Ensure accurate financials throughout the project lifecycle
Seamlessly connect project activities with company financials and ensure accurate accounting and billing throughout the project lifecycle. With a professional services automation (PSA) solution with powerful project financials management capabilities delivered by Rand Group, you can gain complete visibility into and control over your entire services business in real-time.
Manage your project financials with higher accuracy and ease
There are many factors that can negatively impact your ability to recognize every dollar in revenue and accurately account on a project by project basis, such as expenses arriving after the project has been invoiced, untimely 3rd party invoices, and manual or Excel-based timesheets that don’t integrate with your core financial system. The right PSA solution includes powerful project financial capabilities that streamline operations from the moment a new opportunity is identified through project delivery, invoicing and billing, and revenue recognition. Easily automate and manage project revenue in accordance with the latest revenue recognition standards.
Ensure accurate accounting and billing throughout the project lifecycle, streamline time and expense management, and unlock extensive project reporting capabilities. Rand Group is your partner to help you implement a powerful PSA solution with project financials, tailor it to fit the unique needs of your organization, and ensure integration with the rest of your technology stack including your ERP system.
Simplify billing and invoicing
Improve cash flow, save time, and increase efficiency by eliminating manual invoicing and billing processes. Set up automatic invoicing and seamlessly manage billing queues for more precise invoicing and billing with fewer errors.
Improve project costing and accounting
Ensure your organization can better manage projects using timesheets and advanced job costing and reporting. Easily develop and modify detailed budgets to help ensure project profitability and improve your ability to accurately estimate for future projects.
Streamline revenue management
Simplify revenue tracking by automating revenue calculations and allocations while supporting multiple revenue scenarios on a project-by-project basis. Support your organization’s adherence to accounting standards and practices, including revenue recognition with International Financial Reporting Standards (IFRS).
Adaptable billing models
Project billing is a complex process that can vary company by company, and project by project. With a powerful project billing solution, you can centralize, manage, and automate billing from simple services invoices to more complex recurring, time-and-materials, and fixed-fee projects.
Our project billing solutions support multiple billing models:
- Fixed-fee or project-based – bills clients based on an agreed-upon price for project completion
- Daily or hourly rates – bills clients based on the billable time spent on the project at a daily or hourly rate
- Milestone billing – distributes the billing fee amount across the project lifecycle and automatically bills customers once certain project milestones have been reached
- Time and materials – bills customers for time spent on the project as well as any materials purchased for the job
Customer-specific pricing and discounting
Unlock the ability to create both common pricing templates and customized scenarios to support customer-specific deals and contracts. With a project financials solution, users are able to create specific pricing and contract agreements for customers, including specific discounting rules. Some projects have complex pricing requirements and pricing models to give organizations the flexibility they need to bill customers in a variety of ways to maximize revenue. From a simple flat rate to complex volume or tiered, our solution supports multiple pricing models.
- Flat model – allows you to charge customers the same amount each billing cycle
- Volume model – based on consumption where the highest volume tier is applied at a given range
- Tiered model – the rate for each unit of consumption or entitlement tier is applied at a given range
Unlock actionable insights with reporting
Real-time reporting capabilities included in a project financials solution provide easy access to billing and financial data including monthly recurring revenue, total contract value, and customer churn. Get an accurate view of the financial performance of individual projects, review resource consumption and earned revenue in real-time, and monitor project profitability by using revenue recognition and work in progress. With up-to-date and accurate reporting, your organization can make data-driven decisions, eliminate manual processes, and improve collaboration across teams.
Extend your project financials with other solutions offered by Rand Group
Rand Group offers numerous solutions to support your project management operations. Our industry experience combined with years of working with various business technologies positions us to deliver solutions that not only solve immediate business challenges but also provide stability and scalability.
Resource Allocation
Leverage a resource allocation solution to optimize your project staffing and utilization while ensuring the right resources are working on the right projects. Powerful reporting and forecasting capabilities unlock actionable insights into project performance and future staffing needs.
Time & Expense Management
Increase billable hours and enhance employee productivity with a time and expense management solution. Streamline your time and expense processes and integrate your solution with your existing technology stack including ERP solution to ensure every hour worked is billed and every expense is realized.
Dynamics 365 Project Operations
Dynamics 365 Project Operations is an enhanced project management solution for project-centric businesses. This powerful tool connects the entire project cycle from sales to financials to optimize resources and drive project success.
SuiteProjects
From the moment a new opportunity is identified through project delivery, invoicing and revenue recognition, SuiteProjects is a single solution for services businesses to achieve project success.
Related Insights
Overcome financial management challenges and improve your cash flow
Overcome financial management challenges and improve cash flow with Dynamics 365 built by Microsoft and customized by Rand Group to meet the unique needs of your professional services firm. From flexible billing configurations and simplified invoicing to greater visibility into financial performance, you can unlock your organization’s full potential and maximize profitability.
Win more bids, improve deal management, and accelerate project delivery
Dynamics 365 can help your professional services firm deliver exceptional customer experiences that will accelerate sales and drive success across all your projects. With simplified pricing, estimates, quotes, forecasting, contract management, and project management tools, Dynamics 365 will ensure you win more deals and deliver on expected customer outcomes.
Maximize billable hours with Dynamics 365 Project Operations
Maximizing the number of billable hours per employee is critical to maintaining cash flow and increasing profits for professional services organizations. From intelligent resource scheduling to seamless time and expense tracking, Dynamics 365 Project Operations is a powerful tool that can be leveraged to maximize billable hours.
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