Project Partners Blog

Executing multiple projects for one customer is common practice for many project-based organizations. But what happens when the time comes to invoice your customer for work performed? Native Oracle Projects allows you to generate only one invoice per project. So, multiple projects lead to multiple invoices. For many organizations, this involves hundreds, maybe thousands of invoices being processed each month. Invoicing for such complex situations is extremely daunting, expensive and time consuming. Each invoice needs to be generated, approved, issued, mailed, processed, reconciled and audited. Not only is this a time and money waster for you but your customer is on the receiving end of this accounting nightmare.

Native Oracle Project Billing does a good job of calculating and generating your draft invoices but many companies need the power to consolidate invoices at a higher level than a project. Seeing this requirement over and over, Project Partners developed a solution to streamline the often complex project invoicing process. It is called Project Partners Consolidated Invoicing. Consolidated Invoicing is included in the Project Partners Invoicing product offering designed to simplify the various customer billing mandates facing project organizations today.

Consolidated Invoicing is a simple solution that does not involve changes to your current Oracle Projects setup or configurations. This solution simply extends the standard invoicing functionality of Oracle Project Billing and Oracle Receivables, therefore requiring no additional training for your users. By utilizing the same invoice processes and review screens currently in use by your project managers and accountants today, such as Invoice Review, Generate Draft Invoices, Interface to Receivables, Autoinvoice import etc., Consolidated Invoicing allows you to consolidate multiple project invoices into one single invoice. You can issue one monthly invoice to a customer at a summary level, with back-up details that break the charges down by project. Your options for consolidation include invoicing across multiple projects, programs, agreements, contracts, or customer “bill to” levels.

With Consolidated Invoicing, project invoicing can be simplified and your project managers and accountants can refocus on activities that add real value to your organization. In addition, your customers receive one invoice from which to pay and the reconciliation of your customer accounts becomes almost seamless. Customers that have implemented this solution have seen time savings of up to 100 hours per invoicing cycle which translates to a cost savings of up to 80%. A solution any project based organization with many projects should consider. Make your project invoicing easier using Project Partners Consolidated Invoicing.

Stay tuned for future blogs on Credit Memo Consolidation and Invoice Formatting and Printing – two additional offerings included in Project Partners Invoicing designed to make project billing easy!

Invoice Consolidation Overview: