Q360™ encompasses all aspects of making a billing process more effective in your multi-dimensional business.
How Does it work?
Producing an invoice at the end of the day is elementary, constructing it accurately can be an effort. Producing an invoice that is accurate, timely and is easily defended is more difficult. Because Q360™ is a true single solution, accounting is part of its core system. Invoices are automatically produced from various areas in the software as a by-product of people doing their work. Having this repeatable, automated, systematized process ensures that billing is accurate and very timely. This means your invoices get out faster and you have less disputes over your invoices, both of which mean you get paid faster, this has a positive cash flow effect.
Most invoices are produced from projects, material only purchases (move, adds & changes – MAC), maintenance contracts and managed services contracts. You can have many types of billings within each group, including fixed cost, cost plus, retainer, progress billing, etc. With all these scenarios Q360™ produces the invoices automatically and looks after the correct accounting for each type.
Deferred revenue and revenue recognition are two areas of accounting that typically consume vast amounts of time for companies with disconnected or so-called integration to standalone accounting packages. Customers using Q360™ are able to have invoices for prepaid quarterly, semi-annual or annual contracts automatically book the invoice against unearned revenue and then move the earned revenue to an income account every month.