Automate Project Financials for Project Costing & Budgeting, Billing & Invoicing, & Revenue Recognition

Deploying simple and effective project cost and billing software is one of the fastest ways you can create tremendous value for your organization. Automating the project billing and cost reporting process and streamlining chargeback and invoicing activities empowers your project and service teams to focus on more important tasks such as faster billing and collections, improving customer satisfaction and access to powerful project financial reports and analytics that leads to better decision making.

Tenrox Professional Services Automation – Project Financials module has been designed to automate your entire project cost & budgeting, billing & invoicing, & revenue recognition processes:

Project Financials Automation Module

Project Financials Automation Module

Project Costing & Budgeting

Workflow-driven project cost and budgeting automates project financial reporting, chargeback and invoicing; connects your sales, project delivery, financial systems and teams

  • Can I quickly identify underperforming projects?
  • Are we accounting for all project costs and billing?
  • Can we bill faster and more accurately?
  • How can we automate our project revenue recognition policy?

Tenrox project cost and budgeting has been designed to automate your entire time and billing, cost and revenue reporting process.

Chargeback cost reporting: Accurate chargeback reports provide you with instant cost visibility so you can recover project costs, fairly charge back other departments for accessing your services, measure shared resource consumption and justify your future budget requests.

Billing: The most important document you send to your client is the invoice. Keep their trust and good faith by making sure it is timely, accurate and reflects your true efforts. With certified connections to your CRM and accounting system, an opportunity in CRM becomes a project in Tenrox where it is planned, budgeted, tracked and billed. Detailed or summary project cost and billing information is then posted to your financial system’s accounts receivable, accounts payable and general ledger modules. Dashboards, reports and notifications provide instant status updates and improve collaboration with your sales, delivery and accounting teams.

Budgeting: With our budgeting component, you can create a budget and then track the actual costs and revenues of the project against the budget to control spending. Project managers can track labor, travel, meetings, supplies, and other expenditures at the project level to create a financial picture that can reveal areas to improve.

Highlights of Tenrox Project Cost and Billing software:

  • Flexible billing rules including hourly, daily, fixed, cost plus, and date- or state-based milestone billing
  • Full multi-currency support for all cost and billing rules
  • Set budgets for project cost and billing; setup notifications when certain budget thresholds are reached
  • Optional workflow-driven approval of pre-bills and chargeback reports
  • Client portal to view project status and pre-bill information
  • Define Service Purchase Orders (PO) associated to a project to generate pre-bills and track billable work against each PO. Billable time, expenses, products and money charges can be capped for a specific PO. Project managers can set consumption order for multiple POs per project and be notified when a service order has been consumed or is about to run out
  • Setup your invoicing cycle, your invoice templates, and create invoices for customers and projects based on your criteria and specify which items to include
  • Scheduled multi-client invoicing allows you to schedule a batch of invoices. With just a click of a button, you can go about your other tasks. The Tenrox project billing system creates all the invoices for you in the background, based on your invoicing cycle and criteria, and sends you an email when they are ready
  • Automatically calculate revenue for time and material, fixed price, and percent complete projects; updates work in progress (WIP) accounts; adjusts WIP as actual project billable work and expenses are invoiced

Billing & Invoicing

Tenrox PSA’s billing component has been designed to automate your entire time and billing and revenue reporting process.  The most important document you send to your client is your invoice. Keep their trust and good faith by making sure it is timely, accurate and reflects your true efforts. With certified connections to your CRM and accounting system, an opportunity in CRM becomes a project in Timesheet.com where it is planned, budgeted, tracked and billed. Detailed or summary project cost and billing information is then posted to your financial system’s accounts receivable, accounts payable and general ledger modules. Dashboards, reports and notifications provide instant status updates and improve collaboration with your sales, delivery and accounting teams.

Revenue Recognition

Tenrox Revenue Manager facilitates the work of controllers and project managers by removing the need for complex spreadsheets, error-prone journal entries and manual processes. Project managers will appreciate that they can now associate the appropriate WIP (work in progress) accounts for all their project billing including time, expenses and charges to bridge the gap between project management and financial reporting. Controllers will value its ability to obtain an accurate calculation and reporting of revenue including instant adjustments when project milestones and actuals are invoiced.

Recognition rules can be setup to manage different revenue types such as software subscription, maintenance contract, software and hardware product implementation, and milestone based projects.

Revenue Manager tracks invoicing and revenue recognition independently and automatically associates transactions to the proper deferred revenue or actual revenue accounts, based on the transaction type. It also provides financial managers with line-item visibility and detailed reports to support internal and regulatory compliance requirements as well as higher accuracy by ensuring the proper review, approval and execution of the revenue that is due to be recognized.