Project Partners Blog


Posts Tagged ‘Project Portfolio Mgmt’

A FRESH APPROACH TO ORACLE CAPITAL PROJECTS AND FIXED ASSETS

In this webinar, we’ll discuss how to move beyond to drive efficiencies and reporting accuracies with a fresh approach to Oracle Capital Projects, fixed assets, and showcase how Project Partners successfully delivered this solution for a customer that is using a third party fixed assets system to manage their capital projects.

We Invite You To Join Us And Learn More About This Powerful Solution:  

• The Capital Projects functionality delivered in Oracle Project Costing has enabled many of our customers to take advantage of the native integration to Oracle Fixed Assets

• However, there are industries that require a greater level of detail, control for estimating and allocating asset costs

• To address this, our team developed a solution that supports the need for greater level of detail, control of asset costs and allocations – which we will review and showcase for you

REGISTRATION OPEN NOW

Register today, and feel free to review our resource library and services overview at www.projectp.com.  HAVE QUESTIONS?  Need more information about this Webinar or other services  – We’re here to help!

Schedule a Consultation:
Phone: #1.650.712.6203   Email: cfryc@projectp.com

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Project Partners, Oracle Platinum Partner, and global leader in optimizing business processes and IT investments within project-driven organizations.

 

 

ORACLE INSTANTIS ENTERPRISETRACK IS THE SOLUTION

Project Partners is considered the Global Experts in Oracle Instantis EnterpriseTrack — Providing Your Organization full and continuous support from our specialized Instantis practice.

Instantis can improve financial performance and drive operational excellence with a top-down approach to managing, tracking, and reporting on enterprise strategies, projects, portfolios, processes, resources, and results.

Project Partners and Instantis helping you optimize project and resource investments. Working with our customers to provide an Oracle-approved solution to get you live and running on Instantis in 8 to 12 weeks. Oracle Accelerate for IT Portfolio Management With Oracle’s Instantis EnterpriseTrack™ empowers IT to become a strategic business partner in helping drive the growth of their firm.

Consider this competitive alternative that is proven, cost effective, easy to deploy quickly, easy to use and administer, and easy to achieve a compelling ROI.
Accelerate your Project Portfolio Management with Project Partners, Oracle’s preferred partner, providing end-to-end INSTANTIS SERVICE OFFERINGS.

LEARN MORE HERE

Connect With us Today – Schedule a Consultation: Phone: #1.650.712.6203   Email: cfryc@projectp.com

PROJECT PARTNERS PROUDLY ACHIEVES PLATINUM PARTNER STATUS IN
ORACLE PARTNERNETWORK (OPN)

HALF MOON BAY, Calif., January 16, 2019 – Project Partners, a global leader in optimizing business processes and IT investments within project-driven organizations, today announced that it has achieved Platinum partner status in Oracle PartnerNetwork (OPN).  By attaining Platinum level membership, Oracle has recognized Project Partners for its in-depth expertise and continued excellence in providing services for Oracle applications and technology.

“We are honored to be in the highest level of the OPN Program. With our new designation as a Platinum Partner in the Oracle PartnerNetwork (OPN), Project Partners will continue to strengthen and build upon its 20+ year relationship with Oracle,” said Randy Egger, President/CEO, Project Partners.  Our global team has continually demonstrated deep application expertise and are working to obtain additional certified specializations across Oracle application solutions areas to better serve our project-centric customers.”

The company offers deep industry expertise across key Oracle applications and technologies including the Oracle ERP Cloud, Oracle E-Business Suite, and Oracle Primavera applications.  In addition, we have developed products and solutions to support and augment our customers’ off-the-shelf products.  We are proud to be widely recognized as The Experts in Solutions for Project-Driven Organizations™ and look forward to continuing collaboration, sharing industry experiences and leveraging our Platinum Partner status to enable organizations, partners and Oracle.

With its Platinum status, Project Partners will benefit with the high level of engagement, commitment and resources available to OPN partners.  Platinum members receive dedicated virtual account management support to build joint development plans and help broaden specialization areas and revenue opportunities. Additional benefits include priority placement in the OPN Solutions Catalog, one free application integration validated by Oracle, joint marketing and sales opportunities, discounted training and more. For more information about the benefits of becoming an OPN Platinum level partner, please visit: http://www.oracle.com/us/partnerships/index.htm

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About Project Partners, LLC.

Headquartered in Half Moon Bay, California | Project Partners is the global leader in optimizing business processes and IT investments within project-driven organizations. We are dedicated to helping businesses achieve their goals with smart, effective and scalable Oracle Application solutions that improve processes and deploy technology to maximize project life cycle ROI. Our business process experts understand and support customers with their evolving business models and help them drive productivity to meet the demands of the market and their organization.

