System and method for inter-company billing processing

Abstract

The present invention consists of an improved system and method for inter- company invoicing, processing transfers and billing. The system and method provides for invoicing and processing transfers to be processed directly between two entities or through multiple entities in a streamlined system. With the improved system and method, associated businesses or organizations can seamlessly collect their cost-shared expenses across multiple entities. Furthermore, each entity can specify the frequency of receiving invoices from other entities. With such an improved system, inter-company transfers and billing can be easily completed immediately, processing hundreds of thousands of time entries in less than a workday.

Description

[0001] This application is a divisional application of the same patent application, filed on August 21, 2015, with application number 201580057192.2. Claiming priority

[0002] This application claims priority to provisional application No. 62 / 070,882, filed on August 21, 2014, and will consider that application as it is fully presented in this application. Technical Field

[0003] In summary, exemplary and non-limiting embodiments of the present invention relate to the field of timekeeping, financial processing, transfer, and billing systems used in businesses, companies, and alliances comprised of multiple offices or legal entities. Background Technology

[0004] In the current market, there are computerized time and billing systems for professional businesses sold under trademarks such as Elite, BillQuick, etc. Some of these systems are computer-based, while others primarily operate in cloud computing environments. However, these systems are not suitable for large professional companies and business alliances with a global distribution, having multiple offices in multiple countries, and whose offices must be linked together for proper billing and financial management. Furthermore, these are basic procedures that do not include the latest features such as notifications and billing via text, email, fax, computer voice calling, near-field communication, and social media. Numerous other public documents relating to billing and timekeeping are also disclosed in the prior art as shown below.

[0005] EP 1,145,162, issued to Ashby, discloses the use of a system for processing credit applications, financial and insurance services, and administrative tools. This system will generate quotes for insurance and finance and facilitate online credit application processing. It will further provide detailed reports on financial and insurance listings, tracking, and other administrative matters. It will provide rapid quotes for leasing and lending. It will also perform: listing tracking, insurance tracking, purchase tracking, applicant profiling, target markets, customer satisfaction, etc. The system will collect data on credit, descriptions of projects for sale, insurance to be provided for the project, and necessary government permits and data.

[0006] Ashby also exposes users as financial institutions, dealers, manufacturers, insurers, or suppliers. It can utilize and store credit agreements with customer ratings and interest rates, which can be linked and sold in public transactions. Frequently Asked Questions (FAQs) can be provided within the system, and it can instantly provide consumers with quick quotes. However, this exposure is geared towards car sales and insurance and is not timed. Its stored items are contract items, contract ID, customer ID, purchase price, selling price, dealer tag, payment, immediate payment, depreciation value, rent, monthly payment, commission, and taxes. However, Ashby does not involve professional timekeeping or billing.

[0007] EP Patent No. 1,769,452, issued to Allin, discloses the use of a computerized system for residential and commercial building projects to maintain and distribute building plans during construction. It can track lien abandonment and prepare, agree to, sign, and distribute hundreds of checks to contractors each month. It can also track the sequence of building changes. It can manage all parties involved in each drawing. It manages and generates building budgets and timelines. It also manages payments to material suppliers. It can manage and store inspection data for each project. It can manage GC budgets and alternatives. It handles ACH payments. It utilizes templates to facilitate the drawing process. Notifications can be sent via email, text, or voice.

[0008] EP Patent No. 2,026,222, issued to Alquier, discloses a system and method for dynamically adding, modifying, and deleting database fields without the need for a database administrator. This system allows for the direct addition and modification of dynamically distributed information structures through a user interface. It supports different types of entity attributes, including text, numeric information, dates and times, predefined values, and binary objects. It allows for the creation of relational dependencies between information entities (e.g., patent / children), provides flexible reporting capabilities including spreadsheets, slideshows, documents, timelines, etc., allows for a configurable data input interface, allows for data import from external sources, allows for full-text search, supports log modifications for audit trails (important for pharmaceutical and pharmaceutical devices), and includes email notifications. It allows for a flexible and configurable user interface. The system uses template items, coding, and tables to accomplish these purposes. However, it does not address time tracking and billing generation.

[0009] U.S. Patent Publication No. 2003 / 0120538, filed by Boerke et al., discloses a method for tracking task progress by dividing a time period into multiple time slots and determining the target number of subtasks to be completed during each time slot. For example, time slots can be divided into 15-minute increments. The system tracks only the number of subtasks completed for each time slot. The method also statically tracks variations in subtasks completed among workers. The task can include any type of work. This process can be used for planning purposes, i.e., as a planning tool enabling management to plan and manage daily or monthly shifts based on the work to be completed for specific tasks and subtasks. This helps supervisors identify and correct negative variations in work performance. Progress can be recorded in a computer or worksheet or in paper format. Problems are also documented through methods for improving performance using variation cards for correction.

[0010] U.S. Patent Publication No. 2013 / 00090968, filed by Borza, discloses an employee management and scheduling method aimed at ensuring sufficient staffing is available as needed to meet legal requirements, while costs are tracked and minimized. The Borza publication also addresses applications used to manage cellular phone usage, where administrators can track and manage employees, their shifts, and their skills. This allows for real-time adjustments based on sick or absent employees. Location can also be tracked. The scheduling software is used to manage multiple employees at multiple locations. From a single screen, administrators can create, edit, and delete shifts and access other aspects of managing the organization's employees, including information on location, teams, skills, etc. The system can print shift assignment reports and employee reports. However, this publication is geared towards scheduling employees and does not track their time or bill it for time.

[0011] U.S. Patent Application Publication No. 2012 / 0233044, filed by Burger et al., discloses a method and system for labor project management and cost control that can run on a cellular phone application to monitor employee activity, identify employee activities, and manage the allocation of labor resources. The application, installed on an employee's cellular phone, allows employees to go to various work locations and record activities at each location. Employees can log in or out of a clock application installed on their cellular phone. The system can be used to monitor managers and administrators as well as employees. The system can be used to send payroll information. If a worker goes outside the permitted area assigned to their role, a marker can be generated. The system stores employee photos, work locations, routes, work codes, SIC codes, etc., which can be entered into the backend by administrators. The system also generates reports, with a "dashboard" or simply a summary report showing who is at work, when they arrived, and GPS confirmation of their location. The LPM platform can also operate in the cloud.

