Dive down into the invoicing process
Get a more detailed understanding of the invoicing process in TimeLog Project
TimeLog Project’s invoicing process is highly customisable. Here is a sample invoicing process:
- The project manager creates a project with a budget and contracts
- The employees track time, expenses and travel.
- The project manager estimates and adjusts the budget.
- The project manager approves the invoicing rates.
- The project manager creates an invoice draft for the customer.
- The accounting employee enters the invoice.
- The accounting employee prints the invoice and a specification, sends both documents to the customer, and transfers the amount to the financial system.
- Management is able to monitor the entire process as well as generate financial reports.
The contract type is the link between the project plan and the project’s invoicing. With eight different contract types, you may choose and plan how much, when and how the customer is invoiced.
You may choose between four different time and material contract types, such as prepaid hours and on account invoicing, and between four different fixed price contracts. You also have the opportunity to separate the project plan and the project economy, to allow project managers to overview the budgets internally in the organisation without affecting the agreed contract. When the project manager believes the work can be invoiced, (s)he can mark a payment in the payment plan ready for invoicing, which is then apparent for the financial controller in the invoice module.
Payment plans and fixed-price projects
Payment plans are the link between scheduling and invoicing. They allow you to schedule how much, when and how the customer is invoiced. Payment plans are either linked to a project on a fixed-price basis, for a fixed-price task, or for time and material work. The project manager can mark a payment in the payment plan for invoicing, which is then apparent in the invoice module.
Registered vs. invoiced values
Invoicing in TimeLog Project grants you a clear and consolidated view of your project finances. Sometimes, modifications on the final invoice are needed to match the original estimate. TimeLog Project gives you a clear view of the scope of your appreciations and depreciations, and in turn which projects, customers and employees are most cost-effective.
Automated project invoicing – with deviations
With TimeLog Project, a large part of invoicing can be automated by means of a number of settings and rules: add predefined payment conditions, invoice templates, fixed rebates, internal references and VAT calculations to customers or projects.
These predefined settings are not fixed and may be adjusted at invoice level. However, partial automation of project invoicing eliminates a range of mistakes and facilitates the process, thus allowing the accounting department to focus on quality assurance and reconciliation instead of paperwork.
Edit invoice lines and header
No two companies are alike – especially when it comes to invoicing. As a result, flexibility is a must.
TimeLog Project allows you to edit single invoice lines, rearrange them using drag and drop, insert totals, subtotals and headlines and group invoice lines according to project, consultant or anything you like. Furthermore, products and additional services can be added to handle those last-minute invoice changes.
Similarly, general information on invoices is editable. Layout and invoicing specifications are customisable in System Administration. Multiple invoice templates are possible, e.g. in different languages or for various company
Charge customers in their own currency
TimeLog Project supports foreign currencies, allowing you to invoice your customers using their local currencies. Current exchange rates are automatically retrieved, and all amounts are converted into a reference currency for easy comparison. Internal exchange rates are usable as well.