Project Partners has a diverse team who is expert in leveraging Oracle’s ERP Cloud, E-Business Suite and Primavera solutions. We have global locations worldwide to support multi-geographical operations and have executed implementations for hundreds of clients who manage tens of thousands of projects, thousands of users, multiple languages and currencies. In addition, we have developed products and solutions to support and augment our customers’ off-the-shelf products.  Project Partners is proud to be widely recognized as The Experts in Solutions for Project-Driven Organizations™.

Project Partners is a proud Oracle Platinum Partner, Oracle Certified Education provider and authorized Reseller of Primavera and Oracle Cloud PPM, and Cloud Financials.  We hold an Oracle Cloud Standard certification, with specializations in Oracle® E-Business Suite™ with Projects, Primavera and Oracle Validated Integration’s in EBS.

For more information, visit: http://www.projectp.com/

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About Oracle PartnerNetwork

Oracle PartnerNetwork (OPN) is Oracle’s partner program that provides partners with a differentiated advantage to develop, sell and implement Oracle solutions. OPN offers resources to train and support specialized knowledge of Oracle’s products and solutions and has evolved to recognize Oracle’s growing product portfolio, partner base and business opportunity. Key to the latest enhancements to OPN is the ability for partners to be recognized and rewarded for their investment in Oracle Cloud. Partners engaging with Oracle will be able to differentiate their Oracle Cloud expertise and success with customers through the OPN Cloud program – an innovative program that complements existing OPN program levels with tiers of recognition and progressive benefits for partners working with Oracle Cloud.

To find out more visit: http://www.oracle.com/partners

 

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 Project Partners Blog Author: Donna Dignam | Principal Functional Consultant 
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In April 2015, FASB (Financial Accounting Standards Board) issued ASU (Accounting Standards Update) 2015-05 to assist entities to determine when a customer in a cloud computing arrangement “CCA” (i.e. hosting arrangement) included a software license.

If a CCA includes a license to internal use software, the software license is accounted for by the customer as an intangible asset.  Basically, the intangible asset is recognized for the software license, and the payments or said license made over time are recognized as a liability.  If no software license is included in the contract, the company should account for the arrangement as a service contract, and the fees associated with the hosting service of the arrangement are expensed as incurred.

The Update did not give any guidance regarding the implementation costs for activities performed in a cloud computing arrangement as a service contract.  Since the FASB guidance in this area was not explicit, the Board decided to issue an Update to specifically address the resulting diversity in practice.

Who Is Affected by ASU 2018-154?

These Amendments on the accounting for implementation, setup and other upfront costs (commonly referred to as implementation costs) apply to entities that are a customer in a hosting arrangement that is a service contract.  Oracle Cloud computing arrangements where a license is sold to the customer along with a hosting arrangement with Oracle Cloud would be one such customer.

Main Provisions of ASU 20184

The Update’s intent is to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software and hosting arrangements that include an internal-use software license.  The current accounting for the service element of a hosting arrangement is not affected.

It is up to the company to determine which implementation costs to capitalize as an asset related to the service contract and which to expense.  Costs to develop or obtain internal use software that could not be capitalized under Subtopic 350-40, such as training costs and certain data conversion cost, also cannot be capitalized for a hosting arrangement that is a service contract.  The company in a hosting arrangement that is a service contract determines which project stage an implementation activity relates to.  Project stages include preliminary project stage, application development stage or post implementation stage.  Costs incurred for the application development stage are capitalized, while those costs related to the preliminary project stage or the post implementation stage are expensed as the activities are performed.

In addition, the company is required to amortize the capitalized implementation costs over the terms of the hosting arrangement.  The term of the hosting arrangement includes the noncancellable period of the arrangement plus periods covered by:

  1. Option to Extend – customer must be reasonable expected to exercise this option
  2. Option to Terminate the Arrangement – where the customer is reasonably expected NOT to exercise this option
  3. Option to Extend or Not to Terminate – where the vendor has control of exercising the option.

Impairment guidance, as if the costs were long-lived assets, and abandonment are to be applied based upon the existing guidance in SubTopics 350-40 and 360-10, respectively.

Income Statement presentation by the entity should be the same line item as the fees associated with the hosting service of the arrangement.  Similarly, classification of payments for capitalized implementation costs in the Statement of Cash Flows are done in the same manner as payments made for fees associated with the hosting arrangement.  In the Statement of Financial Position, capitalized implementation costs are presented in the same line item that a prepayment for fees associated to the hosting arrangement would be presented.

