Managing financials for a services company is a very labor intensive process. Each month, the following processes and reports need to be executed:
- Payment Processing
- Revenue Forecasting
- Revenue Recognition
- Employee Expense Reimbursement
- Vendor Invoicing & Payments
For many companies, these processes start by gathering time and expense records from various systems and spreadsheets, then grouping them by project and account. For each project, contract terms must be reviewed to determine what charges can be billed and for what amounts. With manual processes, it is very difficult to ascertain whether all time and expenses have been entered, potentially leading to erroneous customer billing, misinformed reporting to management and rework.
Project Pulse provides powerful financial capabilities unmatched in the industry that address these challenges and automates the entire month-end close financial processes. Managing projects to cost and revenue targets is a key success factor, yet, for many companies, this information is only available after the financial process is completed at month end close. Project Pulse provides over 100 financial metrics that are continuously calculated giving project managers and management real-time visibility into the financial performance of their projects and business. Elimination of these manual processes reduces cost of operations, increases management visibility and improves the quality of service provided to customers.
Project Pulse provides 6 different revenue models that support the various ways projects are billed or contracted: