Book work in progress as revenue

The market’s most user-friendly system for invoicing and financial reporting of complex fixed price projects.

Include the financial management in individual projects

In most companies accounting assignments such as invoicing and income recognition of projects are handled by the finance department. In modern project management it is advantageous to delegate these assignments to the project managers since they know hold the most knowledge about the projects.

TimeLog EVM supports this way of thinking and makes it easy for project managers to produce vouchers and invoices as well as monitoring work in progress – without having access to the company's financial system.

Directly read the value of work in progress

For many companies with large projects the calculations and balance reports on work in progress- the value of non-invoiced work- is a costly and time consuming affair. Frequently the project manager has to gather information from various systems, to be able to pass on this vital information to the finance department or accountant.

With TimeLog Project the process is very simple:

1. Each month the project manager estimates the phase the project is in.
2. The project manager books the value of the work done as revenue in TimeLog Project.
3. The project manager invoices the project in compliance with the contract.
4. The finance department and the accountant can read the value of work in progress for each project and for the entire company.

Save money on the financial system.

TimeLog EVM extends TimeLog Project with a range of related tools for financial management otherwise only available in expensive and complex financial systems.

By using TimeLog EVM you can avoid buying relatively more expensive user licences for the financial system and the project managers. At the same time you prolong the service life of a smaller financial system, as it can follow your business through growth.

Choose TimeLog EVM

TimeLog EVM makes it possible to separate invoicing from income recognition.

This makes TimeLog EVM particularly suitable for companies that invoices directly from TimeLog Project and primarily delivers fixed price project services or services paid in advance, such as ticket coupons.