Dive down into the invoicing process
Get a more detailed understanding of the invoicing process in TimeLog
TimeLog’s invoicing process is highly customisable. Here is a sample invoicing process:
- The project manager creates a project with a budget and contracts
- The employees track time, expenses and travel.
- The project manager estimates and adjusts the budget.
- The project manager approves the invoicing rates.
- The project manager creates an invoice draft for the customer.
- The accounting employee enters the invoice.
- The accounting employee prints the invoice and a specification, sends both documents to the customer, and transfers the amount to the financial system.
- Management is able to monitor the entire process as well as generate financial reports.
Automated project invoicing
The contract type is the link between the project plan and the project’s invoicing. With eight different contract types, you may choose and plan how much, when and how the customer is invoiced.
You may choose between four different time and material contract types, such as prepaid hours and on account invoicing, and between four different fixed price contracts. You also have the opportunity to separate the project plan and the project economy, to allow project managers to overview the budgets internally in the organisation without affecting the agreed contract. When the project manager believes the work can be invoiced, (s)he can mark a payment in the payment plan ready for invoicing, which is then apparent for the financial controller in the invoice module.
Payment plans and fixed-price projects
Payment plans are the link between scheduling and invoicing. They allow you to schedule how much, when and how the customer is invoiced. Payment plans are either linked to a project on a fixed-price basis, for a fixed-price task, or for time and material work. The project manager can mark a payment in the payment plan for invoicing, which is then apparent in the invoice module.
Registered vs. invoiced values
Invoicing in TimeLog grants you a clear and consolidated view of your project finances. Sometimes, modifications on the final invoice are needed to match the original estimate. TimeLog gives you a clear view of the scope of your appreciations and depreciations, and in turn which projects, customers and employees are most cost-effective.
Read more about project invoicing here.