Powerful Timephase Functionality In Clarizen

Powerful Timephase Functionality In Clarizen

Clarizen just released some amazing new functionality for their Clarizen One platform which opens the door to some really powerful financial functionality.  We’re going to teach you a solution that uses a custom Invoices Module to track actual costs to your project – and integrates that into your projects’ timephase financials using this new Clarizen feature.

Watch our short video to walk you through setting this up! 

As with all of our expert advice, these tips will save you and your team a lot of time inside your system! As a premier implementation partner for Clarizen, our favorite PPM tool, we wanted to ensure our Admin Users had these handy tips available to them.

Life Without Timephase Data

The new financial functionality lets you integrate just about ANY object in the system into your Project Financials. Although, this functionality was technical possible before, it required a LOT of custom Powerful Timephase Functionality In Clarizenconfiguration. 

Note! If you are not familiar with Clarizen financial planning and timephase data, please visit this Clarizen Success article to learn more prior to reading on. 

Looking at project management from a very basic point of view, I have a project with tasks. Each task has so many hours of work on it. I multiply the work by some hourly cost rate for a resource, and there are my costs for the project.  

The Problem

The PROBLEM with this is that it’s only summary data. I’m given the planned and actual cost/revenue for the entire project but I have no idea what my month-to-month cost or revenue is?  

This is also really important for managing progress and cash flow. I can show that I’m currently 50% under budget. That’s good, right? 

But what if I’m 50% under budget – and I’m only 10% of the way through the project? Well, that’s NOT GOOD! 

The Solution

So, what we NEED is an easy way to look at the costs in a Timephase way. Watch our short video to walk you through setting this up!

What is my planned and actual cost (or revenue) by month AND for the entire project?  This lets me manage cash flow AND understand when things are starting to go off track. To do this, Clarizen offers Timephase Financials. In this concept, each time period is broken out by day, and we calculate resource for each period. 

Further, I can add any number of what Clarizen calls “Non-Labor Resources”. Powerful Timephase Functionality In ClarizenThese are containers for categories of costs. Typically, these will align with how your finance department needs to see project costs broken out. 

The limit we have is that I have to manually enter items. But what if I could say, import 1000 invoices each month and have them automatically link to their respective project and impact their Actual Cost?

Click Here to watch the Mini-Masterclass on our YouTube channel to walk you through all the steps.

Where Can You Use This Inside Clarizen? 

  • Purchase Orders

    For planned cost, then use invoices for actuals

  • Change Requests

    You can use Clarizen’s native request object and link those to timephase financials, maybe add fields for requested, authorized, actual…

  • Financial forecasting

    Put really complex financial calculations on the object

  • You can also make this bi-directional

    You can use Clarizen functions to query data from your financials, perform calculations, then push updated data back into the financials table.

Prerequisites

Environment

  • Sandbox

    Enter content here

  • Administrative Access

    Enter content here

  • System Setting 9.6 Enable Financial Planning enabled

Technical Skills

  • Completed Clarizen Admin Training

    Enter content here

  • Creating custom fields

    Enter content here

  • Basic workflow creation

    Enter content here

  • Basic profile management

  • Create NLR

  • Understand the concept of timephase financials

Watch The Expert + Build Like Us

Join Kolme University instructor Kim Essendrup as he walks you through adding a customized invoice Powerful Timephase Functionality In Clarizenmodule to track project costs using a custom object, and link them to Project time period financials using Clarizen’s powerful new “Set Financial Timephase Data” action!

Watch Here on our YouTube Channel! We offer a FREE worksheet available for download as an easy reminder while your in your system.

Become A Student

It’s easy for you to begin our Configuration Masterclasses powered by Kolme University! Configuration Masterclasses will provide you with new tools and ideas to keep your system top-notch and customized to fit your business needs.

 

Need More Clarizen Support?

Contact Kolme Group to find out more about our Project Management Services, please email us at PPManswers@KolmeGroup.com

Be sure to follow us on TwitterLinkedIn and YouTube and use #KolmeGroup on your shared posts!

Kim Essendrup Administrator
Partner

I help our customers because I’ve “been in their shoes,” and can share pragmatic advice about what works and what doesn’t in the world of Project & Portfolio management. I have 20+ years managing teams, projects, programs and PMO’s. I’m a certified PMP and PMI Registered Education Provider, and love to nerd out over PPM with my colleagues and clients.

follow me