Faster closing of your books with less administrative work
Project accounting worthy of the name. Provides fewer reconciliation problems, automatic coding and a large number of reports.
Copernicus Project Accounting can be compared to a project subsidiary ledger which is a pre-system to your organisation’s ERP system. Copernicus Project creates coding from set up regulations, organisation structure, and code plans. The module also contains a large number of reports for different needs.
Actual reported time
All time reporting is collected in a time bank in Project Accounting that can be followed up separately and either be invoiced or make up the basis for follow up of the project. Worked up time can be coded in both the account and contra account.
Work in progress
Work in progress is the equivalent of stock of non-invoiced hours and expenses for the project at a period change-over. It can have to do with projects on open account as well as fixed price. Copernicus Project contains a function for automatic coding of the change of work in progress according to set up rules and regulations. This makes a monthly closing of the books automated and made effective.
For fixed price projects invoicing is normally entered as a liability and the reprocessing makes up the basis of appreciation until the project is deducted. There is the possibility of handing reservations in the form of result estimations, for continuous invoices as well as fixed price. For fixed price projects there is even functionality for valuation according to the principle for successive profit deduction.
With Copernicus Project Accounting you get a proven book closing process and save much of your time.
Invoices are coded automatically from set up regulations. Copernicus Project also keeps track of and codes advances for fixed price as well as for continuous invoices. There are even functions for deduction of invoiced advances.
If there are several financiers for an individual project, the costs should be divided among these. The division between them can occur in different ways. It occurs through rules and regulations that are set up for the project.
Copernicus Project Accounting contains powerful functions for handling internal dealings. Pricing is calculated per hour or as a percentage of the customer end price. Elimination of internal accounting occurs automatically according to set up regulations. It is possible to handle dealings both within a company as well as between different companies in the group.
With special functions you can reorganise and move co-workers as well as redirect, for example a project shall follow the project owner. All of this as Copernicus Project is constructed to work in a world of constant changes.
Types of transactions
Copernicus Project Accounting can handle the following types of transactions:
- On account
- Result estimations
Adjustments are applied for external projects in order to separate up and down estimations in the project. Result estimations are applied for external projects to make reserves when estimating on-going work.
There are a great number of standard reports in Copernicus Project Accounting. The reports can be taken in different ways and are formed to handle different types of needs. Where Copernicus Project Accounting’s standard reports are not enough there is even the possibility of buying the Business Intelligence module.
The operation can even be followed up in project as well as line perspective. With the help of the reports Co-worker Statistics and Benchmark the line manager can follow up his or her operation and zoom down in the organisation and analyse values as chargeable time, layer able time, internal time, layer able degree, etc. There are even special reports where line managers can follow reprocessing in the project for his or her department. In recent years great importance has been placed on following up and improving the company’s tied up capital. By speeding up invoicing big money can be saved. Profitability and the contribution margin can be analysed from the deal, individual project, type of work, product, customer, the line organisation as well as statistical concept.
Below are some examples of how follow-up can take place:
The operation can be followed up from an organizational perspective, for example from co-worker statistics with key rations such as debiting degree and with hours and money in comparison with the budget and the previous year.
The operation can also be followed up from a customer perspective, where you can see the key ratios as contribution margin, reprocessing and invoicing for the customer and all of the customer’s different projects. All of the customer’s projects can also be followed.
It is also possible to follow-up the operation from a product perspective, where by the project is tied to the product, which in turn can be connected to product groups.