Qic-Guide Series: Quoting
Quotes really are the true Superheroes of Job Management!
We all know that estimating and quoting is the process of forecasting or approximating the time and cost requirements to undertake and complete project or job deliverables. But did you know that quoting is also used to help us plan the work packages and control your costs, by standardising how you collect and compare actual to estimated costs.
Great quotes need to:
- Support good decisions
- Determine whether the job is worth doing
- Help account for every dollar spent
- Schedule work including creating a job or project baseline
- Determine what resources are required
- Show resource profitability and job progress and
- Highlight any unknown variations and qualifications so you remain profitable
Talk about being a superhero!
Like all superheroes your quotes needs special powers. These special powers often come in the form of a really great quoting system. One that not only retains historical job costings but also has the functionality to create a simple quote or build a quote using complex rate calculations, convert your winning bid to a job and invoice all within a couple of clicks and capture one off procurement items, materials or labour rates.
In this blog post we will be looking at how QicWorks quoting provides our users with the functionality and flexibility the need to win more work.
Simple or Complex
The QicWorks quote calculator is a great way to easily build your quote using your existing pricing details. To access our in built calculator, click on the tick icon located within the Line item.
From here, users simply enter in the number of units required to carry out the works (labour and materials) or manually add procurement items (such as an allowance for subcontractor works or one-off purchases) and QicWorks will then automatically calculate your buy and sell rates based on your net table and selected billable pricing table.
As you build your estimate, your resource, material and purchasing costs are automatically calculated. On save, these values are then transferred and itemised within your Quote Summary. QicWorks retains this information to then prepopulate your Job’s financial details, when you convert your winning quote to a Job.
Simple quotes, ones where the job is anticipated to be completed within a quick turn around and it is unnecessary to capture a lot of time and cost data, can be manually created in free text format within the Quote body.
Often users are required to itemise an extensive list of job steps or materials that are required to be accounted for on a job, but as they are ‘specials’ or once off items, they do not wish to retain this information in their default pricing lists. QicWorks allows these users to upload these items as Adhoc materials for easy inclusion within the quote’s calculations.
Simply download our template from the Ad hoc tab, copy and paste your items, assign them to a cost category (Resource, Material or Purchase) and then upload them to QicWorks. Again, these values are also transferred through to the Job’s financials when you convert your winning Quote to Job.
We know that there are times when users will want to amend or round their prices off. Should this occur QicWorks will prompt users to assign the rounded value to a cost category (Resource, Material or Purchases) before saving the document.
Margins, Markups & Profits
Knowing if the job is viable means you need to know and understand your margins, markups and profits. (Need some help to understand the difference – head over to Foolproof Tip to Making a Profit)
QicWorks will automatically calculate your markup, gross profit margin and gross profit based on your net and billable values. You can even manually adjust your markup and watch as we automatically re-crunch the numbers.
Convert Quote > Job > Invoice
Converting you winning quote to a job is super easy with QicWorks.
Once your quote has been marked as accepted, you will be able to convert it to a job with all the backup financials carrying across to the new job.
Your quote line items can be converted direct to a Task or simply assign them to a Work Breakdown Structure node and then build out your Job Tasks once converted.
We have even included the ability to create an invoice that looks exactly like your quote. To access this function users need to navigate to the Job>Financial>Invoices and then click on the Create from Quote button.
QicWorks users have the flexibility to choose if they are compiling a quote (fixed rate agreement) or an estimate (anticipated cost schedule), change the documents prefixes or override the document’s reference number, as well as prepopulate their terms and conditions and default validity date. These items along with your logo, account and contact details are used to create your quote template.
We have even included functionality so you can choose which line items will appear on your final quote. This is a great feature when you have a number of jobs steps, items or categories you are quoting but you only want to issue a single line quote to the client. Simply untick the Show on Quote checkbox to ‘hide’ this line item.
Should you wish to attach a copy of your calculations with your quote, simply click on the Attach to Quote checkbox.
Need to rearrange your line-item order? No problem. Click and hold on the yellow arrow icon and then drag and drop the line item into its required position.
Being able to deliver a robust but flexible job management system has always been a core value of QicWorks and this is certainly reflected within our Quoting component.
QicWorks is a business management solution that has been designed to manage complex rate structures, across multiple entities and worksites, all from the one account. QicWorks provides accurate real time field data giving you the confidence to make the right decisions. Contact us today to see how QicWorks can transform how you do business.
The information contained within this blog is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own situation and legislative requirements before making any decisions.