Per-Henrik Nielsen, CEOTime is of the essence for the professional services sector that exchange expertise for money. The organisations operating in this sector need to deal with the dynamic change and be extremely efficient and adaptable to the latest innovations to cope with the cut-throat business environment.
Still, most organisations struggle to manage their day-to-day operations, including time tracking, project management, invoicing, reporting, and resource management. There are a lot of manual and repetitive processes that hamper their workforce productivity to a large extent.
Moreover, CIOs regularly miss their organisation’s operational needs when implementing ERP systems for their project-oriented requirements, as ERP systems revolve around the accounting function.
Per-Henrik Nielsen believes, “For professional services organisations, having the right solution to manage projects, resources, time and invoicing is key to taking their business to the next level.” He reaffirms that CIOs should strive for a single solution that has UI and functionality matching the different roles in the organisation, while also being able to provide coherent data to all individual roles – when and how they need it. The solution should offer a single platform for the consultants, project managers and the CFO to perform their duties without having to juggle between multiple systems.
This is where TimeLog makes a difference. The Danish cloud-based Professional Services Automation (PSA) solution helps professional services companies optimise their processes from “deal to cash” and provides project-specific insights to enhance project delivery and increase productivity.
TimeLog’s flagship PSA solution is an integrated system that combines simple time and expense tracking with comprehensive project management, invoicing, resource management, customer management and reporting. The solution tracks the time resources spend on projects by collecting data across multiple platforms. This gives project managers unique insight into project progress while managing them and making sure financials comply to the service level agreements (SLAs).
Every year, TimeLog manages more than one billion euros worth of invoices
Having a single system provides project managers with complete visibility into the available resources, enabling them to increase the company’s utilization rate.
For the C-level TimeLog is an ideal solution for monitoring and analysing organisations’ performance. The solution offers more than 80 management data-driven reports to give executives a clear and comprehensive view of performance on their ongoing projects.
Most organisations lose profit on their invoicing process because of poor handovers between project managers, controllers and bookkeepers. The TimeLog PSA solution lets project managers create invoice drafts for the bookkeepers. The solution gives project managers an excellent overview of what customers should be invoiced and limit errors in invoicing because data is not lost in the handover to the bookkeepers. “Every year, TimeLog manages more than one billion euros worth of invoices,” informs Nielsen.
More importantly, TimeLog’s PSA solution integrates with the organisations’ existing systems such as Microsoft Dynamics NAV. The system automatically sends the project managers invoicing drafts to Microsoft Dynamics NAV to be handled by the bookkeepers. This reduces manual intervention, streamlining the workflow for the project managers as well as the bookkeepers. Moreover, TimeLog also imports expenses from Microsoft NAV, giving project managers better insights into the total project finances.
The integration of TimeLog and Microsoft NAV also includes real-time automatic synchronisation of customers and contacts. Per-Henrik Nielsen states, “TimeLog offers complete data coherency, enabling organisations to use their data to the brim and improve return on investments (ROI).” Furthermore, whenever new versions of TimeLog or Microsoft NAV releases, the company ensures a hassle-free integration of both the systems without troubling the organisations.
More than 800 consultancies, IT companies, auditors, bookkeepers, public organisations and others leverage the TimeLog PSA system to keep track of their time and improve billability. One such instance is the customer success story of RackPeople – a Danish IT-consultancy that was struggling to get an overview of the project finances and their invoicing potential. Invoices were being lost or forgotten and bookkeepers couldn’t see what could be invoiced. Thus, the salesperson or the project managers had to send an email to a bookkeeper, or they had to manually figure out how to get an invoice to the customer. TimeLog PSA solution helped project managers generate invoices, which improved their profits to a great extent. “With our PSA solution, RackPeople’s project invoicing increased from 70 to 99 per cent,” says Nielsen.
While the entire world is facing lockdown amid the global COVID19 pandemic, the TimeLog’s SaaS-based PSA solution helps organisations collect data across platforms intuitively to facilitate remote working with complete data coherency. The project managers use the comprehensive data to track time on project resources and progress and TimeLog’s integrations to collaborate with other stakeholders in the project.
Established in 2001, TimeLog has more than 800 customers and 23,000 users across 12 countries in Europe. The Danish company is planning to expand geographically throughout Europe within the next three years – already making headway into Sweden. On the services front, TimeLog is working on a brand-new design to further improve the user-friendliness of its solution. The company is also deliberating to add cognitive tools such as artificial intelligence, to help organisations extract better insights into the already existing data stream and make better informed decisions.
“We are a customer-centric company with three core values—listen, understand and contribute—to add value and help our clients succeed in this competitive marketplace,” concludes Nielsen.
× 
CIO Applications Europe Weekly Brief
Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from CIO Applications Europe
