Favorite reports for T&M

Question

Hello, 
 
 We've switched to a cost plus billing model and have struggled to find the "perfect" reports to present to clients to show the work completed. For those of you who also do so...what report version are you using for clients and do you show them a cost to complete or budget vs actual? We want to figure out the best practice without experimenting on our clients too much. 
 
 Thanks

Sharon S · Accepted Answer

HI Debora, We re a cost plus construction company, and switched from Quickbooks to Master Builder (now Sage) twenty years ago. We struggled at first, but worked with Kathryn (at Sage) to work out a process that works for us. We had previously provided to the client both an AIA Application and a detailed listing of all costs. To accomplish this in Sage, we create a 3-7 Progress Billing Invoice, which breaks down all billable expenses to the cost code level and compares to the job's contract; then we create a 3-10 T&M Invoice which individually lists expenses being billed on the Progress Invoice. Once you post the T&M invoice, those costs become "billed" -- this helps to not bill any cost twice. We provide both the AIA type - Progress invoice and the T&M invoice (which we renamed "Invoice Detail" to our client each billing period.) This has worked for us -- and acts as a checks-and-balances routine for our A/R team as the two reports should match. Once issued, be sure to delete the T&M invoice so that you don't have two invoices in your system. Hope this helps somewhat.

Sage Construction & Real Estate

Favorite reports for T&M

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