How is This Different and Why is it an Improvement?

Currently, GAAP does not specifically address accounting for implementation costs associated with a HASC.  Therefore, the Update improves current GAAP as it clarifies accounting and aligns the accounting for implementation costs for hosting arrangements, regardless of whether a license is conveyed.

For consulting firms, the new standards present an improved selling point as costs that were previously required to be expensed can now be capitalized.  For capital intensive industries, where cloud applications are being considered and dismissed due to financial considerations around increased expenses (and resulting decreased profitability metrics) due to cloud implementation, the new standard allows a way to capitalize the costs associated to both the license and the implementation and development costs around getting that application stood up.

When Does This New Update Take Affect?

For public entities, the amendments are effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. For all other entities, annual reporting periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021 are required.  Early adoption is permitted at any time.

The amendments in this Update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption.

Have Questions?
Simply reach out to us and our experts will immediately assist, provide additional information,
and answer any of your questions.

P: #1.650.712.6203  |   Email: cfryc@projectp.com

 

Author: Wendy Lamar | Managing Principal Consultant | Project Partners
Oracle E-Business Suite R12 Project Certified Implementation Specialist


Through this three (3) part educational web-series, Project Partners will arm you with critical steps and insight into a Project Financials cost-effective solution. This unique solution offering will assist administratively burdened organizations like yours to effectively manage Project Financials around Capital spend through all phases of the Capital Lifecycle (Concept Definition, Funding Approvals, Execution, Reporting, and Managing Project Costs).

WHY CAPITAL PROJECTS? – WEBINAR REGISTRATION

CLICK TO REGISTER HERE for PART 2 of the three (3) part series as we explore the WHY and HOW to leverage EBS Project Financials for Capital Projects. We’ll walk you through the solution focused around project costing to your specific business requirements, robust functionality, and use of authorizations for expenditures to further efficiency gains and extensive return on investments.

MISSED PART 1?  Don’t Worry…CLICK HERE to get a downloadable recording so you will be up-to-speed!   

Have Questions?
Simply reach out to us and our experts will immediately assist, provide additional information, and ensure you have associated playbacks. We look forward to your attendance, and will set up a call to fully understand your needs, and offer next steps around a Project Financials cost-effective solution that best fits your organization.

P: #1.650.712.6203 Email: cfryc@projectp.com

Oracle Primavera Instantis EnterpriseTrack is a leading cloud PPM solution used by IT and business process leaders to improve strategy execution and financial performance through more effective work and resource management. Instantis EnterpriseTrack 17.1 is the latest product release and it includes the following key enhancements:

  • Finance report organization
  • Two new reports: Pipeline Report and Last Modified Date Report
  • Last updated date support for reports and data extracts
  • Report capability to export non-wbs activities links
  • API improvements
  • Finance, snapshot and team member search API
  • Ability to search all assignments /activities for a project
  • New project % complete algorithm
  • Updated calculated expressions with integer/float fields
  • Added calculated expression field type to program and activity UDFs
  • Ability to change one-to-many project role settings
  • Classification fields can now be required

Project Partners can work with you to most from your Instantis EnterpriseTrack 17 investment. Take the first step to maximizing the value of your business applications by contacting our team today.

Contact Us

By Kimberly McDonald Baker

We want to be sure you don’t miss a new case study article featured in the November 2012 issue of Profit Magazine, titled “Unifying Financial and Project Management” In this article you will learn about Colonial Pipeline Company’s integrated Oracle E-Business Suite and Primavera systems, and a few of the benefits that Colonial is receiving.

With the new, integrated Oracle system, Colonial will have all project related financial records and information in one centralized repository. Project managers and the leadership team will be able to view individual projects or overall capital spend easily. With the new system, Colonial expects time spent on monthly status reporting to decrease by 75 percent, from 8,000 to 2,000 project management hours annually.

“This is a paradigm shift of work for our project managers from doing data manipulation to actually being a project manager,” says Phillip Chandler, Financial Controls Administrator at Colonial Pipeline Company. “This allows them to support our customers both internally and externally in a more effective manner.”

Chandler says Project Partners has helped Colonial implement best practices into its processes, making the company more efficient. “The Project Partners team is sensitive to the specific needs of Colonial. At the same time, they are able to present solutions from an outside perspective that we also need to grow as a business,” says Chandler. “Project Partners has provided the expertise and professionalism that we needed for developing and implementing our project.”

You can read the full article here.

