Contact us white telephone icon(855) 338-6041

A Snapshot of Project Invoicing and Payments in simPRO

October 21st, 2019

As a business solution, simPRO offers much more than job management. Within our cloud-based system is a range of tools and functionality. And they're all designed to help you achieve complete operations management.

Our software caters to a number of cornerstone business processes, including:

  • Job Management,
  • Asset Management,
  • Project Management, and
  • Learning Management.

Today, I want to focus on Project Management - particularly the different types of invoicing, and their associated processes.

simPRO has many features to help you manage and monitor your projects. There are tools to assist in resource planning, cost estimating and budgeting, data monitoring and more.

But, when it comes to your project's invoicing processes, the depth of what simPRO offers can be a great advantage.

Check out these 4 key invoicing and payment processes for projects, and the simPRO tools to streamline them, below.

1. Invoicing

White receipt or invoice hovering over blue circle

In simPRO, an invoice is a list of goods sent or service provided and the sum due for these from your customers.

simPRO offers users the ability to set up the layout of invoices, as well as the email templates that are automatically generated every time they are sent to customers.

There are many different types of invoices that simPRO can handle, as indicated in the diagram below.

Table showing different types of invoices available in simPRO

If you require an invoice to be approved internally before it is sent to customers, you can set simPRO to have 2 approval stages: Pending and Approved. You can even restrict unapproved invoices so only approved invoices can be emailed to a customer.

Invoice stages can also be changed to meet the requirements of any invoice types, including:

  • Deposits
  • Requests for claim
  • Progress claim
  • Tax invoices

Security settings can even be adjusted to control who can approve invoices. And, invoice value approval limits can be set so users can only approve invoices below specified values.

Best of all? All of this is optional. If your workflows don't require stages or invoice approval, you can adjust default settings in simPRO accordingly.

2. Progress Claims and Requests for Claim

Person signing a claim request form

Want to obtain a customers approval on a Progress Claim for a job before posting the invoicing details to your accounting package? You can create a Request for Claim in simPRO.

A Request for Claim is almost identical to a Progress Claim. However, it does not post any information to your accounting package. This means you do not have to void a Progress Claim if your customer rejects your claim.

When a customer approves your Request for Claim, you can then convert it to a Deposit or Progress Claim in simPRO and send it to the customer.

Users can also set up the layout of claims in simPRO, as well as the email templates that are automatically generated when sending them to customers.

Some set-up options for Requests for Claim in simPRO include:

  • Terms and Conditions
  • Claims
  • Sections
  • Materials/Labour
  • Form Title
  • Header Fields
  • Footnote
  • And More

3. Financial Review

Businessman and businesswoman reviewing financial project data

It is critical to have a system in place to monitor your finances during a project. In simPRO, you can use the Project Overview function to:

  • Keep track of actual vs estimated material and labour cost, and
  • Make forecast updates to the budget to account for any changes.

Within a specific project in simPRO, users can also easily:

  • Access any invoices, purchase orders and work orders associated with the project
  • Set milestones as parts of the project are completed
  • Review the metrics of the project
  • Compare the total cost of materials and resources for the original, revised and current budgets.

4. Retentions

simPRO logo on a computer screen showing retention invoice

simPRO forms a retention structure as agreed with the principle head contract in either a single or sliding scale. For example, 5% on the contract value, or 10% of the first $200,000, 5% > $200,000, etc.

In simPRO, you define a period that the retentions will be held for after the final claim. This then creates an alert point for simPRO to later remind you when retention monies need to be claimed.

When making a progress claim in simPRO, the system will also deduct the retention amount as set by the project and keep track of this.

When a project has been completed, and all cost centres have been claimed, the final progress claim will include a rebate component that is not included in the defined Final Claim Rebate.

For example, if the retention amount was 5% of the contract value, and the final claim rebate was set at 2%, the final progress claim would include the remaining 3% retention rebate.

After the defined retention period has passed, you will receive an alert in the system menu in simPRO to 'Create a Retention Claim' to receive the final claim rebate of 2%.

In Australia, these simPRO features have provided the framework to help our customers stay compliant when working on projects.

Our solutions are not only designed to streamline and optimise business processes. We want to help our customers stay on top of the regulation and standard requirements within their industries.

To learn more about simPRO's features for Project Management, click here. If you want to get in touch with your local Australian team, give us a call on 1300 139 467.