Project Portfolio Mgmt Suite > Project Financials

• Progressive Billing Flexibility

TaskHub Project Costing gives you the flexibility in configuring the billing

method depending on the contract between you and your customers.

Revenue will be accrued and you can generate invoices either by project,

by phase and/or by cost items.

 

Billing by project gives you the flexibility to simply indicate the amount or

percentage of whole project you want to invoice. Billing by phase is suitabe

for companies whose project execution can be distinguished and planned by

stages and customers who prefer to tie billing to completion of phases. Cost

item billing is straight forward as you only bill when the material is

delivered or service is rendered.

 

TaskHub Project Costing tracks all billing and cost status like contract value,

previous total billed, outstanding to be billed, budgeted cost to preempt you

for projects with forseeable loss/profit so that you can take reactive actions

to rectify the situation.

• Retention Billing Tracking

Some projects and industries require retention billing. TaskHub Project

Costing allows you to define the retention amount and a separate account

for the unbilled retention amount. The retention amount will be tracked

whenever you generate an invoice. You can set a fixed maximum retention

figure allowed for a project. This process is automated to save you the

tedious process of deriving the amount to be retained for each invoice.

Subsequently, you are able to convert these retained values into Invoice

upon project completion.

• Accurate Accrual of Revenue

You can manage all of your accrued revenue in real-time. TaskHub Project

Costing will help you to automatically handle the accounting double entries

whereby your expenses and revenue will be posted into Work-In-Progress

(WIP) and Unearned Revenue accounts so that you can recognize the

revenue and expense, and hence profit, of your projects at any time

throughout the course of a project. If your projects generally take several

months and years to complete, you may like to recognize your revenue and

expenses by percentage of completion. There are two methods you can

recognize your project: partial and cost to date. Partial let you specify the

amount you would like to recognize. When cost to date option is selected,

system calculates the actual cost to date in the system and recognizes it

accordingly.

 

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