Golden rules for agency Revenue Forecasting

Revenue forecasting is an important ingredient for any successful agency. So, we’ve put together some tips on how to get the process right.

Agency management systems aside, there are a few rules we’d like to share on creating a forecasting process. These rules will help you build a forecasting process that can be used to create accountability around revenue goals. 

Along with these process tips, we’re also taking a look at how forecasting works in different agency management systems.

To start, we’re looking how Deltek WorkBook manages revenue forecasting. However, we will be adding to this article with other systems over the coming weeks.

Golden rules for an agency forecasting process

  1. Be clear about how you want to recognise revenue – are you basing this on revenue earned or billed?
  2. Outline what details you wish to include in the forecast
  3. Once you have locked down points 1 & 2, create the process to manage your forecast

For more detail on each of these rules and on how to setup your agency’s forecasting process, check out our article: Agency Revenue Forecasting: Going Back to Basics

WorkBook’s Net Revenue Forecast

For those agencies using Deltek WorkBook, there is good news – WorkBook has an automated revenue forecast. The Net Revenue Forecast pulls live data to automatically forecast the revenue remaining for each job and client, using one of four configurable methods.

If you have yet to implement the Net Revenue Forecast into your agency, now could be the time to take a look at this invaluable feature.

Watch our video to see how the net revenue forecast works in practice.

To learn more about Deltek WorkBook and other agency management software, subscribe to the Tangram YouTube or Vimeo channels. Here you will find dedicated reviews, how-tos and sneak peek videos.

For more information on agency revenue forecasting, contact us.