Next year is already set to be a big one. EURO 2020, Glastonbury’s 50th anniversary and dystopian supermarkets chock-a-block with chlorinated chicken are but a few of the delights we’ve got to look forward to. But in the raucous, some huge developments have fallen through the cracks.
They include some key Microsoft Dynamics 365 for Project Service Automation (PSA) updates, which've been dubbed Comprehensive Project Operations by Silicon Valley bigwigs. Scheduled for February, they’ll focus on combining current PSA capabilities and Dynamics 365 Finance to provide true, end-to-end project management.
Here’s a deeper dive into five of the best rewards you’ll reap come spring:
1) Split billing for project contracts
Bill splitting is an age-old problem in restaurants, taxis and project delivery. But soon the farce will be no more, as anyone using project quoting or contracting in PSA will be empowered to attribute a percentage split across several customers. As Microsoft puts it, this will remove vendor/customer awkwardness by allowing the former “to pay a portion of the cost of customised implementation or value-add."
2) Not-to-exceed limits for project contracts and quotes
Caps are part and parcel of negotiations between vendors and customers in time and material projects. So, to make your life easier, you’ll be able to prevent service delivery hiccups within PSA, which automatically enforces agreed Ts & Cs during invoicing.
3) Billing and chargeability options for work breakdown structure tasks
Different contractual agreements for different phases of work are the norm in project delivery. PSA’s new billing and chargeability options reflect this by allowing you to associate project tasks to project contract lines, ensuring total consistency.
4) Retainer support on project contracts
Retainers entitle a customer to a pre-agreed set of a vendor’s services on a monthly basis. New functionality within PSA will allow the latter to set billings and retainer schedules within the application, allowing them to measure services promised against services delivered. Any work completed outside the retainer can be accounted for accordingly.
5) Revenue recognition for PSA projects
Soon enough there'll be an out-of-the-box Dynamics 365 Finance integration for projects originating in PSA. According to Microsoft, "projects can be managed from sales to pro forma invoicing in Project Service Automation, and Dynamics 365 Finance service industries will enable the generation of a customer-facing invoice and revenue recognition."
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