February 2022: Improved Financial ReportingWe take great pride in Scoro’s reporting capabilities. Our February update is all about tweaking our financial reporting features by adding flexibility and providing you with more accurate financial information anytime you should need it.Here’s what’s new in Scoro.
An improved overview of revenue and cost allocation. To provide a more accurate and in-depth view of your financial reporting, we’ve added Revenue vs Cost comparison to the Financial Summary report.
This way, in addition to viewing financial results based on when the document was issued, you can do it also based on when the revenue and cost actually occurred.
In order to allocate revenue and cost more accurately, you can apply recognition dates for invoices, bills, and expenses.
For example, an invoice will be issued at the beginning of a three-month-long project. As the services are provided throughout the project duration and partly recognized each month, the invoice sum can be distributed between the set period (month) using the periodization functionality.
Similarly, we may receive bills/expenses later than the cost actually occurred. To indicate the difference, you can add the recognition date on bills.
To activate the Revenue vs Cost input and recognition dates, make sure the following settings are enabled in your Scoro site:
- Sales and finance > Invoices > Periodize product/service lines on invoices
- Sales and finance > Purchases > Use recognition date for bills and expenses
Improved import options. To enhance the logic and usability of the import functionality, we’ve now added the option to map import lines to relevant financial accounts when importing sales or purchase documents.
We’re working on...
- Take forecasted utilization and Scoro’s data interlinkage a step further by adding the feature also to Scoro’s Calendar.
- Reduce manual work by enabling defining dependencies between the tasks in task bundles.
- Display subheading sums in the document modify view to make it easier to compile longer quotes and other financial documents.
Not to worry, if your Scoro site hasn’t been updated yet, the update is rolling out gradually over the next few weeks.
Wishing for your improvement ideas to come to life on your Scoro site? Send us your feature request.
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