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Features that really matters to Project accountants

Oracle has strengthened the already proven Projects track in Fusion Cloud. There are key features introduced in Fusion cloud project costing and billing that I would like to highlight and that makes this application as the winner and would help project accountants in efficiently closing books and reporting on projects.

Fusion Cloud Project Billing: -

·         One of the key feature in Fusion cloud projects is the flexibility in maintaining billing rules separately from setting of projects. Billing rules can be updated even after the project is created and cost collection has already started. This functionality has been really needed in scenarios when there is need to collect business development cost or pre-contract cost before the contract is finally negotiated with the client.

·         Fusion cloud billing allows to create manual Invoice from Projects module and therefore allows flexibility in picking which lines should be billed from the eligible transactions rather than system picking all eligible billing expenditures/events.

·         Performa/Draft invoice can be previewed using default templates provided in Fusion before interfacing to AR. Custom templates can also be developed in BI publisher based on the client requirement.

·         Invoicing can now be done on the transactions in T&M projects even without waiting for the cost transactions to be accounted.

·         Billing offset functionality has been provided to streamline the deferred revenue and unbilled receivables balances.

       Fusion Cloud Project Costing: -

·         Fusion cloud projects costing has now the most advanced cost collection process. Instead of running the cost import, distributing the cost, the project accountants can now import & distribute the cost in one go.

·         Manual project sub ledger journals can be created directly from projects by project accountants reducing the dependency on GL team. These journals can be used to capture accruals or pre-payments.

·         Cascading option of project dates to task dates is a new feature that allows project managers whether to update the task start date or finish date or no update on dates.

·         Excel based uploads of project creation, assets, costs & budgets has provided the fast upload of transactions and has greatly provided the much needed efficiency in these processes.

·         Exception based reporting helps project accountants to resolve month end issues rather than relying on running exceptions reports during month end or depending on the support team. Exceptions or warning messages in different programs are self-explanatory and provide the actions required to resolve the exception.

OTBI reporting particularly project cost reconciliation or accounting analysis report provide the accurate real time reporting to project accountants

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