Revenue Basics
Revenue is recognized on ______ projects as timeheets/expenses are posted and according to the appropriate rate sheet.
T&M Billing
A detailed report showing all transactions posted to the project job-to-date and their status.
What is a project detail report?
Waiting to approve these can delay revenue recognition on the project
What are AP invoice approvals or expense reports?
The billing type that should be used when the scope of work is uncertain or likely to change.
Time & Materials (T&M)
Revenue generated by all of EWI in 2024 ($$)
What is $86,075,154?
Profit divided by revenue
What is Profit Margin%?
A report that breaks down project financials job-to-date by phase or task.
What is profit report?
When you receive these in your e-mail, you should forward them to AP.
What are subcontractor/vendor invoices
Term to describe anticipated items such as labor, expenses, internal DEL units required to complete the work
What Are Estimated Costs?
The number of vehicles EWI owns as of December 31, 2025
What is 264?
Revenue is recognized on __________ project after timesheets/expenses are posted and based on our expected profit %.
Fixed Fee
A report that shows the estimated fee, estimated costs, and progress towards those values.
What is budget management report?
This is the solution for when revenue accrued on a Fixed Fee project is too high compared to the work completed so far. (Ex. only 50% of the work has been completed but 75% of the total estimated fee has accrued in revenue)
What is increase estimated costs in Deltek?
This can be a risk to the project's budget and profit if ignored, but can also be an opportunity to increase profit when handled appropriately.
Scope Creep
The dollar value EWI spent on salaries and benefits for employees in 2025
What is $39,292,848
These post to the project and are compared to the estimated totals to estimate percentage of work completed
What are costs?
The screen in Deltek that can be used to view attachments for expenses or subcontractors posted to a project.
What is project review?
How often should we invoice?
As frequently as we can
The amount remaining from our revenue after subtracting the costs it took us internally to do the work
What Is Profit Margin?
The highest revenue producing project in 2025 ($2,237,325)
The revenue accrued when $125,000 in costs have posted to a Fixed Fee project with an estimated fee of $1,000,000 and the estimated costs of $500,000.
What is $250,000?
The screen in Deltek where estimated fee and estimated costs are entered to drive revenue recognition.
What is contract management?
Revenue stops accruing on a project when actual costs _______ estimated costs.
What is exceed?
Billing type that should be used when the scope is well-defined and unlikely to change
Fixed Fee
The company Jason Smith worked for during college in which he fired his own manager
What is Wendy's?