[0012] US Patent Publication No. 2014 / 0258057, filed by Chen, discloses a system and method for tracking user time on mobile devices for the purpose of billing customers. The system includes a digital timer that starts at a specified time and stops when the employee leaves. The system is designed for tracking time on mobile devices or applications. It tracks the time when text messages and emails are sent. Professionals record the time as soon as they receive voicemail, phone calls, texts, or emails. Users can also use the system's time recordings and entries to enter annotations. The application automatically checks the user's contact list to see if an incoming call, email, or text message is from a customer, and if so, it begins tracking that customer for billing purposes. If the customer is not in the contact register, the user is alerted and the customer is added to the contact list as a billable customer.

[0013] U.S. Patent Publication No. 2013 / 0290154, filed by Cherry et al., discloses a system and method for managing employees at multiple workplaces by providing a database, in which a set of workplace data is stored. Employee devices can collect a set of attendance data and photos for storage in the system. A management application is used on a monitoring device to monitor workplace data and employees, verify photos, and activate the employee application. The system is shown operating in a cloud environment. The application will utilize a web browser, WiFi, or GPS authentication to run. The system essentially operates as a workplace-specific time tracking system. The system stores time photos of employees arriving at and leaving get off work. The system also stores work numbers, work stages, and cost codes. The system also includes a payroll calculator that communicates with a worksheet service.

[0014] U.S. Patent Publication No. 2001 / 0042032, filed by Chrawshaw, discloses a system for capturing, processing, and reporting time and expense data, which may include fixed-fee billing, maximum-fee billing, and also allows for discounts and cancellations. It can be used in a wide range of business applications. Clients do not have access to the company's internal data. The system will generate invoices, expense reports, schedules, proposals, and project tracking. For law firm data, this appears to be a traditional project, running on a local server for a single location. The system can generate various reports as needed. Invoices can be sent via email. The program will create envelopes for invoices. The system will also create budgets for clients.

[0015] U.S. Patent No. 6,038,547, issued to Casto, discloses a construction tracking and payment system used by contractors and subcontractors to track work and ensure timely payment upon completion and inspection. The system complies with AIA requirements. The system can be implemented on a handheld computer. The system divides construction work into multiple units and then provides contractors or subcontractors with a copy of how the site is divided. Each contractor or subcontractor is then responsible for submitting the application using this division to ensure consistency with the architect's expectations. The system can incorporate and utilize CAD information on the construction site. The system uses AIA-licensed coding.

[0016] U.S. Patent No. 6,747,679, issued to Finch, II, et al., discloses the use of a timing and expense tracking server that includes computer instructions that implement logic defining a GUI screen for constructing according to user instructions. Users can implement and design the screens required for timing and expense tracking tasks. The system can be implemented on the cloud or the Internet using a laptop computer or a desired wireless device. The GUI screens can be customized on a company-by-company, department-by-department, etc. The system also includes security features, where items and item codes can only be seen by employees at specific levels.

[0017] U.S. Patent No. 7,343,316, issued to Goto et al., discloses the use of a network-based shift scheduling system to generate temporary shift workers. This is transmitted via a network through a portable terminal. The system is configured to ensure and provide work for multiple workers. Workers can also submit cancellations or shift changes through the system. The system also provides email for communication purposes. The system can also recruit new employees. The system stores employee information such as name, age, gender, address, email address, qualifications, available work slots, job type, and hourly wage.

[0018] WPO 2014 / 016796, submitted by Gupta et al., discloses a system and method for employee tracking using mobile communication devices, wherein dynamic location reports can be generated in real-time or near real-time. The system targets door-to-door delivery or pickup sales. The system uses a mobile application on the employee's cellular phone for employee tracking. If a deviation from the tracking occurs, the system raises a flag. The system uses Blue Dophil software to analyze where employees should be performing tasks and generates flags when the collected parameters fall outside the permissible range. These flags are sent to management via text or email.

[0019] U.S. Patent No. 6,832,176, issued to Hartigan et al., discloses a method and system for tracking and reporting time spent on tasks in different applications on an end-user's computer while the task is being performed. It can automatically track file openings and closings and send reports and messages directly to and from other applications. The software can also suggest categories for each task based on at least one condition. The system can use MS Outlook to assist in tracking tasks and sending reports. It is targeted at lawyers and accountants. The system can track fixed rates and use the collected data to evaluate productivity or human asset bonuses for employees. The system can track multiple projects or research efforts. It can track time spent by accountants on spreadsheets. It can track time spent by engineers designing computer code or simulating circuit designs, etc. It uses Timeslips for tracking time for professionals and TABS II for tracking time spent by other professionals on tasks and projects. The system tracks time used on the computer by the patentee involved. The system provides toolbars to assist in time tracking. The system will track time spent in applications such as MS Word, Excel, Outlook, PowerPoint, etc. It will track when the application is opened, active, and then closed. It can automatically score and rank the use of these various types of software. The system can generate various reports for regular management of usage as desired.

[0020] WPO Patent Publication No. 2015 / 079776 for Hishiki discloses the use of a work status management system that manages clocks for drivers of vehicles working night shifts and calculates appropriate rest periods for them so that they do not become overly tired.

[0021] U.S. Patent Publication No. 2014 / 0344,122, filed by Hodgin, discloses a system for billing items / customers for time spent in IM sessions by service providers. This system can automatically bill items / customers by searching for the name of a customer or item in a text or instant message or the same series or session. If the system cannot find the name of a customer or item, the user will associate the IM session with a new item or customer so that the IM session with that customer can be billed. Alternatively, the system can default to a common template for a user's typical instant messaging session.

[0022] U.S. Patent Publication No. 2009 / 0006228, filed by Hodgin, discloses a method using a time-tracking system and a similar approach to the aforementioned Hodgin IM system. This Hodgin system also stores a list of previous associations with projects and clients, constructed using the same or similar words or phrases.

[0023] U.S. Patent Publication No. 2002 / 0154122, filed by Jackson, Jr., discloses an improved system for employers, leasing companies, consultants, and independent contractors to hire and manage employees, and to provide tax and payroll reporting. The Jackson, Jr. system can track and manage employees, salaries, and experience to provide optimal benefits to employers. The system generates computerized scheduling, billing, accounting, and payment templates. It provides a list of invoices for user reference. It includes invoicing contractor services and performing its functions on a cloud-based system.

