Financial Management
Controlling and managing all of your back office operations efficiently is a pre-requisite for any integrated software solution. With Lakeview LM you can define and amend your chart of accounts as often as required, create specific management reports tailored to your business and consolidate multiple companies into a group reporting structure.
Combined with easy-to-use processing techniques, including reversing and repeating journals, quick cash-book entry, automatic cost of sale postings and a full audit trail, Lakeview LM can help to produce your accounts in record time and provide you an immediate and up-to-date picture of your business.
You can tailor your chart of accounts to a department or engineer level, allowing you to analyse the profitability of your service area as a whole or even at an engineer level. Automatic cost of sale/service postings ensure that all relevant costs are captured and true profitability can be analysed.
As well as contract revenue/profit analysis, it is essential to record and control any warranty costs or recovery. By storing all of this information we can simply and effectively provide management with the essential metrics on your service department such as:
- Total service revenue as a % of total company revenue
- Total service profit as a % of total company profit
- Gross profit as a % of total service revenue
- Service revenue growth (%)
- Service revenue/field engineer (£)
- Service net profit/field engineer (£)
- Total costs/field engineer (£)
By analysing each cost type associated with service we can identify areas of opportunity and cost saving as well as the most profitable areas to focus on.