Project Permissions: View Financials, Edit Financials, Project Administrator
EARLY ACCESS!
Project financials functionality is now available in Early Access, giving users like you the opportunity to adopt new features early and manage change for your organization. To get started, have an Account Administrator activate the Billing Schedule or Fees per Month feature—or both—from the Early Access page.
Overview
Project financials are crucial for determining project viability, planning budgets, managing risks, and improving future project management by ensuring financial accountability and value delivery. Effective financial management is essential for project success and organizational goals.
Project Administrators—and those with View or Edit Financials Project Permissions—can more easily oversee financial processes for a project within the Financials tab in the project workspace, which can help you identify roadblocks like budget overruns or more resource hours submitted or forecasted than you had planned.
If both features are activated on the Early Access page, there are 2 subtabs available:
- Billing—Allows you to build and manage a billing schedule, so you know when to bill clients for different project billing milestones.
- Fees per Month—Contains a chart and table view that helps you gain insights into actual and forecasted fees in relation to your budget to help you oversee project finances effectively.
Billing Schedule
The Billing Schedule feature gives anyone with View Financials (or higher) Project Permissions clear, real-time visibility into a project’s invoicing and payment-related activities. Managing the Billing Schedule requires Edit Financials (or higher) Project Permissions.
With this schedule, you can:
- Separate your fixed fee billing milestones from your project plan
- Include invoicing dates on your schedule
- Receive notifications when billing milestones have reached the date to invoice
- See which billing milestones clients have been billed for
- Find out which fixed fee invoices are outstanding and possibly overdue
All of this helps you to more effectively follow up on overdue invoices and manage cash flow.
For more information, see the Billing Schedule Overview [Early Access] article.
Fees per Month
The Fees per Month feature gives anyone with View Financials (or higher) Project Permissions clear, real-time insight into fee utilization on the project—with chart and table views that show the forecasted and actual fees in each period compared to your budget. Your forecasted fees are calculated based on the time and expense account settings managed by your Account Administrator.
The chart on this page is a visual representation of your Estimate at Completion (EAC) over the lifetime of the project compared to the project’s budget. You can also see where your budget has increased or decreased based on budget change orders.
In the table, you can look at Actual Fees and Forecasted Fees amounts for your project with a month-over-month breakdown. The EAC information uses the same calculations as in the Project side panel. To drill into the details of what is contributing to your actual fees and forecasted fees, click the Expand icon in the respective column header to reveal additional columns.
For more information, see the Project Financials: Fees per Month [Early Access] article.
Comments
2 comments
A new article is now available about the Financials tab in the project workspace.
This article has been updated to include information on budget change orders affecting the Budget line in the Fees per Month chart.
Please sign in to leave a comment.