Automate Project Billing and Get Faster Time to Revenue
You can assemble the best project teams and meet all of your milestones and deliverables, but at the end of the day, your projects live or die by their financials.
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.
Project Financials has been designed to automate your entire project cost & budgeting, billing & invoicing, & revenue recognition processes. Get a handle on everything from budget vs. actual, to project and activity costs, accounting, forecasts and chargebacks.
The Tenrox Project Financials Module provides a workflow-driven tool to automate your entire cost, chargeback and budgeting processes. Here are some of the benefits:
- Manage multiple currencies in all cost rules.
- Easily identify financially underperforming projects
- Setup proactive Budget notifications when reaching a specific threshold
- View real time budget vs actual cost for portfolios, cost centers, project and tasks
- Create workflow-driven chargeback reports
- View financials on the project pipeline
The Project Financials module includes the following three components: Project Costing, Budgeting, and Inter-Company Chargeback.
Project Costing is a fully integrated Tenrox component that addresses the needs of companies tracking the progress of projects or jobs.
Project Costing allows you to define the structure of the project and to make decisions about what type of project it is, how the project levels will accrue income and costs, and how billing will be handled.
Interactive views provide actual project-to-date income and cost information compared to estimates. You can also retrieve costs and write-up/down information on a month-to-date, year-to-date, and project-to-date basis. You can also have projects that are speculative in nature and change them to billable projects later. A simple entry screen gives you the ability to enter estimates at the project or task level; it shows both the current estimates and the revised estimates.
Create budgets and compare against actual costs 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. Get real time proactive notifications as the project reaches specific thresholds of the budget.
Deploying simple and effective project cost software is one of the fastest ways you can create tremendous value for your organization. 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.
In addition, chargeback reports provide detailed project financial information that are rolled up into your accounting system’s cost center accounts for accurate cost allocation. Tenrox has extensive experience with integration challenges such as cross company charging, GL segmentation, and work in progress adjustments.