[0024] U.S. Patent No. 8,838,486, issued to Kong et al., discloses a time management interface on a communication display device that allows workers to track their time and activities. The time manager tracks the time spent logging into and out of the system. This has been important in recent years when startup times have been too long. It discloses the use of scanning employee name tags to track work hours. This disclosure is directed to a system for checking arrival and departure times. In one version of the embodiment, the system is located on-site. It discloses the use of GPS on-site to create an audit trail of work hours. Biometric information can be used by the system to identify workers. It can be used nationwide for multiple local offices. It can be coupled to communicate with employee handheld devices. It can work on WiFi and cellular networks. It can store: DOB, SSN, and other employee details. It can be used with barcodes or QR codes. It can be used with microphones, cameras, and scanners. For remote locations, the system can check the IP address of the computer or handheld device to ensure system security. The system can also be used to detect work schedules to lock employees out of the system when there is no schedule. When an employee arrives at the workplace, after verification, one or more emails or text messages can be sent to the management of that workplace. If authorized to do so, the employee can view the work schedules of other employees. In doing so, the employee can request work dates and exchange them with others. The system can differentiate between dismissed and non-dismissed employees. The system can display messages to employees during the start and end of work registration periods.

[0025] U.S. Patent Publication No. 2012 / 0278211 filed by Loveland discloses a system for remotely tracking and monitoring worker activity via mobile phone or other mobile tracking devices. The system continuously monitors whether the worker is in the workplace.

[0026] WPO 2010 / 11652, submitted by Manser, discloses a system and method for tracking employee behavior. The Manser system provides a user interface allowing users to evaluate the balance of an employee's hard and soft skills, assess employee behavior across multiple categories, and compare the average cost of the job in the market with the cost of the evaluated employee. The system also analyzes the average cost of similar jobs in the relevant market during the employee's evaluation period. The project continuously monitors employee values ​​to allow employers to determine ROI at any given time. The system can be applied to guide hiring, contracting, temporary work, or any employee relationship. The system allows for the identification of individuals who exceed expectations and those who fail to fully utilize their abilities. The system provides a method that employees can use to determine how to achieve the highest ranking through their work.

[0027] EP 2338293, filed by Molotsi, discloses a system for employers to track time on mobile computing devices. The system involves providing a time manager on the mobile computing device to manage multiple events that are then synchronized to a server. The system automatically tracks time and estimates the time workers spend on tasks. The system records time in the user's calendar, emails, and text messages. It provides timestamps and mappings for events. Customer lists and data can be provided in one or more files or databases. The system can communicate with the worker's smartphone. The user can open, edit, delete, inspect, or manage all automatically created event records. The system can automatically create time tracking records for the user using information from text messages, emails, or calendars. Furthermore, the system can automatically convert emails, text messages, and meetings from the calendar into time-tracking events via pop-ups to the user.

[0028] WPO 2008 / 061146, filed by Neveu Holdings Limited, discloses a system and method for remote time collection of employee time in the workplace. The system can collect employee names, photographs, titles, contact information, health and / or safety information, skills information, etc. The system can also collect project names, project identifiers, locations, project start dates, project administrators, and detailed comments about the project for each employee. The system can also collect information about sellers, such as seller names, addresses, telephone numbers, contact persons, and types. The system can also use GPS information and compare it with information that employees should be working. The system collects biometric information to identify employees. In one embodiment, the time collection database is configured to receive, process, and store information about projects, such as names, identifiers, location start dates, administrators, etc.; seller names, addresses, contact numbers, contractor types, etc.; project administrators, tasks, employee titles, departments, and employee time records. Office data collection can include: workplace, task, and project information via wireless connection. Encryption is used to transmit data to or from remote locations. The system may also include a field scheduling module to schedule work for specific workplaces and for specific remote users. Users can edit timeframes and view comments from remote workers. Remote monitoring can record task completion, view management comments, request assistance from management, and assign responsibilities to team members.

[0029] U.S. Patent Publication No. 2015 / 0081381, filed by Okoba, discloses a system and method for recording time, usable on devices, software, or applications. It can be accessed via a plugin or extension. The recorded time can be used to exchange for payment vouchers, which can be redeemed or traded with other members. Users can register and log in to the system using an ID or password. The system can record device activity, software activity, application activity, keyboard activity, and mouse activity. Time spent by users on browsers or video games can be assigned redeemable value. A database can store the recorded activity for further analysis. The system will work on computers, tablets, cellular phones, televisions, games, digital books, fitness equipment, web browsers, mobile applications, and video games, etc. Payment vouchers can represent monetary value, promotions, products, or services. Usernames and passwords can be stored in the system's information logging program. The system can capture video game or browser activity, keyboard or mobile keyboard activity. Activity spent in the system can be converted into purchasing power so that users can receive optimal value from their activity, and the system can deliver purchasing incentives at the appropriate time and place and for the appropriate products or services. You can select a business as your favorite from the user activities on the system.

[0030] U.S. Patent Publication No. 2015 / 0081487, filed by Porter et al., discloses a time tracking and productivity system including a tracking component for locating employees to record time spent in various locations. The system is designed to monitor and improve coordination of patient care, and specifically, to limit the number of patient hours a resident physician can work per week. Strict penalties and probation or suspension can be imposed for violations of rules implemented by the ACGME. The system primarily involves tracking employee location and working hours. The system may include cloud capabilities. This involves tracking employee movement within predetermined boundaries that triggers new records and events. It can track time spent in patient rooms, break areas, paperwork, etc. A GUI is used on handheld devices. The system can also use tags to interact with RF signals. The system records employee information and FRIDA numbers, including resident program leaders, resident coordinators, start and end times for resident shifts, home phone calls, hospital room phone calls, nighttime activity, etc. If nighttime activity is permitted, the system can also track nighttime activity times. It will store leave schedules and rotation schedules. Shift logs can include short travel buffers. Automatic alerts for exceeding time limits are sent to management via text, phone, email, etc.

