Improved invoicing with TimeLog
Project invoicing based on precise time tracking yields better profits, as you are able to invoice more often and can clearly see which projects are most cost-effective.
The core of TimeLog is the business process spanning from time tracking via project management to invoicing. This means that when all registrations are made on the project, it is easy and quick to create invoices based on these registrations.
Let project managers control project invoicing
The advantage of using the invoicing module in TimeLog is that your project managers can make invoice drafts for the bookkeeper.The project manager has the best overview of what customers should be invoiced, and you thereby save time and limit errors in your invoicing.
Another advantage is that the project manager can follow the project economy without logging in to the financial system. This provides a financial overview, and the project manager can have a dialogue with the customer about what is invoiced.
In TimeLog, the project manager gets a unique platform with eight underlying contract types supporting the needs for contract and value management as point of departure. A manageable contracts page makes it easy to create an overview of the progress on the customer’s contracts and in detail manage how the value of produced work is distributed on tasks, employees and deliveries.
- Invoicing is easier and less time consuming, as your invoicing potential is updated
- Unlimited number of sub-contracts on project, so you can handle more contract types on one project
- You can separate the value of work and costs on the projects and in this way decide how the contract value is distributed between hours and costs.
- Project managers can create and approve invoices
- Documentation for the customer is greatly improved
- Documentation for the customer can be expanded or condensed
- Management can follow the entire invoicing process
- The opportunity to work with automatic and manual continuous revenue recognition
- Full financial overview of your projects
- Management receive real time data as basis for decision making instead of gut feeling
The more exact your time tracking is, the more exact invoicing potential, so you can invoice more or see if you sell your time too cheap.
At the same time, the exact documentation helps avoid many customer disagreements, and you are on solid ground in the event of a dispute, as you have all data in one place.
See a more thougrough description of an invoicing process in TimeLog.