Unanet Project Billing provides Invoicing and Revenue Recognition functionality with robust support for Fixed Price, Time & Materials and Cost Plus contracts. Through automating the professional services “bid-to-bill” lifecycle, Unanet allows organizations to forecast and track revenue across different contract types, shorten invoice cycles, and provide authorized managers with real-time insight. By providing a single integrated system to manage the entire services bid-to-bill cycle, disparate standalone systems can be replaced, resulting in greater productivity, fewer errors, and lower costs.
PROJECT BILLING SOFTWARE BENEFITS
- Billable expense markup ensures company or project-specific markups can be applied.
- Manage different contract types including Time & Materials, Fixed Price, Pre-Bill Labor and Cost Plus.
- Estimate and record what is billable, billed and earned.
- Enable review of draft invoices by project management roles.
- Manage bid-to-bill lifecycle in Unanet, or feed data to other systems
- Feed other systems with accounts receivable, or journal transactions at summary or detail level.
- Flexible invoice formats per project to reflect client needs and level of detail.
- Increase invoice approval speed and decrease the time to collect cash.
BILLING AND REVENUE RECOGNITION SOFTWARE FEATURES
- Create project billing and revenue recognition schedules for Fixed Price items.
- Recognize revenue "as billed", based on percent complete, or on a custom schedule.
- Bill items on task or project completion.
- Issue invoices for labor in advance of work being performed.
- Earn revenue associated with pre-billed labor based on approved timesheets.
- Automatically bill labor in arrears once Pre-Bill amounts have been earned.
- Create multiple, standard invoice formats to be used across projects, showing summary or detailed level information.
- Hide or show Cost Element detail on Cost Plus Invoices.
- Include Fixed Price, Time & Materials, Pre-Bill Labor, and Additional Items on the same invoice.
- Defer items from the current invoice for future invoicing.
- Add one-time items such as additional fees or discounts.
- Comprehensive reporting on the billing and revenue status of items at summary and detailed levels
- Calculate billable and earned amounts for individual or many projects in a single step, with preview and drill-down to detail before committing data.
- Export journal entries, accounts receivable, fixed price schedules, billable hours and other data to downstream systems.