[0031] U.S. Patent No. 6,185,514, issued to Skinner, discloses a method for automatically collecting and analyzing information about time and work performed on a computer. It uses a data collector to monitor certain parts of the computer's work activity and an analyzer to show which parts of the activity are continuous work activities. The system categorizes work into pre-defined projects and tasks within those projects. Information is periodically written to a data storage device. The system is designed for remote workers. The system automatically excludes time periods of inactivity on the computer. The system is used to anticipate future projects with reduced financial risk. The system includes automatic time filing. Data stored on the system is encrypted so that it cannot be modified by the user. The data collector automatically collects mouse and keyboard activity from the computer user. The system creates a log file of work activities. The hardware extraction layer can interface with telephones and other devices and can be used with pointing devices such as tablets or mice. The system records activity in multiple windows open on the computer.

[0032] U.S. Patent No. 8,209,243, issued to Smith et al., discloses a system for performing real-time workforce management and timesheet reporting, adapted to wirelessly transmit timesheet information. A portable device can be dedicated solely to tracking time and not performing other computational functions. The system includes a portable electronic time clock system capable of communicating with a workforce management system via text. The system allows users to manage schedules and report timesheet information without requiring a computer with internet access. The unit directly sends timesheet information back to a server for analysis via a wireless network. Text messages can include: employee ID, start time, end time, number of breaks, workdays, rest days, and other work-related information. New user information can be set to the timekeeping system via text messages. The system can operate via any wireless system, such as GSM, GPRS, CDCP, Bluetooth, and Wi-Fi.

[0033] U.S. Patent No. 9,020,848, issued to Ridge et al., discloses a method for tracking employee time and location according to a predetermined schedule, which can use software to track the presence or absence of NFC (Near Field Communication), BLE (Bluetooth Low Energy), or other wireless devices. The system tracks employee presence within a geographically enclosed area. It also tracks employee time and other data for input into a payroll system. Low-energy devices can then transmit data to a server, whether or not a signal is detected. It also allows for manual clocking in and out in case of backend server failure. The system can also be used for security purposes. The system can operate in real-time or in batch request mode. This information can be a timestamp, mobile device status, or location. In one embodiment, the system can be used by employees at a retailer or restaurant. The system can be used for login via Bluetooth clicks. It can be used at trade shows by clicking on an NFC communicator device. It can be used in conjunction with a mobile phone clock application. It can be used to alert management when unauthorized employees enter restricted work areas. The management can input which work areas are restricted and which are not.

[0034] WPO Publication 2015 / 029073, submitted by Shirish, discloses a system and method for measuring and analyzing total time, effort, and productivity by examining time spent on activities such as phone calls, travel, lab work, meetings, discussions, and remote access. Employee location can be tracked using PD or presence devices. The system can track average daily work patterns. It can track both work and personal activities. It can track emails and browsing. It can account for flexible work hours, using multiple and different types of computing environments (PCs, smartphones, tablets, etc. at work and home). It can capture files, folders, network links, etc. It can make all personal efforts password-protected and private. It is intended to track effort and behavior 24 / 7. It can provide modules to promote work focus and minimize distractions by establishing behavior points, consistent behavior in behavioral goals, and name tags for progress. It can measure improvement by creating an n-dimensional effort data cube and includes analytics for customized reporting. The system can enter a self-improvement mode to set goals for self-improvement and related activities. It can be used anytime, anywhere in the workplace. It features a time tracker for all online time. It has a merger for mapping and merging offline and online time efforts. It has a distraction engine to determine employee work patterns, vacations, work completed during vacations, desk-oriented or managerial or travel-oriented work, etc. The system also presents organizational goals and analysis, top performers, work patterns, and recent deviations from work patterns. The collector module measures data to improve precise work effort at the individual level throughout the day. The system is available on SAS (Software as a Service) and can be hosted in a cloud computing environment.

[0035] U.S. Patent No. 2012 / 0173297 A1, published by Styn et al., discloses a method and system for task tracking and assignment. This disclosure provides a method in which an individual can create a set of tasks operable to be performed on a computer-readable medium. This set of tasks may include maintaining a database, generating a first interface displaying topics associated with personal transactions, and a second interface having annotations specific to user-selected transactions. Instructions stored in the database can be implemented accordingly, and the computer can maintain multiple relational records containing data indicating relationships across folders. The disclosure also mentions prior use of MS Project and ERP systems, which utilize Ghent charts, milestones and tasks with complex dependencies, and subtasks. These systems track billable projects. However, Van Styn is not a true timekeeping and professional billing system.

[0036] U.S. Patent No. 2014 / 0108644 A1, published by Zaents et al., discloses a method and system for tracking time in a web-based environment. This time-tracking method involves a web-based application to track time associated with several records. It identifies active records, generates records associated with the active records, activates timers, and has the ability to terminate a session in response to an indication that the record is inactive. The time tracker can be hosted in a cloud computing environment. By continuously adding up the active times, the time tracker can calculate the entire duration of the records. The method can detect when a predetermined overall duration has been exceeded and provide such an indication to the user. The disclosure mentions timing, billing, and using web browsers and multiple tabs to record time for multiple clients when professionals switch between projects. This is useful for billing, statistics, and auditing. More than one user can log into the system on a computer and track their time on the same computer. It also teaches the use of sub-tabs for time tracking. A stop-table type button is used to turn time tracking on or off, or to track time when the user switches browser windows.

[0037] U.S. Patent Application Publication No. 20140201138 A1 discloses a function, feature, and user interface for synchronizing clients to a cloud-based environment. This disclosure describes a method for maintaining synchronization of different versions of files between a local device and a cloud computing environment. Prior art embodiments include systems and methods for synchronizing clients that connect to a collaborative environment including a cloud-based environment and run on a client device such as an iPad.

[0038] In reviewing prior art, U.S. Patent Application No. 2013008062 A1 discloses a method and system for managing information on professional service projects. Prior art also discloses a method for improving the availability and portability of various data or information resources in business management. One embodiment of the prior art is a computer network for managing business, comprising a computer network, a CPU and processor, one or more distributed application devices, data cooperating with the one or more distributed application devices, a data storage device, and a project management database cooperating with the one or more distributed application devices to facilitate the transfer of said data from the one or more distributed application devices.

[0039] Additionally, U.S. Patent No. 20110054968 A1, Galaviz, discloses a system for continuous performance improvement. Prior art discloses a method for assuring clients of employee productivity and quality. One embodiment of the prior art is a computer-implemented method for continuous performance improvement, which includes providing visibility of project documents and allowing collaboration and version control of those documents, accomplished through a web-based workspace.

