Easy management of project finances
TimeLog EVM makes life easier for the finance department when it comes to revenue recognition and project invoicing. Automatically view your balance for current assignments in real time.
Delegate finance management for your projects
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 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.
Read off values for current assignments
For many companies working on large projects, calculation and reporting on the balance of ongoing assignments, 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.
Save money on your financial system
TimeLog EVM is an add-on to TimeLog Project which features a range of project-related financial tools that are normally a part of costly and complex systems. Using TimeLog EVM, you can avoid purchasing costly financial system user licenses for project managers. Furthermore, you can extend the life of your compact financial system, as it does not necessarily need to grow to match your business.
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 invoicing directly from TimeLog Project and offering fixed-price services or pre-paid services, as with multiple-case contracts.