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Tenrox Introduces Automated Revenue Recognition and Reporting with its Project Workforce Management Release 9.22
New project-based revenue recognition replaces spreadsheet-intensive, manual revenue reporting, work-in-progress tracking, and revenue adjustment processes
Pasadena, California - August 26, 2008
Tenrox announces the general availability of Revenue Manager with its 9.22 release - latest version of the company's Project Workforce Management solution. Revenue Manager is an optional component of the Tenrox Cost and Accounting module. Revenue Manager defines project-based revenue recognition policies including time & material, percentage complete and fixed price scenarios. The Tenrox system then reports on project revenue and automatically makes accounting adjustments as projects are billed.
Tenrox Revenue Manager facilitates the work of controllers and project managers by removing the need for complex spreadsheets, error-prone journal entries and manual processes. Project managers will appreciate that they can now associate the appropriate WIP (work in progress) accounts for all their project billing including time, expenses and charges to bridge the gap between project management and financial reporting. Transactions for accrued revenue are automatically posted to the user’s financial system and WIP accounts are adjusted as actuals are invoiced. Revenue Manager also provides revenue recognition with line-item visibility and detailed reports to support internal and regulatory compliance requirements.
“ERP and accounting software packages do not accommodate project-based revenue recognition, forcing companies to manage revenue with spreadsheets or other custom-developed software that isn't integrated with their core accounting system. Tenrox Revenue Manager allows companies to automate the accurate calculation and reporting of revenue including instant adjustments as actuals are invoiced, providing better data integrity and real-time global visibility.” explained Rafat Hilal, Vice President of Research and Development, Tenrox.
Availability
Release 9.22 of the Tenrox Project Workforce Management Solution is now shipping and is available on-demand or on-premise directly from Tenrox or through the company's partner channels.
Tenrox offers certified out-of-the-box connectors to all major financial applications such as Sage ACCPAC, ADP, Paychex, QuickBooks, Great Plains, Navision, PeopleSoft, Oracle and SAP, and to CRM applications such as salesforce.com and Microsoft CRM.
About Tenrox
Tenrox online project management software solutions empower client companies to meet the challenges of globalization, enterprise fragmentation and increased regulatory scrutiny. Available on-demand or on-premise, Tenrox solutions have served more than 800 organizations in 50 countries, maximizing project and resource management efficiency, data security and reliability. Since 1995, Tenrox has been offering its project management software tools to several, high profile clients such as GE Infrastructure -GE Fanuc, Rio Tinto Alcan, E*TRADE Financial Corp, Blue Cross Blue Shield NC. Alstom, IBM, SNC Lavalin, Hydro Quebec, Pioneer Natural Resources, Westinghouse Rail Systems, SAS, Thales, US Army, The Pentagon, Talisman Energy, Oxfam, Thermo Fisher Scientific, Estee Lauder and Wyeth. Tenrox project management software is available through direct sales channels and a network of worldwide partners. For more information about the company or its award-winning family of products, go to www.tenrox.com.
Media Contact:
Marie Melchiorre
Tenrox Public Relations
877-483-6769 Ext. 4603
publicrelations@tenrox.com
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