Oracle ERP Cloud is a great fit for many businesses.Â Find out if it's the right choice for you!Â Are you looking for a Oracle ERP Cloud demo, technical support, product or pricing information or to simply to compare Oracle ERP Cloud with competitive options? Quickly get answers and the information you need.
Oracle Fusion Project Billing and Oracle Fusion Project Contracts deliver a highly flexible approach to project contract-based billing, through a comprehensive, integrated solution providing full control over contract, rates and limits definition and when and how to recognize revenue and generate invoices, while segregating the planning and execution of projects.
Too often project managers find that the definition and execution of their project is constrained by inflexible billing systems that place rigid constraints on the allocation of project funding. Oracle Fusion Project Billing and Contracts provide an innovative solution to comply with customer contract terms and conditions, allowing faster customer billing and rapid project revenue recognition. By establishing the customer contract billing structure independently of project planning and execution, costs and revenue can be managed through the project while enforcing contractual compliance for billing purposes. By associating any project or task to any contract or line, customer billing terms and conditions can be managed in the contract, giving the freedom to plan and execute project work independently using preferred project management processes, while still using project costs and progress as input into the billing process.
Billing controls enforced by the contract ensure that billing is maximized but within the terms and conditions agreed with the customer. Contract administrators can establish hard and soft limits at contract and contract line levels to control what and how much is billed to a customer. Contract limits and consumption status are highlighted for the project billing specialists and accountants as customer invoices are created and revenue is generated. Revenue can be recognized or invoices created regardless of whether or not project costs have been accounted. Any part of an active customer contract can be amended with a date when the changes become effective, either in the future or retroactively. If a contract amendment is effective on a retroactive basis and affects prior transactions, for example with a billing rate change, transactions are automatically adjusted to reflect the new contract terms.
Revenue recognition compliance is critical to project-centric businesses, and project contract revenue can be recognized as needed in line with financial accounting regulations, independently of how customers are billed. Project contract revenue is generated automatically for the scope of work according to the contract terms, whether it’s external, inter-project or intercompany revenue.
Real-time business intelligence enables graphical comparison of planned and actual revenue by contract and by project, as well as analysis of revenue trends, allowing project accountants to quickly drill down to the transactions to investigate any discrepancies. At any point in the billing and revenue processes, key information about related contracts and projects are available with a single click, without having to navigate away from the page.
The invoice work area gives project billing specialists a single place to go to create, view, adjust, finalize and submit invoices for approval. Project costs eligible for billing are presented for processing, and any exceptions are highlighted in real-time. Contractual milestones can also be billed, independently of any project associations, through event-based billing for contracts. Net invoicing is supported for customers who prefer a single summarized invoice rather than receiving multiple credit memos or invoices. Before the final invoice is transferred to Accounts Receivable, the formatted invoice including tax calculations, as the customer will see it, can be viewed.
Fusion Project Billing and Fusion Project Contracts are fully integrated with the Fusion Financials and Contracts applications to ensure rapid and accurate billing and revenue management, and effective compliance through a centralized enterprise contract model.
Billing of capital asset project costs is also supported through integration with Fusion Assets. Both capital and contract project costs can be included on the same project so charges from both capital costs and contract project costs can be invoiced. Integration with Oracle Fusion Subledger Accounting provides a world-class accounting engine that allows organizations to establish their own accounting rules and procedures as well as support multiple accounting representations and currency treatments.
"Oracle Fusion Project Billing and Contracts" is part of the Oracle ERP Cloud line of products, developed by Oracle.
Oracle ERP Cloud is a horizontal product. It offers functionality designed for usage across a wide variety of industries and business types.