Monograph, a practice operations platform designed to help architects and engineers oversee projects, timesheets, and forecasts in one integrated and simple interface, has unveiled its latest add-on feature, Planned Profit Report and Profit Drivers.
During the company’s first-ever virtual conference, Section Cut, on Thursday, Aug. 12, 2021, Monograph announced the introduction of Planned Profit Report and Profit Drivers, designed to provide architecture and design firms with a better understanding of their profitability. With Planned Profit Report, firms that subscribe to the platform will be able to enter their staff’s salary information along with their overhead cost, offering further visibility in a firm’s financial health while helping them grow their profit. This report offers easy-to-understand terms and visually appealing graphs to help architecture and design professionals comprehend the planned profitability of their firm. Profit Drivers is the first-of-its-kind tool that shows you what categories make you the most profits, which includes types of projects, clients, team members and phases.
“You don’t need a finance degree to understand profits,” says Robert Yuen, CEO, and co-founder of Monograph. “Planned Profit Report gives firms and their operational leaders a better understanding of their organization’s past and future profitability. Profit Drivers show them the type of projects that drove profits and those that did not. Customers naturally want to understand the reasoning behind their profit’s gains or losses, and having the ability to observe the revenue and costs for various time frames will begin to satisfy this curiosity.”
What kind of projects make you the most profit? How do you know which client is the most valuable? And what type of fees should we charge? Profit Drivers can answer all these questions by letting firm leaders see visually what category makes the most profits. So you can make data-driven decisions to drive more profits in future projects.
Fortifying its mission to improve the architecture industry, Planned Profit Report and Profit Drivers will join Resource as the major features debuted by Monograph in the last calendar year. Both add-ons focus on streamlining practicing operations to one centralized platform, decreasing time spent on administrative tasks and increasing time spent on operations and strategy.
Since launching Planned Profit Report and Profit Drivers, Monograph has shared its latest add-on feature with several architecture firms and received positive feedback. “Planned Profit Report is so useful in our monthly meetings, allowing us to foresee our financial health over the next three months,” says Dawn Zuber, FAIA, principal of Studio Z Architecture. “Being able to look at what’s coming down the pipeline and project our earnings is extremely helpful.”
Adam Gayle, director of Architecture of Level Design, adds: “Profit Drivers has become really useful. Typically, it takes time to collect this information and organize it on an excel spreadsheet, so having it at your fingertips is super useful, especially for our quarterly review meetings.”
“No matter the scale of your firm, you need to know where you’re going in order to make better decisions today,” says Yuen. “With Planned Profit and Profit Drivers, our customers don’t have to guess. They are empowered to make useful decisions faster than ever before.”