Within the last six months, we have worked on bringing the financial project management to an entirely new level, which will be released in October.
We have listened to our customers and their feedback, which we have received regarding automated project invoicing, and created an opportunity for contract management. This frees time for revenue-funded activities instead of wasting time with manual processes and homemade Excel sheets.
It is a new platform especially project managers will benefit from, and it includes eight different contract types which support the daily needs for contract and value management.
”Consultancy companies in particular get a lift. Companies that invoice their customers on fixed price or other more advanced contract types. Companies that deliver fixed services, which are invoiced e.g. monthly, quarterly or yearly. It is mainly the project manager and financial controller that experience a change with the new release”, says CEO in TimeLog, Søren Lund.
The project manager and the financial controller get a manageable contracts page, which allow control of project progress and in detail how the value of produced work is divided between tasks, employees and deliveries.
The biggest changes for existing customers will be:
- Separation of travel costs and time from the main delivery
- Sub-suppliers in fixed price projects without influencing the financial key figures
- Support of prepaid hours contract type
- Fixed price tasks now become more advanced
- You may set a max. budget on time & material
- The system may notify the project manager when the budget is close to exceed
The eight contract types cover four time & material and four fixed price contract types with the opportunity to create sub-contracts on each contract. They cover the eight basic types used among most professional service organisations.
In practice, project managers use the contracts to structure the project economy. ”On each single role in the user roles and rights management, you can mark if the role has access to the contracts page. In this way, it is possible to separate rights to the project economy from rights to project management", Søren Lund explains.
In particular, managing prepaid hours contracts in TimeLog Project has been sought-after.With the release of contract management, prepaid hours contracts (e.g. 50, 100 and 200 hours) can be managed in a much better way than before together with the opportunity to have external costs on fixed price contracts without the calculations breaking down.
With change, you often meet a little fear of the transformation process. There is no need for it with this release. You do not need to worry about getting started using the contracts. ”It happens automatically, because you need to choose a contract type when creating a new project. In this way a contract is created. Existing customers get their existing financial structure moved to the contract module, so the invoicing type fixed price project turn into a fixed price contract, and fixed price tasks turn into task driven revenue (TDR) contracts etc.. We are excited to receive feedback from our customers once they start using the module, as we are certain it will solve a large part of their daily challenges, Søren Lund says.