Oracle Modern Best Practice helps you bill customers faster while complying with demanding customer contract terms, conditions, and billing requirements. Leverage mobile, social, and analytics to recognize your project revenue sooner. Use the following modern best practice as your roadmap for more efficient and data-driven contract creation and management.
Perform simplified, template-driven contract creation. Automate billing and revenue compliance while ensuring project management autonomy.
Generate external and internal invoices to bill scope of work according to contract terms. Use latest published progress to improve billing accuracy.
Manage invoices, resolve processing exceptions, and preview pro forma invoices with tax calculation via a centralized work area. Summarize costs from multiple projects/contracts into one invoice.
Transfer invoices for receivables processing and collection using global enterprise support for multiple currency treatments and accounting representations.
Generate external, inter-company, or inter-project revenue and recognize revenue in line with financial regulations. Complete real-time revenue trend analysis.
Amend customer contracts with date-effective changes. Automatically adjust transactions to reflect new contract terms on a retroactive basis.