Customize approval chains, track charge status, and ensure accurate invoicing
Introduction
In project-based environments, managing charges effectively is essential for accurate billing and financial transparency. Keka PSA now introduces an Approval Flow for Charges, enabling organizations to streamline the charge approval process before invoices are generated. This ensures better control, accountability, and flexibility in project financial management.
What Are Charges in PSA?
Charges represent the costs or fees associated with products or services delivered by your organization. They serve as a vital precursor to invoice generation, offering the flexibility of going through an approval process. This ensures charges are verified and approved before being included in an invoice.
Benefits of the Approval Flow for Charges
- Enhanced Accuracy: Ensure that all charges are validated before invoice generation.
- Improved Governance: Maintain control and transparency in project finances.
- Streamlined Workflow: Save time by automating charge approvals within the PSA.
- Accountability: Track approval history and ensure the right stakeholders approve charges.
Key Features of the New Approval Flow for Charges
1. Customizable Approval Chains
- Tailored Approval Chains: Organizations can design approval workflows specific to each project.
- Flexible Approvers: Define approvers such as Client Managers, Finance Managers, or other stakeholders to ensure the right individuals review charges before proceeding.
- To create an approval chain, begin by navigating to the left-hand navigation bar and selecting the "Project" section. From there, access "Policies & Settings," then click on the "Approval Chain" option. Finally, proceed to the "Charges Approval" tab and click on the "+Create Approval Chain" button to set up your custom approval workflow.
- The Edit Approval Chain Settings screen will then be displayed. Here, you can specify the roles and levels for each approver, and once completed, click on the Update button to save your changes.
2. Streamlined Approval Workflow
- Efficient Approvals: Approvers can approve or reject charges directly from the Approvals Tab, simplifying the workflow.
- To review pending charges, navigate to the Project section from the left-hand navigation menu. Select the Approvals option, then click on the Charges Approval section. Here, you'll find a list of projects awaiting approval. You can choose to either approve or reject the charges based on your assessment for each project.
- Next Steps: Approved charges are ready for invoice generation, while rejected charges can be reviewed and updated accordingly.
3. Project-Level Charge Creation
- Charge Management: Charges can be added for specific projects under the Projects Tab.
- To access specific projects, go to the left navigation bar, select "Projects," then click on "Project List." From there, choose "Active Projects" and select any project you wish to work on.
- After opening the project, navigate to the Billing tab and select the Charges section from the options available.
- Tracking Approvals: Once a charge is created, its approval status is visible. A pending approval icon (clock) appears beside the charge name, showing the name of the approver responsible for the review.
With this enhancement, managing charges in Keka PSA is now more controlled and efficient, ensuring smoother financial operations for your projects.
For further insights into creating Projects and Opportunities using Approval Flows, please click here. Streamlining Project and Opportunity Creation with Approval Flows