It’s a great practice to have whoever’s in charge of creating projects in Costlocker check the following once a week:
estimated project end date
date and amount of planned billing
date and amount in Project expenses
This review is best to be done on Friday by the person who created the project in Costlocker, i.e. usually an account or project manager.
Checking the estimated end date
The estimated end dates are important for the billing outlook. If, for example, a project has a budget of $8.000 and you’ve only invoiced $2.000 so far, Costlocker will think that the remaining $6.000 is going to be invoiced by the project end date.
Checking the date and amount of planned billing
If the project has defined billings on particular dates, i.e. the client is planned be invoiced based on the data entered in the project Billing tab, it’s great to check this is still true and nothing has changed. The company can then plan its cash flow better, knowing when and how much is going to be invoiced.
Checking the date and amount in Project expenses
This check compares the amounts of the Purchased and Invoiced fields. The Purchased field should include the amount your company has to pay for the external expense. The Invoiced field contains the amount you’ll be re-selling this external expense for to the client.
Don’t forget to check the dates, too, as the company is going to have to pay for the external expenses on these dates exactly. Making sure that Costlocker reflects reality here is important for managing the company cash flow.