Finance & Billing
From Time Tracking to Billing
TimeLog Project combines time tracking and billing. This makes it much easier to create invoices and provide the customer with correct documentation for performed work.
TimeLog Project's general procedure is:
- The project manager creates a project.
- The project member registers time on the project.
- The project manager selects which tasks, time registrations, expense registrations that are to be billed, and add those to an invoice.
- The finance department closes and books the invoice and transfers the amount to the ERP system.
- The finance department prints the invoice from TimeLog Project – and send it to the customer either as the final invoice or as an invoice voucher.
- The finance department and the management can keep track of billability, contribution margin, and employee efficiency in TimeLog Project.
This procedure has numerous advantages:
- Far better documentation for customers.
- Easy and fast billing.
- Increased billing.
- Management has access to a number of reports – from performed work to profit.
- More simplicity in the finance department's tasks.
Clear Basis for Billing
One of TimeLog Project's major advantages in regards to billing is that each invoice line is created automatically based on time registrations and expense registrations.
When an employee want to create a new invoice to a customer a period of time is selected after which all financial records connected to the specific customer are shown. This saves the finance department a lot of time, and it will make time for more manual processes – and more records will be billed in less time.
Adjust the Value on each Single Record
When an invoice is created, different registrations are collected from the system. The project manager or the accountant adds the registrations as records and can edit the text, the amount of hours, the hourly rate, and the amount of registered expenses, before the invoice is booked.
They are free to edit the basis for the invoice, but it will not change the original registration.
Combine Cost Price, Actual & Realised value
Every time an hour or expense is billed in TimeLog Project three key values are saved:
- Cost Price (EUR) – the cost
- Actual. (DKK) – the actual value
- Inv. (DKK) – the realised value
Then TimeLog project can analyse a number of key figures such as contribution margin, efficiency, or cost levels in regards to consultants, customers, projects, or other prioritised areas.