Project management software, Project tracking system, Project planning tool Project Management Software by Tenrox for online resource management & scheduling, project planning, time & expense tracking, project billing & cost reporting.
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Project management software, Cost accounting, Project tracking system

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Professional Service Timesheet

Term Definition
A Professional Service Timesheet is used to track time and expenses for professional services, which are then billed to the client. A timesheet improves project execution, decision-making and compliance with labor and government regulations. A professional service timesheet can be manual, electronic or part of an integrated time tracking software. Professional service timesheets enable you to track items such as an employee's time, project costs, profit margins, the current state of progress on the project, and materials cost. A professional service timesheet is a record that you can use to bill the client, and as a historical record, to find out how much time and money you spent on a project, which can help you to accurately quote similar projects in the future.

Billing in professional services organizations depends on detailed time and expense data. This data is tracked and then billed to specific customers. The data is tracked through time and billing applications, which can be manual, electronic, or web-based. Time and billing software is often used and is helpful to organizations with little to no product inventory to sell and maintain.

Small to mid-sized companies use spreadsheets to track work, expenses, and leave time. The information is then reentered or manually imported from spreadsheet files into the company's accounting, payroll and project systems. This process is highly error prone and can result in significant payroll and billing errors and lost or duplicate entries; consolidating this kind of data later, frequently results in conflicts and errors that are often difficult to identify or address. A time tracking software that is integrated with your accounting system and provides point of entry data validation, policy-based approval, and notification setup will eliminate such errors. Studies have shown that eliminating duplicate systems, manual processes and entry/approval errors can save you up to 3% of total payroll costs and increase your billable hours by as much as 4%.

Area of Application
Project Management
Time and Expense

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Recording

“We already have a process – Why doesn’t it work?”
Guest Speaker : Randy Mysliviec, CEO, RTM Consulting


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"Tenrox is the most robust and forward -thinking project workforce management product I have seen for addressing our project workforce management, billing and cost accounting needs. We expect a full return on our investment in less than six months, just for the first phase of implementation."

Russ H.
EVP and Co-founder
Synteract

Tenrox web based enterprise project management software is a modular solution that helps simplify your, project planning, project tracking, project accounting, expense tracking, enterprise resource / capacity planning, and time and billing.

Traditional project planning and project management software tools put the burden of creating and updating project plans on the managers shoulders. Tenrox makes your project planning and management quicker and easier by using simple and effective workflow tools to help you get the job done quicker and easier.

Our online business project planning and project accounting system is workflow-driven and replaces the spreadsheets and band-aid applications that leave your project-driven work force and processes disconnected. With work breakdown structures to mirror the way you do business, Tenrox allows you to easily map your projects to your corporate structures: Capture and track project data at any level of detail, mirror every business operation area with distinct functional and approval hierarchies, and summarize or drill down into your project workforce financials. Tenrox is the perfect online enterprise project management software solution to align your projects and workforce with your business goals.

With online project management tools by Tenrox, you obtain real-time information on costs, expenses, revenue, profits, project status, schedules and issues, ensuring successful project management planning and delivery. Tenrox Project Workforce Management Software meets the needs of both service organizations for professional services automation and for internal project management offices so you can manage and view both process and financial impact in real time.

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