Project Cost and Billing Software

Workflow-driven project cost and billing software automates project financial reporting, chargeback and invoicing; connects your sales, project delivery, financial systems and teams

• Can I quickly identify underperforming projects?
• Are we accounting for all project costs and billing?
• Can we bill faster and more accurately?
• How can we automate our project revenue recognition policy?

Tenrox project cost and billing software has been designed to automate your entire time and billing, cost and revenue reporting process.

Chargeback cost reporting: Accurate chargeback reports provide you with instant cost visibility so you can recover project costs, fairly charge back other departments for accessing your services, measure shared resource consumption and justify your future budget requests.

Billing: The most important document you send to your client is the invoice. Keep their trust and good faith by making sure it is timely, accurate and reflects your true efforts. With certified connections to your CRM and accounting system, an opportunity in CRM becomes a project in Tenrox where it is planned, budgeted, tracked and billed. Detailed or summary project cost and billing information is then posted to your financial system’s accounts receivable, accounts payable and general ledger modules. Dashboards, reports and notifications provide instant status updates and improve collaboration with your sales, delivery and accounting teams.

Highlights of Tenrox project cost and billing software:

• Flexible billing rules including hourly, daily, fixed, cost plus, and date- or state-based milestone billing
• Full multi-currency support for all cost and billing rules
• Set budgets for project cost and billing; setup notifications when certain budget thresholds are reached
• Optional workflow-driven approval of pre-bills and chargeback reports
• Client portal to view project status and pre-bill information
• Define Service Purchase Orders (PO) associated to a project to generate pre-bills and track billable work against each PO. Billable time, expenses, products and money charges can be capped for a specific PO. Project managers can set consumption order for multiple POs per project and be notified when a service order has been consumed or is about to run out
• Setup your invoicing cycle, your invoice templates, and create invoices for customers and projects based on your criteria and specify which items to include
• You have to bill many customers every month for billable work. Scheduled multi client invoicing allows you to schedule a batch of invoices. You click a button and go about your other tasks. The Tenrox project billing system creates all the invoices for you in the background, based on your invoicing cycle and criteria, and sends you an email when they are ready
• Automatically calculate revenue for time and material, fixed price, and percent complete projects; updates work in progress (WIP) accounts; adjusts WIP as actual project billable work and expenses are invoiced

Integration

Cost reporting: Chargeback reports provide detailed project financial information that are rolled up into your accounting system’s cost center accounts for accurate cost allocation. Tenrox has extensive experience with integration challenges such as cross company charging, GL segmentation, and work in progress adjustments.

Billing: Tenrox project cost and billing software tracks your detailed project time and expense entries. Project financial reports such as pre-bills and charge-back reports can be created at any time with a click of button; they can also optionally be put through an approval process and posted to your financial system. There are a variety of options to map any customer, project or task to your accounting system’s general ledger (GL) accounts or segments.

Click here to learn more about all of the enterprise systems Tenrox integrates with.

Tenrox project cost and billing software substantially reduces costs and streamlines the billing process

Deploying simple and effective project cost and billing software is one of the fastest ways you can create tremendous value for your organization. Automating the project billing and cost reporting process, and streamlining chargeback and invoicing activities empowers your project and service teams to focus on more important tasks such as faster billing and collections, improving customer satisfaction and access to powerful project financial reports and analytics that leads to better decision making.