Does every call from your banker start a financial reporting race?
How Does it work?
Q360™ supplies Project Accounting that connects project tasks to company financials. Q360™ is a Business Process Management (BPM) tool that does accounting — Not an accounting tool that tries to support and manage a business.
For controllers and accountants, nothing is more important than knowing that the financial data available is accurate, accessible and audit-ready.
If you use business management software that is not project based and incorporates project accounting, you escalate your administrative costs. Information isn’t shared and it isn’t easily accessible therefore it slows down employees and impacts their work as well as the project’s profitability. Just recording transactions only allows a historical view of the transaction.
When you streamline time-consuming complex financial processes into a centralized business process, you can:
Q360™ encompasses all aspects of making a billing process more effective in your multi-dimensional business.
Producing an invoice at the end of the day is elementary, constructing it accurately can be an effort. Producing an invoice that is accurate, timely and is easily defended is more difficult. Because Q360™ is a true single solution, accounting is part of its core system. Invoices are automatically produced from various areas in the software as a by-product of people doing their work.
Margins are shrinking on material so any unnecessary time spent in your warehouse or not in possession of the customer is a waste of money. Another growing area of expense is with unnecessary shipping. One contributing factor to this waste is the disconnect between the Project Management Office and Accounting‘s procurement team. This disconnect often leads to material being purchased to early on a project or the wrong material being pre-ordered before engineering work is finalized.
One of the biggest contributors to reduced cash flow is a delayed billing cycle.
In a business that makes its money through Professional Services a pinch point is often the bridge between operations and the financedepartment. As more business units have to account for their own gross profit, time is being split in more complex models. Time must be categorized between one-off project work, service contract and other forms of recurring revenue, block time and other creative new billing scenarios.
The revenue principle of GAAP requires revenue to be recorded in the period it is earned regardless of when it is billed or when cash is received.
Q360™ automatically tracks estimated costs and revenues, actual costs and revenues, total billings and percentage complete and keeps them in line, as close to real-time as possible.
Q360™ addresses these needs