Plan Project Expenses
The application allows you to quickly distribute expenses to a project and estimate their cost. The expense calendar supports automatic planning.
Timetta Finance
Monitor project profitability with revenue and expense tracking tools. Get transparent and accurate financial reports.
Timetta Finance Overview
2 minutes
Expected performance indicators
Implementation results
25%
profitability growth
30%
cost reduction
Improvement of management quality
Customer reviews
Timetta is a ready-made solution for companies from various industries — consulting, IT integration, architecture, audit and marketing etc. Find out what business owners are saying about Timetta and how the product has changed the way they work.
All reviews
Peter Fafara
Partner Blank Architects
Blank Architects specializes in complex architectural projects. For us, time is a basic economic indicator. We have been using Timetta for over 2 years and can recommend the system as a reliable timekeeping tool and performance evaluation tool for project teams.
Kirill Dyatko
HRD ALTHAUS Group
More than 120 employees of the investment-consulting ALTHAUS Group successfully use Timetta for timekeeping. The company uses the system to evaluate employee efficiency and project margins.
Denis Gureev
CEO Architectural Bureau “Ostozhenka”
Compared to Excel spreadsheets, it takes much less time to fill in timesheets and analyze them. We liked working with Timetta because of the system's convenience. We can safely recommend it to our colleagues from other companies.
Mikhail Gurevich
Partner Masterkaya “KSP”
The KSP workshop has been using Timetta since January 2018. During this time, the system has become a familiar tool for accounting and labor planning, and has taken its place in the company's business processes. Filling out and coordinating timesheets in Timetta has become a routine operation and takes 5 minutes a day.
Evgeny Rudakov
Partner ADE Professional Solutions
Within a month, we managed to configure and implement Timetta in ADE. Convenient report designer, configuration of workflow approvals, prompt technical support — all this allowed us to make the system startup process comfortable for our employees. We recommend Timetta as a convenient functional tool with good technical support.
Andrey Vedeshin
Head of Business Analysis Systems at GMCS
Timetta we have been using for more than 2 years. Thanks to this system, we have practically eliminated «resource» wars in GMCS, which was one of the main goals of the resource management system. The system allowed us to see a clear and transparent picture of the work on projects.
Igor Elovikov
Deputy General Director of EAE-Consult
It is fundamentally important for EAE-Consult to use resources rationally and manage projects efficiently. That is why we use the Timetta-based resource planning and labor accounting system. The system provides capabilities for timekeeping, resource utilization management and project performance control.
Alexander Radutsky
Managing Director PKF MEF
PKF MEF has been using Timetta for three years. Today, PKF MEF managers see all projects in a dynamic way, and it takes us considerably less time to consolidate data and analyze the performance of our divisions. Timetta allows us to assess projects, employees and customers from different angles and be even more efficient.
Alexander Bashkov
Project Manager at Beyond Taylor
We like Timetta for its clear interface and functionality. It has everything you need to constantly track the economics of your projects. The analytics allow us to quickly put together a report with a focus on different metrics. We can safely say that Timetta meets all the needs of Beyond Taylor.
Roman Fetkullov
Head of Visualization and Analytical Solutions at CSC (NLMK)
The Corporate Solutions Center was looking for a solution that would capture the distribution of workload into priority or non-target operations, their composition, and help determine the share of employees' involvement in project activities. The choice was made in favor of implementing Timetta.
Yuri Ilyin
Managing Partner Axenix
In March 2022, more than 2,000 of our employees found themselves without all the technological tools or even a basic email and Internet site — Accenture made the decision to separate us. So we started looking at what ready-made products were already on the market, naturally local and without global clouds. In the end, we chose a solution that suited us: the Timetta cloud system.
Timetta Finance: Key Features
Organizations that recognize revenue on an accrual basis benefit from a dedicated workflow mechanism. This mechanism streamlines the approval of invoices, which serve as the basis for recording actual revenue.
Any data can be displayed in reports, allowing precise and timely control of the project budget from various perspectives. Data accuracy is ensured by the revenue and expense recognition mechanism.
