PROJECT BILLING
ProjectStream 365 supports a wide range of project-based automated billing functionality to ensure accurate and timely billing. Clients are invoiced according to agreed-upon terms, such as milestones, time and materials, or fixed costs. Project Billing helps track revenue, manage cash flow, and align project costs with payments received. ProjectStream 365's project billing also aids in maintaining budget control, ensuring transparency for stakeholders, and minimizing disputes by keeping records clear and consistent throughout the project lifecycle.
PROJECT BILLING CYCLES
Project Billing Cycles allow for both batch and recurring project billing functionality. Once established a billing cycle record can be associated to one or more Projects or Service Agreements. ProjectStream 365 billing cycles create a structured and consistent approach to invoicing and revenue recognition. They ensure that billing aligns with project progress, milestones, or timeframes, helping to maintain cash flow and reduce financial risk. Regular billing cycles provide transparency and predictability for both project teams and clients, making it easier to manage budgets, forecast revenues, and track financial performance. This cycle-driven approach improves accountability, reduces delays in payments, and fosters stronger relationships between stakeholders by ensuring financial clarity throughout the project.
GENERATE CYCLE BILLING
Cycle Billing allows for batch billing of multiple projects or service agreements at once. It also allows for recurring billing functionality. By automating the creation of invoices based on predefined cycles, such as monthly, milestone-based, or time and materials, ProjetStream 365 ensures timely and consistent billing, improving cash flow and financial management. The automation also enhances transparency and accuracy, as invoices are generated in alignment with project progress or time tracking, helping to maintain client trust while allowing project managers to focus on more strategic tasks.
AIA PAYMENT APPLICATION
ProjectStream 365 supports the AIA billing method with several configurations and functions. AIA billing is configured per project. There are several configurations and displayed data for AIA billing on the Settings tab when viewing a project. AIA is enabled/disabled for a project with the Is AIA Billing toggle, located in the Billing section. Also in the Billing section, the Accounting Method field can be set to When Performed; and progress can be calculated using a Standard or Forecasted percent complete calculation by setting the Percent Compete Calc option list field.