Timesheet, Expense Entry and Project Profitability in Dynamics GP – A Wonderful Reality!
Ignify recently took a professional services company in Northern California live on Dynamics GP with time and expense entry. While can be complex - the module carries a lot of options. You have the ability to do Time & Material projects, Fixed Price projects and report time and expense as well as vendor costs to it. In our implementation we were able to provide these 6 specific benefits in an integrated fashion:
1. Implement Time entry for all employees to log time to client projects
2. Implement expense entry for actual expense + things like per-diems. This was a multi-currency implementation spanning multiple geographies. Expenses were converted to the base currency - USD in this case
3. Report to Project managers the project actual cost versus budget of the project at any point of time.
4. Calculate percent complete on a project so that for fixed price project revenue recognition could be GAAP compliant and not driven by billing. For example, if a project is at 50% complete but billing was at 75% GAAP rules require that the revenue recognized be at 50%.
5. Allowed the finance team to defer billed revenue to be recognized at later periods.
6. Measure project profitability by measuring time, expenses and vendor costs on the cost side versus recognized revenue. Be also able to measure unbilled revenue (completed but not billed) and unbilled and unshipped revenue (basically the back log)
The core technologies and applications used were , , Business Portal, .NET and of course SQL Server. All on the Microsoft stack.
The end result - a powerful integrated time sheet, expense management, revenue recognition and project profitability and management reporting system running from Dynamics GP.
by Ignify -
I am trying to find a way to put Hazard Pay through the timesheet entry in projects for employees. I thought as the field tickets come in that have the hours, this would be the best way to immediately enter the Hazard Pay that the employee is to be paid. Any thoughts?
If you’re looking for something a little less sophisticated but still able to track timesheets, expenses and report on project costs, you can try out Timesheet Portal, at . Its a hosted solution so you can get yourself up and running in no time.