By Randy Egger
President, Project Partners LLC
Former chief architect of Oracle E-Business Suite Projects applications

Over 20 years ago, Finance and IT organizations (under the direction of the Chief Financial Officer), were in control of systems and desperately wanted to instill some financial controls and measures into the Delivery organizations that ran projects. The battle was always that the Project Managers (PMs) didn’t want to be controlled by departments they felt had no understanding of the world of project management, they wanted complete flexibility to best deliver their projects, and they were not concerned with the CFO’s desire for visibility into projects. Most PMs managed projects using personal systems based on Microsoft® Excel or Microsoft Access. The more sophisticated project managers used Microsoft Project, and the most advanced firms used Primavera, Cascade, Mantix, Artemis, and Cobra. BUT, the project systems used by PMs seldom could reflect accurate cost data which then made it difficult to really know the financial health of the project. Therefore, many PMs simply managed to effort and schedule.

In the “old days” a job code equating to a project was part of the general ledger chart of accounts – and most PMs were not strongly concerned about financials. So, how could you let accountants manage financials and project managers manage projects? You needed a system that allows both worlds to obtain the information that they wanted in the format that they wanted. To meet this need, in the early 1990’s Oracle released its first Project Accounting (PA) system: a true project based sub-ledger.

When the initial implementations of PA started, it was the Finance group that was imposing controls onto the Project Managers. Finance wanted visibility into ongoing projects, hence Finance was making most of the decisions, which generated friction between the organizations. To meet the requirements driven by Finance, PMs needed to change the way they were managing projects and that introduced a large opportunity for Change Management.

Getting structure into a non-structured environment was the primary challenge. When companies have been doing things a certain way for decades, it is VERY hard to change that culture… so compromises are made in an attempt to balance the needs of both organizations. Some folks would create a Work Breakdown Structure (WBS) to map to a Cost Structure simply so that they could track and control costs. Other companies placed intelligence into both the Project number as well as the WBS … because that was the way it was always done in the past. Some would claim that it made controlling charges easier while others would claim that it made reporting easier. But, in both cases, Project/Task naming was mirroring the way a General Ledger chart of accounts is structured, and not the way a project manager manages a project.

As time progressed, operations and project-based delivery organizations matured and developed a better understanding of what is needed to facilitate harmony between Finance and Project based Operations. At the same time, Oracle developed a Project Management system that was closely linked to its Project Accounting application. When Oracle released its Oracle Project Management (PJT) application and companies began to implement it, it became clear that Oracle had taken one step closer to really bridging the Accounting world to the Project Management world. But that still was not enough. PMs wanted and needed an EASY tool to assist them with their Project Management needs. Then, Oracle made the smart decision to purchase Primavera.

For those companies that implemented Oracle Project Costing and Project Billing only, without a futuristic vision of having a truly integrated Project Management system in place, trying to implement any form of integration of Project Accounting to a Project Management system became a horrible mess. When that happens, the only real thing that can be done is to update the implementation of Project Costing and Project Billing with a clear understanding of how it would integrate with either Oracle Project Management or Primavera. If there are other major issues that also need to be addressed, then a complete reimplementation of these modules should be considered.

Any company that is upgrading to E-Business Suite Release 12, or implementing R12 for the first time, will have the opportunity to rethink or redefine how they will move to become a truly project centric organization. Whether you are implementing for the first time, updating your implementation or re-implementing, thinking through the business needs that address both Project Accounting and Project Management will be paramount for your future long term success.

This issue applies to more firms than one might initially expect. I have always stated that “every company is a project company … they just don’t know it yet.” As more and more organizations decide to operate their firm or certain divisions on a project basis to better understand costs and level of effort and to develop repeatable processes using a structured Project Management methodology they will look to Oracle’s Enterprise Project Portfolio Management solutions, which remain the most complete in the market. And they will benefit from the significant evolution of these applications that enable Finance and Project Management to work together in harmony.

The Southwest Regional Oracle Applications User Group will be hosting a conference on Friday, February 24 in Los Angeles, CA.  If you’d like to attend, visit their website here and click on “Conferences.”

At the SROAUG conference, Project Partners’ Neeraj Garg will be presenting Contract Based Project Billing with Fusion Project Portfolio Management

Neeraj will be presenting this content in his presentation:
Oracle Fusion Project Portfolio Management offers Project Contracts features that are part of the Fusion Enterprise Contracts model. Fusion Project Contracts offers sell side contracts functionality that helps to drive revenue and billing independent of project setup and execution. This presentation highlights the core features including a flexible approach to billing by contract lines, contract level summaries, consolidated bill plans, billing controls, improved user interface and improved process efficiencies.

If you can’t attend the conference in person, that’s not a problem!  You can view this presentation online here.