Improved invoicing with TimeLog Project
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.
Project management with numerous benefits
The core of TimeLog Project is the business process spanning from time tracking via project management to invoicing. This means that when a project is created, the employee has registered time, expenses, travels – or there are rates added to the project – it is quick and easy to create invoices from these registrations.
Get maximum benefit by automating this process:
- Invoicing is easier and less time consuming.
- The accounting department has new opportunities for reconciliation and quality assurance.
- 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.
- Option to split revenue recognition and invoicing.
- Reports show costs, estimated values and realised values.
This way, you get a clearer view of invoicing and finances – and invoicing can be done more often, and more accurately.
At the same time, precise documentation helps avoid many customer disagreements, and you are on solid ground in the event of a dispute.
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 an instalment 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.
Level of completion, estimated value and works
The TimeLog EVM add-on separates invoicing from revenue recognition. The aim is efficiently to manage financial reporting of complex and large fixed-price projects.
TimeLog Project’s invoicing process is highly customisable. Here is a sample invoicing process:
- The project manager creates a project with a budget.
- The project manager creates a payment plan with rates for the fixed-price part of the project.
- The project manager creates time and material tasks.
- The employees track time, outlays 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.
Integration for financial systems
TimeLog Project allows you to export CSV, XML or TXT files containing invoice data, which can be imported into financial and accounting systems. Create your own export file to match the import format requirements of the financial system, and save time on invoicing.
Integration between TimeLog Project and the web-based accounting system e-conomic is free of charge and allows you to transfer booked invoices and add products or services before re-registering them in e-conomic. The integration also ties to all book types, dimensions and hourly rates with specific product numbers in e-conomic. Finally, using TimeLog’s Integration API you can synchronise data between TimeLog Project and additional financial or accounting systems.