Simply invoice more

Achieve great advantages by linking time tracking and project management to invoicing.

Time, project and invoicing

In TimeLog Project there is a direct link between time registrations, projects and invoicing. This means that when a project has been created and employees have registered their time, expenses and travel it is possible to automatically create invoices from the registered time consumption and the budget of the project.

There are several advantages to doing this:

• It is far easier to create invoices for work performed. Frequently, the invoicing process is much faster than before the company started using TimeLog Project.
• The project manager has the possibility to create and approve invoices.
• The documentation for the customer is far better than previously and can be adjusted to the level of detail desired by the individual customer.
• Management can always monitor the invoicing.
• Reports show cost price, expected value and realised value on the basis of the dimensions the system supports.

Thereby the company often gains a greater overview of its invoicing and finance-this also means that more invoicing takes place and that it is more precise.

Simultaneously, the precise documentation helps avoid many disagreements with customers and further strengthens the company’s position in potential disputes.

Invoicing process

A typical invoicing process inTimeLog Project:

1. The project manager created a project.
2. The employees register their time consumption.
3. The project manager chooses the phases, time registrations, expenses and travel costs that should be invoiced.
4. The finance department closes the invoice, books it as revenue and transfers the amount to the finance system.
5. The finance department prints the invoice from TimeLog Project and sends it to the customer, either as the final invoice or as an attachment.
6. The finance department and management can monitor the billability, the contribution margin and the employee efficiency in TimeLog Project.

This process can be configured to match the individual company.

Another work flow which is often used entails the finance department creating the invoices and then sending a PDF with the invoices to the project managers.

A third option is that only closed and approved week sheets are invoiced, and when the executive has approved them everything is ready for invoicing.

An intuitive invoicing description

One of the major advantages of using TimeLog Project for invoicing is that each line in the invoice is automatically generated by the time registered, expenses and travel costs incurred.

When an invoice is created the different registrations are retrieved. The project manager or accountant adds the registrations as posts and can make changes in the text, number of hours, the hourly rates or expenses/travel before the invoice is registered.

Furthermore, it is possible to include comments by the employees on their time registrations, expenses and travel in the invoice if requested by the customer.

Adjust values on individual posts

When an invoice is created the different registrations are brought out. The project manager or accountant ads the registrations as posts and can make changes in the text, number of hours, the hourly rates or expenses/travel before the invoice is recorded.

It is at all times possible to edit in the invoice template without changing the value of the original registrations.

Each time an hour, an expense or travel is registered in TimeLog Project three key figures are saved:

• Cost price (EUR) – the cost
• Registered (EUR)– the expected value
• Invoiced (EUR)– the realised value

From these data TimeLog Project can analyse a number of key figures such as the contribution margin, efficiency or level of cost compared to consultants, customers, projects or focus areas.

It is possible to draw reports from all dimensions of the system (project type, customer, employee, project etc.) and retrieve data from these key figures.