[0040] Similarly, in U.S. Patent No. 20140095539 A1, Smit et al. disclose a system and method for asynchronous client-server session communication. The prior art provides a system that offers a highly effective solution to the aforementioned drawbacks of client-server and internet systems by providing a way to synchronize data input on the client system with data on the server. Data input by the client is transferred to the server, which updates the client display. Multiple servers can be used to serve multiple static or dynamic sources. Data can also be presented to the client without user input, meaning data is automatically pushed to the client. This allows client components to display data instantly or send data to another program to process as needed.

[0041] In the prior art, systems and methods for billing between offices consist of cumbersome and complex processes, involving numerous resources and multiple departments, and leaving considerable room for human error. When one office seeks to bill another office for timekeepers working in multiple offices or for a completed legal entity, each timekeeper working on the project or task submits their timecard to the billing partner or manager in the billing office. The billing partner or manager then adjusts the timecard as he or she deems appropriate, and bills the client accordingly. The billing office then collects payment from the client. This payment appears as revenue in the billing office's books, regardless of whether that portion of the payment belongs to that office, since timekeepers in other legal entities have billed for that time. The group of offices then collects timecards from the offices involved, relating to each timekeeper involved in the project or task, and calculates payment. The system and method of the present invention rationalize the aforementioned process into a simple and easy-to-use intermediate process. This system eliminates the need for group processing of individual attendance cards across companies and provides a system that can automatically deliver the calculations and payments across multiple offices, accurately accounting for the gains and losses of each account to reflect the collapse.

[0042] Therefore, nowhere in the prior art can be seen an improved and expedient device to handle billing or financial systems for the settlement of transfers and transactions across multiple different legal entities on the general ledger and statutory ledger of the sending legal entity (SLE) and receiving legal entities (RLE), triggered by cash or non-cash events. Summary of the Invention

[0043] This invention includes an improved system and method for invoicing, billing, transfer processing, and bookkeeping between offices, companies, and business associations. The improved system and method for billing and bookkeeping between companies enables the issuance of invoices for work or time entered into systems between different offices, such contractually bound legal entities, member companies, or other business alliances.

[0044] In a preferred embodiment of this inventive system and aspect, BV International and its member companies are members of the Swiss Union. Apart from a few direct billing devices, the member companies have no legal relationship with each other, but agreements with BV International have been incorporated for the sale and purchase of legal services and other activities, such as loans and shared expenses, to be executed for the mutual benefit of all member companies. BV handles billing between all member companies in all countries. The billing process between companies is necessary for managing the agreements between member companies and BV, and thus confirms the structured and arm's-length relationship between member companies and BV. This process serves as a means of facilitating cash transfers between member companies and generates the necessary documentation for statutory reporting.

[0045] The transfer and settlement of transactions involves two processes: 1. the transfer process and 2. inter-company billing. Transfer processing is the accounting of transactions between different legal entities across the management (corporate) ledgers and statutory ledgers of the sending legal entity (SLE) and the receiving legal entity (RLE), and it is triggered by cash events, such as the billing office collecting customer fees on behalf of the work office, or the office (sending legal entity) paying expenses on behalf of another office (receiving legal entity). Transfer processing can also be triggered by non-cash events, such as the work office recording customer costs to the billing office entity, or the billing office cancelling / writing customer costs on behalf of the work office. Several different types of transfer transactions exist, referred to as billing types. The main billing types are:

[0046] 1. Legal services (client fees)

[0047] 2. Legal Costs (Client Costs) - Billed together with legal services (Client Fees)

[0048] 3. Cost / Balance Report Transmission

[0049] 4. Global / regional costs incurred locally

[0050] 5. Accumulated service fees / costs

[0051] 6. Company management compensation (annually)

[0052] 7. Interest Rate (per annum)

[0053] 8. Actual promotion at the end of the year (every year)

[0054] 9. Direct billing of legal services / costs

[0055] 10. Payment made by a customer with an incorrect address.

[0056] Inter-company billing refers to the process of billing transfers between two legal entities based on their contractual agreement. Generally, Business Value (BV) acts as an intermediary between the two legal entities. The sending entity bills BV for the transfer transaction, and BV subsequently bills the receiving entity.

[0057] To address cash shortages / excesses, BV also borrows and lends from member companies (inter-company loans) and tracks them. BV also receives and tracks loans on behalf of responsible parties. Inter-company lending activities are not chargeable and therefore are not billed to / from BV.

[0058] In a preferred embodiment of this inventive system, each timekeeper can enter the time, while indicating the local office code (where he or she is employed), the billing office code (where the transaction or project is located), the time worked, the incurred costs, and other identical details, all in one place and at one time. After the time entry is entered into the system and the billing partner or other manager has the option to agree or modify based on judgment, the billing partner of the billing office handling the customer's account will then bill the customer. Funds are then collected and deposited into the billing office's account when the customer pays their invoice. However, because there are costs associated with the transaction or project, the accounting is automatically adjusted to account for the costs associated with the transaction (which are also entered by the timekeeper). Furthermore, the accounting also accounts for funds that will be distributed to other entities due to their time or work, while adjusting for losses and gains, thus providing an accurate reflection of the gains and losses for each entity. However, in the prior art, this accounting does not account for money transferred to other entities in real time and may show inflated or insufficient gains and losses.

[0059] Furthermore, the system will transfer the funds to other entities as required by the contract, in compliance with international treaties, organizational structures, local statutory requirements for each office, and changes in taxes associated with different entities, and it is fully auditable.

[0060] In a preferred embodiment of this inventive system and method, some entities will expect direct billing between two legal entities or offices, while others will require transfers through several offices or entities. Furthermore, some entities may need to use a third or fourth party, intermediary, or hub, such as BV in the case of a Swiss alliance organization. The system is capable of issuing invoices, transferring funds, and immediately updating ledgers and accounting records. For example, if a member office of a Swiss alliance in Korea has timekeepers performing tasks in the United States, along with timekeepers in the US, when each timekeeper performing the task, whether in the US or Korea, enters their time into the system, the administrator of the billing office can approve the entry and issue an invoice to the customer. When the customer pays, the system processes the payment, noting the timekeeper's entry and indicating the respective office where they worked based on the tag and office code entry with each time code; the system will note in the ledger and profit and loss accounting records the payment that needs to be deducted from the billing office accounting records for timekeepers in the local office, to account for differences between currencies, adjustments made based on the agreement or changes made by the billing partner, and also for profit offsets based on costs entered into the system.

