Keeping on top of your interior design firm’s finances is important at the best of times. It’s even more important when faced with economic uncertainty. To not just survive, but thrive during a recession, you need a clear picture of your business’ costs, profitability and financial goals. Here are five ways DesignDocs can help you with that.
1. Clear and Concise Financial Reports
Waiting for that year-end report from your bookkeeper won’t help you to prepare for a
changing economy. In times like these, a business needs to be nimble, quick to respond and adjust to evolving factors. The best way to keep your strategy in shape is to have a clear picture of your finances - and DesignDocs makes that easy.
DesignDocs’ custom financial reports and gives interior designers quick and easy access to their financial information. Our integrated project management and accounting software makes it easy to check in without having to hop between multiple platforms. Stay ahead of the game with clear and concise financial reports you can access anytime, anywhere.
2. Profitability Feature for Projects
As the economic landscape shifts, you need to pursue the most profitable projects for your firm. It can be difficult to see the true profitability of a project from 3000 feet, however. For example, a full renovation could bring in a large cash injection but may not be as profitable as taking on several smaller projects.
Luckily, DesignDocs’ profitability features, like the Gross Margin report, allow you to review and understand the elements influencing your firm’s profitability. Our software allows you to break down information by project or product category with details like gross profit, total income, commissions, etc. so you can see the bigger picture and identify which projects have performed best.
Armed with this knowledge, you’ll be able to pivot your marketing and sales strategies to bring in the most profitable projects.
3. Access to Vital Reporting Features
In a consistent economy, having software that will track time spent on projects is important. In a changing economy, it’s vital. Time-tracking is a powerful tool when you’re considering reduced rates to meet a shift in demand.
With DesignDocs’ time-tracking feature, you can keep track of the time spent on projects, whether it’s hourly work or a flat fee project. Our unique flat fee billing feature allows you to compare and analyze actual numbers against flat fee rates through specialized variance reports. You can then use this information to determine how much “wiggle room” your fees have before a project’s profitability is compromised.
4. Processing and Tracking Orders
In a changing economy, streamlining your processes can help keep costs to a minimum. DesignDocs allows you to speed up your accounting and project management processes by offering you a one-stop solution.
Our software creates custom reports, automatically flags price adjustments, and will help you to stay organized with client and vendor invoices during economic uncertainty. DesignDocs frees you up to deliver stellar service by tying up all the loose ends that might otherwise occur when bouncing between systems.
5. The Simplicity of Incidental Project Cost Recovery
Small costs can pile up and, at a time when every cost counts, the last thing you need is a nasty surprise when it’s time to invoice a client. Our software helps you keep track of vital information so there's no need to worry about things like forgetting to bill your client for extra shipping costs or price increases.
DesignDocs’ integrated accounting and project management software lets you easily view financial data so you can effectively manage your firm and prepare for anything the shifting economic landscape throws at you.