Bookings Report & Widget
If you are new to the Bookings Report, you may be wondering: what exactly is a booking? A booking can be defined as the commitment of a customer to pay for a service. This equates to the projected revenue in a given period of time. Cetec ERP provides the bookings report as a sales widget for managing this information.
Bookings is one of the standard metrics used by companies to understand the growth and health of a manufacturing company. The three data points that go ahead together typically are known as Bookings, Billings, and Backlog. Bookings is the representation of future projected revenue. Billings is the representation of invoices/shipments. Backlog is the record of items sold that cannot yet be billed (includes late orders, etc). These provide a good pulse on the business.
In Cetec ERP, a ‘booking’ entry is created any time there is a change to projected revenue, and really, projected profit and margins, and can be seen on the Bookings List. This includes new orders, canceled orders, changed ship dates/quantity/cost/resale, etc. Thus, the bookings report is a log of any changes to your orders that impact future revenue and margins on those orders; it provides an audit trail that can be used to trace any changes. Cetec ERP uses that information to calculate the value of the bookings by summing up the Ext Resale Change & Ext Cost Change, which is then used to calculate new GP & GM.
Some examples of what will drive changes to projected revenue and thus impact the bookings report include:
- Confirming a new order
- Deleting a line or canceling the order
- Adjusting the ship date and/or dock date
- Adjusting the qty on the order line
- Changing the resale of a line
- Converting a customer order into an internal order - thus making it no longer revenue
In addition to the bookings report, Cetec ERP provides widgets on the home screen that include a bookings widget. This is a full-length widget with two sides - Current Bookings and Future Bookings. Current bookings are grouped by booking entry date where the bookings ship date is less than the “# of days” filter. Future bookings is grouped the same way but where the ship date is greater than the “# of days filter”.
Companies monitor key indicators like Bookings, Billings, and Backlog to assess the progress and stability of a manufacturing firm. These metrics collectively offer a comprehensive overview of the business’s health. Keep a clear eye on your anticipated revenue with the Bookings report, Current Bookings widget view, and Future Bookings widget view.