Time and expenses in Core

Core supports an unlimited number of time and expense entries by timekeepers (employees or vendors) as well as administrators on various projects. In many companies, you have to keep track of internal activities and expenses, even though they are usually non-billable. You might want to track overhead expenses like administrative costs, training, research, marketing costs, etc. In any case, time and expenses flow to the project, allowing you to track utilization of all employees in terms of billable and non-billable activities and expenses–whether for a revenue project or an in-house overhead project. Core strongly recommends that you capture all the hours worked and expenses incurred by employees, whether they are billable or not so as to effectively measure their performance, utilization and profitability.

Besides regular time, Core enables you to track special time like overtime, compensation and extra time. It also allows you to record expenses in multiple currencies. You can then submit these entries to the designated reviewer for approval. The reviewer can reject some entries due to any reason and approve others. Core tracks all these submit-approve events in a workflow. The approved time and expenses become work-in-progress (WIP), ready to bill.

Many companies outsource tasks to vendors (also called subcontractors, consultants, per diems, contract employees, etc.). Whether paid an hourly rate or a flat project fee, it is beneficial to track their expenses for reporting and analysis. So Core allows your vendors to record time as well as expenses just like your employees.

A time and expense entry evaluation is done when entries are recorded wherein the Total Amount Spent is compared to the Contract Amount. When the amount spent exceeds the contract amount, the entry's bill status is automatically adjusted (billable status changed to non-billable) since the project is over-budget. When a billable entry pushes the amount spent over the contract amount, Core adjusts the entry by splitting it into a billable and non-billable portion. However, you can manually change the status of the entry to billable.

Note: You can get a visual overview of this feature in Core from the Time and Expense Entry flowchart.

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