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Home | News | Press Releases | 2008

Press Releases


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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Testimonials

"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

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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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