[0061] In another preferred embodiment of this inventive system, two legal entities from the foregoing embodiments—an office in South Korea and an office in the United States—work together on a project. The United States is the billing office, and South Korea is the local office for some timekeepers. However, regarding treaties and contractual agreements, these offices do not wish to bill each other directly. Therefore, they use a third-party center between them. The system can utilize the additional offices between them to process invoices, such as the transfers and accounting described above. For example, a timekeeper in the South Korean office enters their time, noting their office code and the billing office code for the project. The system will be set up to issue an invoice to the South Korean timekeeper's time to a third-party center, such as a BV office. The third-party center will then issue an invoice to the US office, which will then pay BV, and BV will then pay the South Korean office. BV can act as an inter-office financial office between offices globally. It can process payments without fees or, if discount arrangements are established in some offices, it can charge fees. For example, if an office in China enters into a Swiss consortium with a 20% discount agreement. The timekeeper in China will enter their time as explained above. The system will then issue an invoice for the work performed by the timekeeper at BV. This system is configured to include the discount agreement, allowing it to bill the billing office at full price for these expenses. The billing office will pay BV the full price, and BV will pay the Chinese office 80% of its billing, along with a 20% discount arrangement.

[0062] Furthermore, if, in the example above, the Korean office, the Chinese office, and four other global offices all work for transactions directed to the UAE office, then the UAE office is the billing office in this scenario. Each timekeeper will enter his or her time, as explained above, and when the UAE office collects payment from the client (after adjustments for the billing manager's assessment and costs), the system will immediately and automatically set up a transfer to each legal entity based on its contractual agreement. For example, the US could request direct payment from the UAE, while the Korean office could bill the UAE only for any time worked through the Chinese office, and the Chinese office could bill only through BV. This means the US system will issue an invoice to the UAE, and the payment will be transferred, taking into account the different currencies. These payments, costs, and losses will all be immediately recorded in the respective entities' ledgers. Simultaneously, the system will issue invoices from the Korean entity to the Chinese entity for its time. The Chinese entity will then issue invoices to BV for its timekeepers and for the Korean office's invoices, and BV will issue these invoices to the UAE. UAE will pay invoices to BV, and BV will collect any amount based on any discount agreement and will make payments to the Chinese entity. The Chinese entity will make payments to the Korean entity. The other four entities will all be paid in accordance with their contractual agreements, taking into account their currencies, international trade laws, and tax codes, and their ledgers will all be automatically updated immediately by the system to comply with statutory reporting requirements and provide accurate and auditable reports.

[0063] In another preferred embodiment of this inventive system, a legal entity can use the system and method to collect fees from other entities for costs incurred. For example, a legal entity of a multi-branch nonprofit organization associated through contractual agreements may undertake an expensive celebration for its own benefit and the benefit of more than 7,000 other branches. The local entity undertaking the celebration then enters details of its expenses associated with the celebration into the system. The system then automatically issues invoices to each of these entities based on parameters of their agreements with each other. Some invoices may be issued directly or indirectly, or all may be issued through third, fourth, fifth, or any number of degrees as needed by the entities.

[0064] Another unique aspect of this inventive system is that the system and method take into account the needs of each entity involved. This means adapting to the frequency of invoicing, statutory requirements, local tax codes for different aspects of taxation, and different statutory rules requiring various backup documents. In a preferred embodiment of this inventive system, some entities require invoices from other entities monthly or daily, while other entities may only require their invoices annually. The system can collect and issue these invoices based on parameters set for these settings, or invoices can be issued manually at any point. Furthermore, the system allows for one-line invoices with a summary description and allows for the maintenance and provision of all relevant backup documents based on the entity's statutory and reporting requirements. No system in the prior art can accommodate these needs.

[0065] In the foregoing description, specific details have been set forth to provide a more thorough description of the invention. However, it will be apparent to those skilled in the art that the invention may be practiced without some of these specific details. In other instances, well-known features have not been described in detail to avoid obscuring the invention. Detailed description includes several examples of how the process can be implemented in specific environments.

[0066] This invention can be implemented on any conventional or general-purpose computer system, which is not limited to desktop computers, laptop computers, tablet computers, cellular phones, or smartwatches. A keyboard and mouse can be used to introduce user input into the computer system and transmit that user input to the CPU. The computer system may also include main memory, video memory, and a large-capacity memory that can be shared over a network, or it may be a dedicated large-capacity memory. The computer system described above is for illustrative purposes only. This invention can be implemented manually or in any type of computer system or programming or processing environment.

[0067] A method and apparatus for transfer postings and inter-company billing are described. Inter-company billing and transfer postings provide a novel process for the transfer and settlement of transactions, which has not previously been performed on ERP systems or various other similar systems. Because this billing and posting process is primarily used in specialized companies, many of which manage their finances and conduct corporate governance on systems such as ERP or similar systems, this invention will allow for a streamlined and uniquely operating billing and transfer process.

[0068] When the word "company" is used alone or in the phrase "between companies or companies," it means that the company includes a non-profit organization, a non-governmental organization, a business association, a Swiss association, a society, or other alliance.

[0069] While the foregoing description has given specific embodiments of the invention, many other additions and substitutions may be found to be common and obvious attempts in the prior art, and these should be included in the foregoing description as if they were all given in this application.

[0070] The purpose of this invention

[0071] Therefore, a primary objective of this invention is to provide global transfer and transaction settlement and accounting in streamlined processes and systems.

[0072] Another major objective of this invention is to provide invoicing, transfer and transaction settlement between two entities, either directly or through a medium or through multiple media.

[0073] Another key objective of this invention is to provide invoices at different frequencies or to provide manually issued invoices based on the entity's preferences. An invoice can be held until the desired time interval for invoicing, or even thousands of invoices can be accumulated, with all supporting documentation retained, and invoices issued at the desired time intervals.

[0074] Another primary objective of this invention is to provide a single invoice or a summary of multiple invoices accumulated to a single total, presented in a single line, while simultaneously providing specific reports and documentation along with invoices issued at predetermined time intervals. The included documentation includes any additional documents or analyses required by any specific legal representative or local financial or reporting authority.

