How it works

The manager creates a project resource plan and a budget based on it
Users track work time and approve timesheets
Financial managers recognize revenue and expenses
Managers monitor performance through the P&L report

Project Budget

Budget is a plan of the project’s revenue and expenses. Each budget line refers to a specific accounting detail, forming an itemized budget.

Budget is created at the project level and generates an overall budget across the program, client, or other required analytics.

The flexible role model provides the necessary level of access to budget information for the project/program manager, co-managers, project team members, and financial managers.

Financial Operations

Financial operations represent actual revenues and expenses for the project. Each operation is related to a specific accounting item.

Direct labor costs can be recognized automatically based on approved timesheets. Other direct costs of a project can be approved and added via expenses requests.

Revenue operations can be added manually or recognized using the earned value method.

WorkPoint can automatically recognize revenues, direct labor costs, and expenses according to the selected schedule. In other words, it is possible to record the actual performance as the project progresses without the financial managers involvement.

P&L statement

Profit & Loss Statement is a classic representation of financial results.

The P&L configurator adjusts the structure of the report lines: separating groups of lines, summarizing subtotals, and aggregating several accounting items into one report line.

The report displays actual performance or Plan/Actual budget comparison. Financial information is displayed in total or by period: months, quarters or years.

A unique feature of the report is the display of forecast values based on the actual resource plan. Knowing how the budget plan aligns with project progress will allow you to spot and fix problems in time.

Expenses Requests

Expenses are recorded in the financial operations of the project, forming actual values. In addition to the direct labor costs, other costs are accounted for, such as hospitality, travel expenses, and costs for subcontractors.

Such costs are added to project financial operations manually or through expenses request, which is a separate capability that allows you to submit, approve, and record project expenses.

Expenses requests support attachment of verifying documents and customizable approval processes.

Benefits of Project Finance Accounting in WorkPoint?

1
Budgeting based on the resource plan
2
Automated direct labor costs accounting
3
Revenue recognition according to the earned value method
4
Revenue forecasting
5
Flexible and customizable P&L
6
Seamless integration with timesheets
Afonkin Dmitry

Afonkin Dmitry

CEO

Premium IT Solution is a company with more than 150 highly-qualified IT experts developing, implementing, and maintaining various software solutions. Thanks to WorkPoint, we are able to allocate working time and control paid services and our expenses, strictly controlling the key performance indicators of the projects and employees.

WorkPoint takes all the specific aspects of our business into account and is very convenient to use during regular business operation.

Elena Gorbacheva

Elena Gorbacheva

Deputy CFO

KB Strelka is engaged in urban planning and project management. We have more than 350 specialists in our team.

We have been using WorkPoint for over a year to track working hours and costs for our projects. We have a creative team and therefore it is especially important that WorkPoint provides a simple and intuitive interface for filling timesheets.

During that period we have made an integration with the corporate budgeting system and now we automatically receive actual costing.

We recommend WorkPoint to medium and large companies in the field of consulting, engineering and architecture.

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