The data input and output tools are designed to minimize the time users spend working in the system while providing maximum access to comprehensive financial information about the project.
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How it works
Profit and Loss Statement
Timetta Finance automatically generates key financial metrics in the profit and loss (P&L) statement. The P&L statement is a traditional representation of financial performance. P&L reports are available for projects, project portfolios, clients, and programs. These reports include estimated, planned, actual, and forecasted financial metrics across various accounting categories. Three of these categories are system-defined: revenue, labor cost, and absence cost. Access rights can be configured for all financial reports to ensure the confidentiality of information.
Estimation
Accounting entries
Working Capital
Revenue Wizard
Reccuring Expenses
Estimating finances
The estimation of the project's finances starts with the input of the resource plan, which defines the labor cost.
The " Expenses " interface shows the expenditure part of the project — labor costs and production expenses, the «Revenue / Billing / Collection» interface shows the income part of the project. The estimates are entered line by line or in a calendar.
For your convenience, the view is available to show estimate, plan, fact and forecast at the same moment, with indication of deviations.
Accounting entries
Automated transaction for revenue and cost accounting in companies with a strict approach to financial reporting.The point of the transaction is to make entries only in the open accounting period if changes have been made to the financial reporting documents.
Timetta can create accounting entries automatically based on timesheets, expense requisitions and invoices. Manual adjusting entries are also available.
Working Capital
Working capital is a special report that shows the difference between work that has been recognized as completed by the client and the actual payment received. The report allows you to track the actual level of accounts receivable for the project and control cash flow gaps.
The working capital amount is calculated automatically based on the selected revenue recognition method.
The report can be used to identify potential risks to the project's cash flow, such as delays in payments or changes in the scope of work.
Revenue Wizard
Automatic calculator can automatically calculate revenue estimates by tariff rates, by fixed amount and by target profitability.
Revenue Wizard can be used for planning payment schedules for long projects with a large number of tasks and participants.
The Revenue Wizard allows the project manager to quickly fill in the cells of the calendar, specifying the required amount and the frequency of its accrual.
Reccuring Expenses
The function automatically populates the cost calendar based on the periodicity parameters and the selected calculation method.
Revenue, working capital and labor cost can be specified as the calculation base for recurring costs.
The main purpose of the function is to speed up the preparation of the cost plan. You can also use the function to budget, for example, interest charges and other costs that cannot be calculated directly.
How finance management works in Timetta?
1
The project manager creates an estimate of revenue and expenses.
2
Managers approve the project budget. Actual costs are recorded through invoices, transactions, and other Timetta applications.
3
The manager monitors deviations from planned metrics.
4
Finance manager closes the accounting period and prepares reports.
What is Timetta Finance For?
Timetta Finance is part of the Timetta ecosystem of applications, serving as an independent tool for creating transparent management reporting in organizations that execute projects for direct revenue generation. In such organizations, financial control is essential to ensure that the company does not incur losses while fulfilling client orders. Together with Timetta Projects, the Timetta Finance application allows for comprehensive management of project profitability.
The primary goal of Timetta Finance is to ensure control over the revenue side of a project through meticulous planning and the recording of cash inflows from clients. The application enables both cash-based and accrual-based revenue planning and recording.
The cornerstone of Timetta Finance's project finance management system is the P&L report, which consolidates essential project budget data. This includes revenue and expense metrics, planned and actual profitability, and current working capital figures for cash flow gap monitoring. Timetta Finance generates P&L reports automatically, enabling granular analysis of performance indicators across timeframes and individual tasks.
To ensure the integrity and transparency of financial reporting, Timetta Finance employs immutable accounting periods for tracking actual revenue and expense figures. Financial transactions recorded within a defined accounting period remain unaltered, preserving the accuracy of all reports generated during that period.
Timetta Finance boasts a range of unique features that set it apart from other project finance management solutions in the Russian market. A comprehensive comparative analysis of these features is available in a dedicated table.