILS" button on the right as seen in the image.
Step 2:
In the next window, first, enter the Expected Contract Start Date and Expected Contract End Date. Ensure the end date is later than the start date.
Go on and add the payroll currency and time unit.
By default, the currency will be set to the one added by you in settings and the time unit will be set to hour (hr). However, you can change the time unit to day, week or month as per your contract requirements.
Step 3
Add the Pay Rate and the Bill Rate involved with the contract.
The Pay Rate is the amount you pay the candidate upon meeting the required time constraints.
The Bill Rate is the amount collected by you from the client. This involves the candidate's pay + your agency fees and it is always greater than the Pay Rate as seen in the image.
The default values for hours per day, days per week, and days per month are added as seen in the image below. You can change them based on your contract details.
If you choose to have a weekly payroll unit, then you can also add the Weeks per month value in the table.
Once you have added the number of hours, days, weeks, and months, proceed with adding the working days and holidays as seen in the image.
Step 4
In contract jobs, the default attribution is set to Job Recruiter at 100%. You can either change this by clicking on the dropdown and choosing an alternative from the list. Or you can add multiple user roles for revenue attribution as seen in the image.
Contract jobs support the following user roles for revenue attribution:
Job Recruiter
Job Account Manager
Lead Owner
User Moving the Stage to Hired
Custom User
Finally, click on 'Save' at the top right corner after adding all the details for revenue tracking.
Placing Candidates and Recording Revenue
When you place candidates for this job, you will see the placement record open up as shown in the image below. The placement details will be auto-filled based on the job billing details added by you.
As seen in the image below, on the left side, you see the list of candidates hired. Each candidate will have a unique placement record and you can set different values for them.
Every candidate might have been hired for a different pay rate or contract duration. You can add the contract dates, rates, and units for the candidate in their respective boxes. By default, it will display the salary and revenue added while setting up the job.
You can also add a bonus (if involved). The default value here will be the date of placement.
If you do not want to track revenue for a placement, you can simply turn off the "Track Revenue" toggle.
If you choose to track revenue, you can add the hours, days, weeks, and months involved with the contract. You can also edit the working days and holidays here for every candidate.
Based on the user roles chosen for attribution, the placement record will show how much of the revenue is attributed to your team members. You can change the attribution percentage here.
If you want to record billing with contacts associated with the company/job, you can add them as well. By default, it will pick up values from the job setup page.
Finally, you can even close the job if all the roles are filled.
Recording Revenue
You can click on the job page and head to the billing tab to see the details of all the candidates hired, the revenue obtained from the job, the users attributed, and other placement details.
The Total Revenue here is the revenue realized to date whereas the Total Forecasted Revenue is the expected revenue from the total duration of the contract.