Managing project finances is hugely important and effective management can make the different between project success and project failure – often with significant cost implications.
Project based reporting from financial management systems is often, time consuming, difficult and very frustrating. Hours spent manipulating spreadsheets when you could be concentrating on other aspects of your job.Product Dossier’s project financial management software “TouchBase” has been developed to give you tight control over your project finances and takes away all of the hassle out with its flexible project financial reporting.
ProductDossier was started in 2006 by a group of extremely passionate professionals from global corporate background.
The four co-founders realized very early that businesses across the world were transforming towards the ‘projectized’ way. Powered by this foresight, the founders envisioned that companies needed software solutions that were holistic and not restricted to traditional dimensions of scope, schedule, and cost.
Over the years, ProductDossier has received a tremendous positive customer validation to the value it delivers – leading to the adoption of its solutions in thirty-plus countries across geographies.
Setting budgets is very important and with TouchBase it is easy to both set them and track performance against them as projects progress. Different budget types can be set against a project and these can be tracked visually with graphs.
TouchBase rolls up budgets from individual projects providing you with not only project level budgeting, but program, department and even organisation level
If you need very accurate project financial control, TouchBase allows you to profile planned and actual expenditure against tasks. This means you can spread costs incurred across the duration of projects and tasks – you can do this evenly, front or back loaded or even a totally bespoke profile. As with budgets, “TouchBase” rolls up to expenditure profiles to project, program or portfolio level, graphically showing you combined planned weekly, monthly or annual spend.
TouchBase simplifies project invoicing. by allowing you to produce and consolidate project invoices based on your organisations requirements. This enable you to:
Calculate time spent on a task, project or program with the cost per hour of using that resource. Invoices will be generated against the task, project or programme. Improve the visibility and management of a cashflow. Automatically and easily generate invoices via TouchBase.
The first stage is revenue recognition based on customer acceptance of project deliverables. A top-class project financial management tool integrates project progress with revenue recognition making life easy for business leaders. Imagine the chaos when project progress and revenue recognition are tracked and managed separately. Corporate hell is not very far! Added to this is the complexity of different rules associated with revenue recognition based on contract types such as fixed price, cost plus, time & material and combinations thereof.
The second stage is raising customer invoices. Conflicts due to mismatched work completion and customer billing – between the project team and the finance teams. It requires a lot of financial reconciliation before matters are sorted out. With a top-class project finance management software, rules can be defined to link work completion and raising invoices and automate invoice generation.
A top-class project finance management tool within an overall project management solution makes revenue recognition and customer invoicing a breeze!
Touchbase Project Cashflow Management functionality takes the guess work out of managing project cashflow by giving complete visibility of all outgoings for a project or a program of multiple projects. Get full control of your budget highlight expenditures that can be incurred for the remaining budgetary period.
ProductDossier – The makers of TouchBase PPM solution, that is configured specifically to the needs of your industry and organizational standards & processes. TouchBase is designed uniquely for external customer projects, new product development, and internal initiatives. TouchBase supports multiple project management approaches such as predictive, agile, and hybrid. TouchBase digitizes your project management landscape, offers holistic solution to your project management needs, and integrates with your existing enterprise applications such as ERPs, CRMs, Accounting, and others – to deliver one version of project management truth!
source : productdossier
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