Strenghten your project management
If your desk is covered by Excel sheets and homemade reports, and if you spent time on manual processses to keep track of contractual issues on your projects, TimeLog's automated project invoicing and value mangement will do you good.
Project invoicing is an important process in your business, to keep you on top of things and keep track of revenue on projects, service agreements and customers in general. It is a management tool that gives your business a great leap forward and provide you with the large overview of your compliance with customer agreements. Where do you make money, and where is it a bad bargain?
Contracts for different needs
Only a few companies can sell their projects and services on the same contract type. Therefore, we offer eight basis contract types to keep track of both your financial contractual obligations towards customers and your internal financial reporting supporting mangement of bonus schemes and invoicing.
The eight contract types are:
- Time & material – Standard contract
- Time & material – On account with end-balancing
- Time & material – On account with periodic balancing
- Time & material – Prepaid hours
- Fixed price – Standard contract
- Fixed price—Task driven revenue
- Fixed price – Continuous service
- Fixed price – Continuous item invoicing
When you create a project on a customer, you get a mangeable contracts page, where you can easily overview the progress of the customer’s contracts and in detail control how value creating activities are divided on tasks, employees and deliveries. Everything is continuously updated based on the employees’ time trackings.
Your new opportunities with TimeLog’s project invoicing
A project can have an umlimited number of different sub-contracts.
You also have the opportunity to separate the project plan and the project economy, to allow project managers to break down and budget internally in the organisation without affecting the agreed contract. This makes it possible for you to budget according to the contract value and the actual time consumption. The project manager receives a notification close to exceeding the budget to be able to react in time.
Decide where value is placed
Many companies struggle getting the true insigt of their project economy when buying services from suppliers to their customer projects. This is possible in our automated project invoicing. In practice, this means that e.g. travel time and expenses can be separated from the main contract and extra deliveries are managed separately within the same project. You decide what amount external costs are of the value of a contract.
All in all, our contract module provide unique flexibility for managing your project and contract economy. You get a strong financial mangement with overview of project progress and your financial results.
You can read more about automated project invoicing in TimeLog in our whitepaper.