Need a modern solution to comply with demanding customer contract terms, conditions and billing requirements that will allow faster customer billing? Use the following modern best practice that leverages mobile, social and analytics technology enablers as your roadmap for efficient, data-driven financial project management to comply with your customer contracts, while billing customers faster over the contract lifecycle.
Simplify contract creation with template-driven processes. Ensure billing & revenue recognition compliance while allowing project management autonomy.
Automatically generate external and internal invoices for scope of work according to contract terms, based on the costs incurred, milestone/percentage, business rules, etc.
Manage invoices, resolve processing exceptions and preview pro forma invoices via a centralized work area. Summarize costs from multiple sponsored projects/ contracts into one invoice.
Transfer invoices to Receivables for processing and collection. Support customer specific currency and accounting representation requirements.
Generate external, inter-company, or inter-project revenue and recognize revenue in line with financial regulations (e.g. GAAP). Perform revenue trend analysis based on real time progress (e.g., expenses exceed contract, contract exceeds expenses).
Amend customer contracts with date-effective changes. Reflect new contract terms in applicable transactions.