Easy management of work in process
Get a real time overview of your work in process to manage your finances.
In most companies, bookkeeping events such as invoicing and revenue recognition are handled by the finance department. In a modern project organisation, however, it is often beneficial to delegate these assignments to the project managers , who are the experts in their own projects. Our revenue recognition fully supports this mindset, making it easy for project managers to produce vouchers, so you can monitor work in process without requiring access to the financial system.
The opportunities with TimeLog’s revenue recognition:
- Separate revenue- recognised and invoiced values
- Automated calculation of work in process
- Know your company’s outstanding amounts in detail
- Estimate your projects’ stage of completion
- Distribute fixed-price project values to consultants
Read off values for work in process
For many companies working on large projects, calculation and reporting on the balance of work in process, i.e. the value of non-invoiced work, is a costly and time-consuming matter. More often than not, the project manager needs to retrieve data from several systems to provide the finance department or the auditor with vital information.
The revenue recognition process is very simple:
- Every month, the project manager assesses progress in the project
- The project manager then recognises the value of the work performed in TimeLog
- The project manager then invoices the project in accordance with the customer contract
- The financial department and the auditor checks the value of current projects
- This check can be carried out at project, customer and company level
Revenue recognition enables you to separate invoicing and revenue recognition of company services.It is especially good for companies primarily delivering fixed price services or prepaid hours.