Growing your organization takes a healthy cash flow. With this modern best practice, you can streamline the billing and revenue recognition process by leveraging mobile, analytics, and social. Configure rules to automate billing and revenue transactions according to business policy. Reconcile discrepancies and resolve exceptions through secure social collaboration. With analytics accessible on any device, get up-to-date project P&L and make needed contractual or budgetary adjustments.
For billable projects, review agreement terms and establish automated billing while enabling project management autonomy.
Generate internal or external invoices to bill for scope of work for billable projects. Review pro forma invoices with tax calculation prior to release.
Transfer invoices internally for receivables processing and collection using appropriate currency treatments and accounting representations.
For contracted projects, compare budget and contract terms with actual costs and trends to determine current and forecasted profit or loss margin.
For contracted projects, adjust transactions to reflect the terms and amend the customer contract according to the agreement on date-effective changes.
For revenue-generating projects, recognize revenue in line with financial regulations. Perform real-time revenue trend analysis.