Are you curious to know what revenue forecasting is? Allow us to clarify. Revenue forecasting involves estimating your revenues over a specific period, be it monthly or quarterly. This powerful tool helps you plan ahead for resource management and project estimates, ensuring robust financial planning for your agency. By leveraging Deltek WorkBook’s Finance and Accounting module, you can make data-driven decisions to enhance everything from hiring to resource allocation, ultimately resulting in stronger agency finances.
To ensure accuracy in your revenue forecasts, follow these five pro tips:
- Pinpoint Capacity: Assess your current and estimated workloads to gauge your actual utilization rate, enabling you to make informed commitments.
- Calculate Expenses: Obtain a comprehensive understanding of your current costs, including rent, payroll, software licenses, and more.
- Analyze Past Project Revenue: By examining the average revenue per project, you can gain insights into predicting future revenue accurately, avoiding outliers that skew your forecasts.
- Involve the Right People: Collaborate with resource managers and financial leaders who possess the necessary data. However, be cautious not to involve too many individuals to prevent a sluggish process.
- Focus on the Right Level of Detail: If monthly forecasts are overly time-consuming, consider switching to a quarterly forecast. The key is to review and update your forecast regularly for better accuracy.
With these refined techniques, you’ll uncover greater precision in your revenue forecasts, equipping you to make informed business decisions.
Experience the power of Deltek WorkBook’s comprehensive agency management system that seamlessly blends resource management and project estimates. With our cutting-edge technology, you can effortlessly generate precise revenue forecasts, using real-time data for unparalleled accuracy. Join our on-demand webinar to discover industry best practices for reviewing and producing forecasts, along with a step-by-step guide to optimizing WorkBook specifically for your agency’s needs. Don’t miss out on this opportunity to put revenue forecasting best practices to work for your business.
