Automate your Timesheet and Expense Billing with our Advanced Contract Management & Billing solution. The Contract Management and Billing solution provides organizations with the ability to seamlessly automate the time and expense billing process through the implementation of fixed price, milestone, capped, advanced and time and materials billing.
The Expense Management functionality has been specifically designed to provide organizations with a disciplined approach to expense management. The solution is quick and easy to use and is highly configurable enabling the most complex of expense management requirements to be modeled in the solution.
- Implement Fixed Price, Capped, Advanced, Milestone and Time and Materials Billing
- Simple and easy Time and Expense capture
- Allocate Multiple Contact Lines and Purchase orders to each Contract
- Full contract change auditing
- Multiple contract statuses including Draft, Open and Closed
- Easily write off and defer Time
- Multi Currency enabled
- Easily allocate time and expenses to contract lines
- Seamlessly Integrate with third party Accounting and Finance Software
FIXED PRICE BILLING
Our solution enables you to fully automate the billing of fixed price projects. For fixed price projects, the price agreed for the work and the billing schedule determining dates and amounts for billing can easily be entered as a series of contract lines. Contract lines can be entered to cater for fixed price time, fixed price expenses or an overall fixed price for the project. Billing frequency can also be specified enabling users to easily create daily, weekly and monthly fixed price invoices.
"Within weeks of implementing Atlantic Global we were able to identify and re-classify up to 30% of unallocated effort to purchase order projects ready for internal and external charge back."
For many organizations Milestone Billing is becoming more prevalent as customer demands dictate that payments should be aligned to the delivery of specific project milestones or deliverables. Our solutions Advanced Contract Management functionality allows contract lines to be aligned with solution deliverables; this ensures invoices are generated as achievement targets are met. Linking contract lines to deliverables ensures there is an extra level of accountability in your billing process as before any invoice is generated the deliverable owner must confirm that the deliverable is complete in order for the deliverable to be invoiced. To facilitate Milestone Billing, our Strategic Planning module includes comprehensive delivery management functionality whereby deliverables can be specified and tracked.
BENEFITS IN BRIEF
- Fully automate the billing of time and expenses
- Reduce Billing Errors
- Improve Customer Satisfaction
- Reduce administration and reimbursement time
- Improve Cash Flow
- Gain a real time view of profitability, work in progress and revenue recognition
TIME AND MATERIALS BILLING
Where organizations require to bill on a time and materials basis, Atlantic Global’s long history of delivering comprehensive time and expense management solutions has ensured that the Atlantic Global Solution includes the essential components required to fully automate time and expense billing. These key components include simple time and expense entry, the ability to specify chargeable and non-chargeable work, automated charge rate calculation and comprehensive project and line management approval processes.
To automate the time and expense billing process, actual hours spent on projects and any expenses or disbursements are collated and charged out according to agreed charge rates or uplifts. To facilitate the accurate billing of time and expenses our solution includes many unique features including Professional Days. Professional days enable the definition of the number of hours that equate to billable days. For example 0 to 3.75 hours may equate to 0.5 billable days. By utilizing Billable days our Solution removes the need for organizations to either write off large volumes of timesheets or adjust invoice lines to account for the difference in the number of hours recorded versus the actual days that can be billed. Professional Days can also be capped, meaning any time recorded over a set limit of hours will not be counted as chargeable.
For many organizations there are many deviations away from the standard rate card during contract negotiations, to avoid cluttering the solution with numerous charge rates per contract our solution includes a comprehensive Project Charge Matrix which enables different charge rates to be specified on a project by project basis. In addition, resources can easily be allocated to a different charge rate based on their role, for example, during negotiations you may agree with the client that a named resource charged at a senior rate is only going to be charged at the standard rate on this project. Using the Project Charge Matrix the application of this type of rule is extremely easy to implement on a resource by resource basis.
"All information is now sourced from one central repository, which had the immediate effect of reducing billing rejection rates from 29,000 to Zero".
Our solution provides the ability to set a limit to the amount of time and expenses invoiced against a contract line. Contract lines can be generated to enforce billing caps on Timesheets, Expenses or the Total Billable amount. Dependent on contract terms, organizations can bill time and/or expenses on a time and materials basis until the cap is reached. With our solution you can enforce that no more time or expenses are billed once the cap is reached. In such circumstances any time and expenses exceeding the cap can then be deferred until the next billing period or written off dependent on the type of agreement in place.
Companies who have agreements with clients for monthly standard service charges, maintenance fees, or recurring costs such as license fees, can create a billing schedule to deal with such disbursements automatically in our solution. For recurring costs such as license fees, unit values and the number of units can be specified in-order to provide an accurate breakdown of everything included in an invoice. Billing Frequency can also be specified to define the time period of each cycle.
Our solutions Advanced Contract Management functionality enables organizations to easily manage and track Advanced Billing. Contract Lines can easily be created for upfront invoices and should a client pay an agreed amount in advance for project work, the solution will match any time, expense or disbursement against this figure and alert the user of the status.