You can extend your TimeLog and thereby avoid to invest in a heavy ERP system.
If you have companies with offices in several countries, or as part of a larger concern, you may have employees working in Company A working on projects owned and invoiced by Company B. It takes a lot of administrative work to maintain the data and often end up in one of these two scenarios:
1. Your employees double track time in several (TimeLog) systems. The disadvantage is that resource management and project consolidation across countries and companies (separate legal entities) demand a lot of manual work in Excel
2. The employees track time in one system, but the bookkeepers have to manually re-do postings of invoices, invoice lines and revenue between the legal entities’ financial systems each time they do the invoicing
Double tracking of hours is not an optimal solution, and therefore many companies invest in a big ERP system to meet the challenges. But an ERP system:
- Is expensive
- Gives project managers and time trackers a less user friendly time tracking, which often results in inaccurate time tracking and thereby less billable hours
- Gives project managers a less user friendly and financial project management which is more time demanding and increase the risk of bad project management, even though the project managers are talented
- Puts the legal entities under pressure, as the employees demand best of breed solutions, which are integrated instead of a heavy ERP system
TimeLog MLE is the solution
If you have considered investing in a large ERP system to solve your administrative challenges with multiple legal entities, you may instead extend TimeLog to manage multiple legal entities with our add on module Multiple Legal Entities (MLE).
You get the opportunity to link several financial systems to TimeLog. Hereafter, you can enter which legal entity each project and employee belong to, and then the invoices are transferred to the right financial system for further handling, and at the same time, you can pull reports in TimeLog that gather all legal entities’ performance in one.
The benefits are that you:
- Save administrative time and easily get an overview of how many resources you borrow from each other
- Can easily consolidate data from all legal entities
- Can ”easily” share an employee between several departments across legal entities without the person needing to track time in several systems
- Can share information about customers, projects and employees
- Have the opportunity to scale internationally without having to worry about setting up your next legal entity
- Can select the financial system that supports the single countries’ rules and legislation
- Save money on expensive ERP licences for your employees
- Get a standard system instead of having to pay ERP consultants to modify an ERP solution
If you would like to learn more about Multiple Legal Entities, and whether it is a fit for your organization, feel free to contact us via phone +45 70 200 645 or write us an e-mail.