[0075] Furthermore, another major objective of this invention is to provide invoices for service fees or for offsetting the corresponding cost summary balance based on the costs incurred.

[0076] Another primary objective of this invention is to enhance the company’s ability to manage and deliver data, accounting, and billing in a harmonious and consistent manner wherever the company conducts business.

[0077] Still, another key objective of this innovative system is to increase efficiency and profitability by reducing the local and global costs of maintaining different systems and processes, as well as reducing quarterly and year-end financial support schedules for global transactions that were previously booked by global staff but can now be booked by local staff.

[0078] These and other objects and advantages of the present invention can be readily derived from the detailed description given below in conjunction with this application, and should be considered to be within the full scope of the invention. Detailed Implementation

[0079] The following is a flowchart illustrating intercompany billing and transfer posting according to an embodiment of the present invention, demonstrating the process used in business methods for billing and financial processing and transfer posting in inter-bank, inter-company, and inter-office financial management. The flowchart depicts how this process is applied to intercompany billing within a Business Value (BV) that ends with a management report extraction. The abbreviations used in this diagram are GL: General Ledger, IFD: [International] Finance Department, and IF: Intercompany.

[0080] The process begins with a financial analyst / finance team or other similar role handling monthly checks and reconciliations through an ERP or similar system. All the following steps, where each process flow shown to be completed by the ERP can be completed by other similar systems, and can be performed by other individuals with different roles for all identified roles. The next step is the closing of the billing phase processed by the analyst through the ERP. The next step is when the next billing phase is opened, which is processed by the analyst in the ERP. Next is the closing of the general ledger (GL) phase, which is processed by the analyst through the ERP. Then, the process comes to the analyst opening the next GL phase through the ERP. Next, the GL extraction is performed by the finance team (or others) or the financial analyst. Next, the intercompany (IF) file can be created by the finance team through the system. Next, the IF file can be manually copied to the IFD and server by the analyst. Finally, the IF file is posted by the financial statistician (or other individual) through the ERP.

[0081] Intercompany billing is the process of billing transfer transactions between two parties based on a contractual agreement. Generally, in a Swiss union company, Bestoloten vennootschap or other types of member chambers or branch offices act as intermediaries between two legal entities. To explain how this process works, we will use BV and a Swiss union structure as an example; however, this can be used in any type of joint-stock company or partnership. The sending legal entity bills BV for the transfer transaction, and BV then bills the receiving legal entity. BV also borrows and lends (intercompany loans) from member companies for cash shortages / excesses and tracks them. BV also receives and tracks loans on behalf of the responsible party. Intercompany loans are not billable and therefore are not billed to or from BV.

[0082] The transfer processing and intercompany billing process has the capability to handle intercompany billing for any of the following non-exclusive scenarios for RLE or SLE: SLE / RLE using full accrual accounting, SLE / RLE using statutory cash accounting, and SLE / RLE using modified accrual accounting.

[0083] The following is a flowchart of a preferred embodiment of the present invention. This embodiment illustrates inter-company billing for professional services and costs in financial management, providing an improved system and method for inter-company billing and transfers within the process of the present invention. Some abbreviations noted in the process flow are: FD: Finance Department, GDR: Business Intelligence System, and BV Bestolotenvennootschap, which, as previously noted, are used as examples in explaining the process in a Swiss alliance organizational structure; however, this description is interchangeable for other types of companies, corporate structures, and other professional organizational structures. This process applies to all types of professional organizational structures and should not be considered limited to the Swiss alliance structure, as it is used as an example to provide clarity in these process flows.

[0084] The process begins with a data integrity check performed by the financial budget accountant through the business intelligence system, which can always be done by different individuals or employees. Next, analysts retrieve records from the business intelligence system through the finance group. Then, financial analysts update financial forms through the finance group. Next, the finance group prepares LE reports through the system. Then, the system creates cost loadings for BV through the finance group. Next, the finance group loads costs into BV through financial analysts. Then, notices and invoices are generated. Then, financial analysts receive SLE invoices through the local office. Next, ERP generates invoices from SLE through analysts. Then, ERP settles invoices through analysts. Next, analysts apply payments to invoices through ERP. Then, GL activities are retrieved by the finance group or financial analysts. Then, if the finance group creates an IF file through the system, the finance department posts the IF entries through ERP.

[0085] The example not shown illustrates a process for transferring intercompany billing costs from the balance sheet. The process begins with the finance department performing a data integrity check via a business intelligence system. Next, an analyst retrieves records from the business intelligence system via the ERP. Next, financial forms are updated via the ERP. Next, an LE report is prepared via the ERP. Next, cost loading is created for the BV in the ERP, and the costs are loaded by the financial analyst. Then, the ERP generates notifications and invoices. Then, the local office receives invoices from the SLE. Then, the ERP generates invoices from the SLE. The ERP settles the invoices with the financial analyst. The ERP applies the payment to the invoices and then retrieves the GL activities. Then, the ERP creates an IF file and finally posts the IF entries.

[0086] Furthermore, the process is capable of handling transfers with either the following timing or accounting options. Timing options control when income or expenses are identified in statutory ledger accounts.

[0087] The accounting options control which accounts are used in the statutory ledger and how they are used. The SLE accounting options identify transfers using the same posting methods as the administrative ledger. Multiple accounts are used for the initial administrative transfer to identify profit and loss postings, which are then restored as costs when the statutory transfer is posted.

[0088] Use a single account for the initial administrative transfer to identify profit and loss accounting, and then recover costs when the statutory transfer is accounted for.

[0089] RLE Accounting Options - Identify original transfers to balance sheet accounts, which are cleared when the timing option is executed.

[0090] The original transfers to the P&L account (or multiple accounts) are identified and cleared (or offset) when the time option is executed.

[0091] The flowchart below includes the following abbreviations. GDR: Business Intelligence System.

[0092] The following is an example of intercompany billing for global and regional costs incurred locally, an example of the process in this invention, and a flowchart of an improved system and method for intercompany billing and accounting. The process begins when records are retrieved from a business intelligence system. Costs are then approved in the system by the finance department. Then, the GJ: general journal loads the file into the system. The file is then loaded into the finance department database via the ERP. The gjudf-general journal user-defined fields-table are then updated via the database server and scheduled tasks. Retrieval from the finance department database is then performed. Next, financial tables are updated in the ERP. Next, a report is prepared in the ERP by the SLE. Then, a cost load for BV is created. Next, the cost load for BV is loaded. A notification is generated for the SLE. An invoice is received from the SLE. Then, an invoice is generated in the BV database via the ERP. Then, the invoice is settled in the ERP. Next, a payment is applied to the invoice. Next, GL activities are retrieved by the analyst via the ERP. Then, an IF file is created in the ERP, and finally, the IF entries are posted.

