FINANCIAL MANAGEMENT IF IP RIGHTS AND PROJECTS
FiveOsix allows a sound financial management of intellectual property rights and/or intellectual property-based agreements.
The financial part of the software is divided in several screens:
A specific home page for financial data, including a global overview of the elements stored in the software, but also graphs showing the evolution of the cash flow and the amount of the most important financial data: budget as originally granted, total amount of incoming invoices as well as of « invoicing out », and the remaining budget (i.e. the original budget minus the amounts already invoiced out).
For each IP right, the same information is provided through its own specific page.
Specific pages are also disclosing and allowing to insert or modify financial elements for IP right or task:
A budget can be created, or just modified
Expenses are divided in two categories, i.e. incoming invoices from partners, contractors or other providers from one side, and time sheets from the other side.
Invoices to customers, licensees or any other partner can also be mentioned, including VAT information and other useful elements.
Documents, such as invoices (in or out), cost proposals, offers etc. can be easily linked to each IP right or task and to each sheet: fiveOsix manages the whole document management of the financial activity linked to your IP rights. It makes it easy to retrieve and/or export for other uses. Financial data can also be exported under a format that can be reused in MS Excel or other similar software (including open source software).
How to use FiveOsix ?
After having created your IP right, click on the « costs » part and access the financial management part of the software.
In the table of Cases/IP rights, select the IP right for which you want to add financial information.
FiveOsix is automatically proposing to create a new budget; set it up as you wish; if you have no specific budget, you can insert « 0 ».
You can now manage easily the financial part of your IP right, by clicking on the tabs « expenses » or « invoices » in the window corresponding to your IP right; you can even modify your budget at any time.
To create an expense, i.e. to insert costs regarding an incoming invoice or time spent over a file, click on the corresponding icon « Invoice » or « Time sheet ». A new window is appearing, where you can fill in the corresponding information.
Information available regarding an incoming invoice encompasses the financial elements you require to follow-up the external costs related to an IP right, including:
- IP Right as well as the Task concerned the quotation or cost estimate you received, including currency management
- Information about the budget status: i.e. if it has not been approved to date, or approved, if the invoice has been already paid and therefore this part of the file is closed
- The amount of the invoice, including currency indication
- The corresponding amount in your local currency
- Information about the payment (if paid, date of the payment, to allow a management of the cash-flow related to an IP right)
Each time sheet gives also information about:
- the IP Right as well as the Task concerned
- the time spent over the file
- the hourly rate to be applied to this work or task
- the total amount corresponding to this time sheet
If your activities are to be invoiced to third parties or internally, you can also use FiveOsix to insert and manage information about said invoices.
The invoicing module allows also to manage the royalties due by your licensees, and to follow up the corresponding payments.
Just insert the corresponding information, including:
- IP Right as well as the Task concerned (if any)
- invoice amount
- VAT information
Information about the payment (if paid, date of the payment, therefore allowing a sound management of the cash-flow related to an IP right)
Financial data is compiled for each IP right, making the financial decision-making and management clear and easy. Graphs show the financial situation of each IP right as well as for the whole structure, company or department. Financial data can also be easily exported if you have a need to insert it into another software system.
You can contact us at firstname.lastname@example.org or by phone +352 2644 1335 to obtain more information or a demo.