Forecasting is the process of making an educated guess about the future health of your business. Practice managers need to answer two important questions:
- Will I have enough revenue to run my business?
- Will I have enough capacity to service the projects I expect to win?
The forecasting module helps you answer both these questions. Most organizations conduct a regular project delivery meeting where management review the progress of work in hand - checking progress, invoicing, and balancing resources. The forecasting module facilitates this meeting, enabling project information to be updated in real time using an intuitive and interactive Gantt chart interface, providing real-time updates, real-time feedback, and enabling real-time decision-making.
What is a preview release?
This is the preview release of the Synergy Business product level forecasting feature. The Synergy Business product edition is designed for smaller practices. More advanced features like forecasting by stage, custom invoice schedules, and assigning individuals as resources in your projects, will be available in the Synergy Enterprise level forecasting feature.
What's shown on forecast
A detailed overview of how to use the forecasting feature is available in the help files. This guide includes a step by step guide on how to set up the data used in the project forecast, and what actions are available for the forecast.
The forecast grid shows the project rows in a variety of colors, to reflect the current state of the project or if the work in billable.
- Dotted outline projects - these projects are not yet included in the project forecast. Set the start and end date of the project using drag and drop, or click the project row to select the dates from the calendar.
- Blue rows - Forecasted projects that are at proposal status.
- Teal rows - Forecasted projects that are at an active status.
- Non-billable projects* - An asterisk* is shown in the fee field for each project that is a non-billable type, or where the only stage on the billable project is set to be 'no billing' fee type. The value listed will be included in the project budget for this type to estimate the work required, but it will not be included in the project forecast revenue value.
- Likelihood percentages - This is the chance of winning the proposal work, and the percentage is taken from the proposal status applied to the project. Once the project is active status, the likelihood is 100%. The likelihood value is used to weight the value shown for the proposal projects in the revenue graph on-screen, and in the forecast report.
Steps to get started with forecasting
- Check the required data is set up to use forecasting. Learn more about these steps in the help file forecasting topic.
- Drag and drop the projects to include them in the forecast, and set the project start and end dates.
- Edit the forecast fee and proposal likelihood percentages.
- Add new projects to the forecast (as required).
- Review the forecast revenue and capacity details in the reports and on-screen graph report.
Read the help file topic for a more detailed guide on getting started with forecasting.