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TimeSheet Professional will value and report on work in progress at the touch of a button – to the previous month end, to the current date or to any other date. As well as for financial accounting and year-end accounts, work in progress valuations can be useful in management accounting, for revenue projections and cash flow projections.
TimeSheet’s reporting can use relative dates. So, once any work in progress report templates that you require have been defined, you simply run the report that you require and TimeSheet will handle the dates, automatically.
TimeSheet can handle a variety of billing methods, excluding billed jobs or projects or excluding billed phases or stages from work in progress. And if you part bill, then TimeSheet can even work at an individual time entry level, excluding billed time entries from your work in progress reports.
You can value work in progress at any one of a number of rates, depending upon your needs. So, for instance, you can value work in progress at charge out rate, direct cost rate or full absorption cost rate.
You can also automate work in progress posting. At it’s simplest; TimeSheet can be configured to produce a file ready for input into your financial systems. Alternatively work in progress posting can be included in an integration, posting directly to your ledgers.
If you use TimeSheet for expense capture, then, of course, all your work in progress reports and any posting files or integration can also include expenses, as well as valued time.
Contact Us now and find out how TimeSheet Professional provides an easy-to-use, efficient and effective solution for work in progress valuation, reporting and accounting.