Easy management of work-in-progress
Get a real time overview of your work in progress to manage your finances.
In most companies, bookkeeping events such as invoicing and revenue recognition are handled by the finance department. In a 21st-century project organisation, however, it is often beneficial to delegate these assignments to the project managers, who are the experts in their own projects. TimeLog EVM (Earned Value Management) fully supports this mindset, making it easy for project managers to produce revenue annexes and invoices as well as monitor ongoing assignments without requiring access to the financial system.
Get the full overview of your work-in-progress
For many companies working on large projects, calculation and reporting on work-in-progress, i.e. the value of non-invoiced work, is a costly and time-consuming matter. More often than not, the project manager needs to retrieve data from several systems to provide the finance department or the auditor with vital information.
With TimeLog EVM, this process is exceedingly simple:
- Every month, the project manager assesses progress in the project.
- The project manager then recognises the value of the work performed in TimeLog Project.
- The project manager then invoices the project in accordance with the customer contract.
- The financial department and the auditor checks the value of current projects.
- This check can be carried out at project, customer and company level.
Why choose TimeLog EVM?
With TimeLog EVM, you can separate invoicing and revenue recognition of company services. This makes TimeLog EVM a particularly useful tool for companies offering fixed-price services or pre-paid services, as with multiple-case contracts.