Project Expense Tracking & Invoicing
How much does completing a project TRULY cost?
This seems like it should be an easy, obvious question, but for many small to medium sized businesses, it can be incredibly difficult to track. Add to this challenge the fact that many more businesses are adding remote workers and freelancers to their workforce. With so many variables, how can you know the actual, not projected, cost of a project?
This week at Gryffin, we released a new billing/invoicing feature designed to help you track the cost of a project.
And, as with everything Gryffin, it has a workflow that allows you to add admin review to the approvals process and to make sure you are able to track every single cost associated with a project.
User Pay Grades
The first step is to set your user pay grades. To find this, go to the module menu and select Admin > Billing > User:
Select the user, you’ll be able to choose between paying them by…
- Salary
- A fixed cost based on the workspace (“Project type”)
- Custom pay grades
- Project (“None”)
This is an extremely flexible way to customize and personalize how you pay, even if you have multiple employee types working on a project.
Project Billing
Once your user pay grades are configured, you are ready to start tracking the cost of projects! Go to any project hub, and select More > Billing.
If there have been any invoices submitted for a project, this is where they will appear. Otherwise, you’ll need to go to “Pending” and you’ll see an automatically generated list of people who worked on this project, and their pay grade configuration.
Submitting Project Invoices
Once you click on the green checkmark, a pop up will appear where you can submit your invoice.
You’ll select the date, pay grade, admin (who will approve the invoice) and quantity, and click okay. This will automatically create a task for your project admin to review and approve your invoice.
When the admin goes to the Billing tab inside the project, he/she will see everything invoiced, with a button to “Approve/Reject”.
When they click on “Approve” the amount invoiced will be added to the project.
Notice the “Total” at the top. This is a summary of all approved invoices for this project.
Creating Expense Invoices
If there are additional expenses associated with a project, these can be tracked by creating an expense invoice inside the project. By clicking on the + and then “expense”, you’ll get a pop up where you can enter all of the details of your expense.
When approved by the admin, the total will also be added to the project total.
Submitting your Invoices
When a user is ready to receive payment for their projects, they can go to the Admin tab on the left menu, and click on “Invoices”. There will be a tab where all of the items that have been approved are listed.
Users simply have to select the items that they’d like to include in their invoice, and click on “invoice”. The sum of the projects will be added, and the invoice will be submitted to the company admin.
Using this method, companies can track every single payment made, the total amount spent on a project, and the status of every project payment and company invoice.
Stop Wondering How Much You’re Spending
Using Gryffin, you can track at the most granular level, control project approvals, and even create reports about how much you’re spending on a project type, client, or for a specific user!