Coretime: Invoicing for all time and expense incurred in completing the project

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Recovery

Do your projects suffer from
"Feature Creep"!

Your professionals have put hundreds, maybe thousands of valuable hours into completing the project. But the final invoice does not reflect their true value. Why?

In an ideal world, all professionals would work on a time and materials basis. Invoicing for all time and expense incurred in completing the project. The reality is however, that the vast majority of projects are undertaken on a fixed price, or notionally fixed price basis.

The failure to reach 100% recovery (where all time and expense is billed) is one of the fundamental reasons why professional services companies fall short.

Reason for Invoice Shortfall		Coretime's Solution

	Poor project definition at outset		Integrated budgeting feature facilitates more accurate costing

	Flippant Invoicing by project managers.		Managers are focussed on the need to achieve maximum recovery. Comprehensive reporting and analysis highlights the defaulters.

	Meagre supporting data for invoices.		All users are encouraged to enter brief notes against time and expense entries.

	Strict classification of time left no scope for defining nature of work undertaken.		Simple notes can make the difference between invoicing for time or discarding it.

	Timesheets for work undertaken not all available when invoice is being raised.		Real time, online recording available to all valid users, worldwide.

P.R.P. - A definition

PRP (Productivity, Recovery, Profit) is a business strategy designed to help professionals deliver maximum revenue from their working day. It facilitates the flow of information between the person doing the work, the person issuing the invoice and ultimately the client.

Effective PRP should make data recording a rewarding experience and deliver the recorded data in a multitude of formats to suit the needs of the moment.

Analyse the employee, the project, the team, the business.

"Learn from project overruns and profit from experience".