May 24, 2023
The latest KPI workbooks provide work-in-progress (WIP) and budget insights, while billing and payments beta enhancements improve the billing process for greater efficiency.
Karbon Practice Intelligence - WIP workbook
For customers in the Billing and Payments beta, the WIP workbook is now live.
This is the newest Karbon Practice Intelligence (KPI) workbook and allows you to understand your firm’s work-in-progress (WIP). It also provides important historical data so you can see how your WIP has changed over time, identify your WIP on any given day, and who you need to bill or complete work for.
You can filter your WIP by fee type, client manager, client, and work type to find the highest-value work to complete and quickly identify clients to bill.
Karbon Practice Intelligence - Budget workbook
The Budget workbook has been improved based on customer feedback. It has been designed to consolidate your budget tracking, enhance data quality, and simplify clean-up procedures, all of which contribute to optimizing your bottom line.
With this new version, you can track your budgets in real-time or retrospectively once they have been completed. Client level and employee level roll-ups have been introduced, which enable you to easily identify areas and individuals that are exceeding the budget. Ultimately, this workbook helps you focus on what truly matters for your financial success.
What’s more, data quality and clean-up features are now integrated directly into the workbook. The new Data Quality tab allows you to quickly identify any potential discrepancies in your Karbon data that might affect your reporting. This empowers you to swiftly and conveniently perform a clean-up process.
The ability to filter work items without budgets has also been added, ensuring you can still make the most of the report before conducting a clean-up.
Billing and payments beta update
Karbon Billing and Payments is currently being beta tested. If you would like to be part of the beta testing group, please sign up now.
Your clients now have the option to save their payment details so future invoice payments are collected automatically. They won’t have to do anything to pay you, and you won’t have to spend time chasing overdue invoices.
Your clients will have the option to enable auto-pay when they receive their next invoice.
Show all unbilled work
When you add time and expenses to a time and material work item or you add expenses to a fixed fee work item, after a final invoice for the work has been approved, these will now appear in the unbilled section.
In both instances, you will be notified on the data screen in the existing ‘Previous Invoice’ banner, that a final invoice for the work has already been sent.
Client Manager and Client Owner filters in Unbilled
Two new filters for Client Manager and Client Owner have been added to the Unbilled section. When these filters are applied, the list will be refined to show only billable items for colleagues associated with these filters.
Further customization of invoice
You now have the option to remove the quantity, unit price, and amount column along with the amount breakdown from the invoice. This functionality can be set on the invoice template and will be applied to all new invoices. However, you have the flexibility to override this setting per invoice if required.
If you are not sending a tax invoice, you are now able to change the field that appears on the invoice from tax invoice to invoice. This can also be set on the invoice template or per invoice.
Set the email template that is used when sending invoices
In Settings > Billing, you can customize the default email message and add additional placeholders to personalize the message for invoices. All future invoices will use this email template, saving you valuable time and effort.