When projects are defined, they are set with a billing type. customizable for your organization. The standard types include Time and Material, Not-To-Exceed, Fixed Price, and Value Added Resale. Each of these types causes a different invoice to be generated. Time and Material type projects put actual time and timecard descriptions and actual expenses and descriptions on invoices, which can be generated at any time by users with the correct permissions. Fixed Price or VAR projects use billing milestones- the time, expense, and material records do not appear on the invoice, but only approved milestones. These are usually tied to events, such as "project kickoff" or "testing complete". Project managers or their delegates "achieve" a milestones, allowing them to be invoiced.
Each billing type has its own invoice, and each is customized with your company's logos and standard instructional statements, and can optionally include additional fees for payment via credit card. Authorized users can view reports on invoice status including invoice balance and days overdue. When clients pay invoices, your accounting staff can receive and record the payments.
Profusion automatically creates invoices. These invoices list the time and expenses in detail such as hours/quantities, rate/cost, resources, the date and description of the expense or labor charge. Fixed price (milestone based) projects can be invoiced when project managers mark milestones as achieved; this makes them billable, and they will appear on the invoice creation screen. These invoices do not show time, material, or expense details, but only the milestone description, percentage of the total, and the amount billed.
These Invoices also include optional credit card fees, if enabled in organization and project setup. Payments are received against invoices and the statuses of invoices are updated live, including calculation of days late.
Statistics Calculations and Report Generation
Profusion uses Invoice and payments amounts to create organization statistics report. The calculation includes information on business transacted and payment performance for a specific time period. The statistics is represented in graphical format which plays a major role in emphasizing and clarifying results and data. The reports also help to understand trends and correlations in a simple way than text. It also summarize the data by reducing it to a manageable size for presentation.
The invoices can be filtered based on client or status of project. It can also give information on what current and overdue invoices are outstanding. Profusion also gives a list of voided invoices and voided payment.
• Issue print-ready PDF invoices with customized logo and content to clients
• Void an invoice, making the included items invoicable again
• Void a client payment, making the invoice payable again
• Write invoiceable items up or down- for example to conform to a client request- prior to invoicing
• Review payment status of invoices