Accounting for Every Penny Because Time is Money
Crown Time Accounting has been designed to allow organisations to account for labour time and also invoice or cross charge the costs.
It is therefore ideal for organisations that need to charge for time worked by people on specific projects, jobs or contracts. With Time Accounting, revenue leakage can be eliminated.
Time can be recorded minute by minute and, as it links to Crown Time and Attendance, it automatically reconciles against attended time. The module utilises Crown Activity Management to validate and store the time recorded against predefined booking codes for each employee.
- Eliminates revenue leakage
- Supports a wide variety of charging structures
- Simplifies the booking process
- Powerful reports engine provides a wide variety of reporting functionality
- Interfaces with financial accounting systems for easier management
Flexible Charging Structures
Crown Time Accounting can be set up to help manage a variety of different charging structures such as time and materials and fixed price contracts to reflect your needs and those of your customers. Project structures offer a high degree of flexibility and configuration to match requirements and simplify the management and analysis of multi-tiered projects.
Call Off Service Charging
Time Accounting can support services undertaken by employees which are charged against an agreed rate per hour. The charge is automatically generated by Crown WFM using the time booked against the relevant activity code. Organisations can predefine the scope of the service in advance and reflect this in the booking codes, e.g. Emergency IT Support, Contracting and Consultancy.
One-Off Service Charging
In some situations, organisations will wish to charge for employee time based on a fixed charge for the provision of a service in a single episode. Crown Time Accounting allows users to enter this information where the service and charging structure has been agreed in advance, such as training courses.
Project Service Charging
Crown Time Accounting also allows organisations to account for a group of activities completed by the employees for a customer contract that can be charged at an agreed fixed rate. These are likely to be large-scale projects that will operate over a period of time such as product development. Budgets can be predefined to which charges will be allocated ready for analysis and billing.
Repeated Services Charging
Where a single service recurs over a period of time, a fee can be predefined and applied to the activities undertaken by the employees. An example would be charges relating to an annual maintenance contract. With the information available, the organisation can charge for the activity as well as analysing the profitability of the contract over the time period. Subsequent charging structures can then be adjusted accordingly.
In many organisations legitimate expenses, such as travel or accommodation, need to be charged alongside the employee time and these can be entered against the contract or project. With Crown Time Accounting these charges can be grouped with the time charges and produced as one single invoice for the customer.
Non Chargeable Items
At times work will be completed for which no bill will be raised. Crown Time Accounting allows the activity data to be recorded but it will appear as a non-chargeable item on the invoice. In this way both the organisation and the customer can see what work has been undertaken whilst managers can view non-chargeable items and make adjustments to future policies and contracts where necessary.
With manual timesheets and simple systems, there is always room for error. Completed timesheets are essential to charge clients or cross charge other departments but often they arrive late, incomplete or even incorrect.
Crown Time Accounting empowers employees by offering greater precision, accountability and flexibility and by allowing them to complete electronic timesheets either via a web page. Managers can predefine the activities that can be booked by each person to simplify the booking process.
Employees can automate the input process when completing recurring activities or enter them individually. To help them, the system will show them when they were away from work and which items are chargeable as well as allowing them to enter associated expenses.
Once time sheets have been completed, they are matched against the attendance record for each person – if there is a discrepancy the system will flag the record for management intervention. The system will also highlight where timesheets are missing for periods where the employee is known to have worked and notify them via Email.
Each time sheet will then be presented for approval by the manager or supervisor. Once approved, time sheets are consolidated for each customer ready for billing. During the approval phase, charges can be deferred or written off if required. With reviews available through the charging, billing and invoicing phases, your customer can be assured that their invoice truly reflects the work completed.
Viewing Work In Progress
Crown Time Accounting supports the calculation of Work In Progress (WIP) where WIP equals Work Achieved minus Work Billed. This allows a realistic financial position to be calculated for the organisation. The WIP calculation can then be recorded within Crown WFM against specific projects, jobs or contracts and up-loaded to the Financial System in the form of balances and movements.
Reporting and Enquiries
A powerful reports engine within Crown Time Accounting provides a wide variety of reporting functionality.
Interfaces to Project Management and Financial Systems
Crown Time Accounting has been designed to interface with existing project management systems, such as Microsoft Project, and billing and invoicing systems for easier management. Integration is available for most Financial Accounting systems as well as industry standard HR and Payroll systems.