[0093] These business processes have the ability to identify the management and statutory ledgers of SLE and RLE (BV) legal entities, and the accumulated expense transfers (global costs) at global cost centers (statistical internal orders). These transfers will be billed to BV through inter-company billing.

[0094] The system has the capability to record expense transfers (administrative costs) accumulated at global cost centers (statistical internal orders) in the management general ledger at SLE and RLE (BV), but only to the statutory ledger of SLE. There are no entries in the statutory ledgers of BV and RLE. These transfers are not considered settlements through inter-company accounting.

[0095] Another unique aspect of this process is the ability to identify expense transfers between member companies that are accounted for in the administrative and statutory ledgers of the SLE and RLE, which will ultimately be settled through direct billing between the two member companies. BV may not be involved in such transactions.

[0096] The following describes a business method for financial management of inter-company billing service fees, the process within this invention, and a flowchart of an improved system and method for inter-company billing and accounting. The process begins when the monthly service fee is determined in the system. The service fee is then loaded into the ERP. The invoice is then generated to the LE via the ERP. Next, the invoice is settled via the ERP. The payment is then applied to the invoice in the ERP. Next, the GL activity is extracted via the ERP. An IF file is created, and then, finally, the IF file is posted.

[0097] Furthermore, this process has the ability to identify transfers of assets, liabilities, and equity between member companies that are administratively and legally accounted for by the SLE and RLE, and it is settled by issuing invoices directly between the two member companies. BV may not be involved in this transaction.

[0098] A unique feature of this invention is its ability to identify transfers of assets, liabilities, and equity between member companies that are accounted for in the SLE and RLE administrative and statutory ledgers, which will ultimately be settled by billing BV between the companies (and in this scenario, the member companies may have a billing relationship with BV or FIB.V.).

[0099] The transfer accounting and intercompany billing process has the ability to identify administrative, asset, liability, and equity transfers between member companies that are accounted for in the management ledgers of the SLE and RLE, but only to the SLE's statutory ledger. These transfers will not be settled by issuing invoices directly between the two member companies. BV may not be involved in the transaction. These items can be between or within countries.

[0100] This process has the ability to identify expense transfers between member companies that make administrative and statutory ledger entries to the SLE and RLE, which will ultimately be settled through direct billing between the two member companies. BV may not be involved in this transaction.

[0101] Another unique aspect of this invention lies in the ability to identify management, asset, liability, and equity transfer accounts between member companies that are accounted for in the management and statutory ledgers of both the SLE and RLE, settled by issuing invoices directly between the two member companies. BV may not be involved in this transaction. Furthermore, the process also has the ability to identify management, asset, liability, and equity transfer accounts between member companies that are accounted for in both the management and statutory ledgers of the SLE and RLE, which will ultimately be settled by intercompany billing with BV (note that member companies may have billing relationships with BV or FIB.V.).

[0102] Another unique aspect of this invention is the ability to identify administrative, asset, liability, and equity transfer accounts between member companies that post to the management ledgers of the SLE and RLE but only to the statutory ledger of the SLE. These transfers will not be settled through direct invoicing between the two member companies. No BV is involved in the transaction. These items can be between or within countries.

[0103] The transfer processing and intercompany billing process may have the ability to identify expense transfers between member companies that post to the administrative and statutory ledgers in the SLE and RLE, which will ultimately be settled by billing directly between the two member companies. BV may not be involved in this transaction. Furthermore, the ability to identify administrative, asset, liability, and equity transfers between member companies that post to the administrative and statutory ledgers in the SLE and RLE, which will be settled by invoicing directly between the two member companies. BV may not be involved in this transaction.

[0104] This business method process has the ability to identify administrative, asset, liability, and equity transfer accounts between member companies that manage and record statutory ledgers in the SLE and RLE, which will ultimately be settled through intercompany billing with BV. (Note that member companies may have billing relationships with BV or FIB.V.).

[0105] This business method has the ability to identify administrative, asset, liability, and equity transfers between member companies that post to the management ledgers of the SLE and RLE but only to the statutory ledger of the SLE. These transfers will not be settled between the two member companies through direct invoicing. BV is not involved in this transaction. These items can be inter-state or intra-state.

[0106] It also includes accounting for fees billed or collected by another member company (RLE) in a different country, which are handled by the member company (SLE). The SLE will bill and settle (receive payments) to BV. Statutory accounting may involve discounts and may be different from administrative accounting. (Note that: member companies can have billing relationships with BV or FIB.V.)

[0107] The transfer processing and intercompany accounting process has the capability to record fees or costs billed or collected by another member company (RLE) and performed by a member company (SLE). The SLE will bill and settle directly with the RLE. BV may not be involved. Furthermore, the process has the capability to record customer costs billed or collected by another member company (RLE) in a different country and performed by a member company (SLE). The SLE will bill and settle with BV. (Note that: a member company can have an accounting relationship with BV or FIB.V.). The process also has the capability to record customer costs billed or collected by a member company (RLE) performing by a member company (SLE) in a different country. BV will bill and settle with the RLE. (Note that: a member company can have an accounting relationship with BV or FIB.V.).

[0108] This process has the capability to bill or collect costs that are billed or collected by another member firm (RLE) and are performed by a member firm (SLE). The SLE will bill and settle directly with the RLE. BV may not be involved. It also has the capability to bill or collect customer costs that are billed or collected by another member firm (RLE) in a different country and are performed by a member firm (SLE). The SLE will bill and settle with BV. (Note that: a member firm can have a billing relationship with BV or FIB.V.) Furthermore, this process has the capability to bill or collect customer costs that are performed by a member firm (SLE) in another country and are billed or collected by a member firm (RLE). BV will bill and settle with the RLE. (Note that: a member firm can have a billing relationship with BV or FIB.V.)

[0109] The following is a flowchart illustrating the process flow for financial management of intercompany billing and accounting, the process within this invention, and an improved system and method for intercompany billing and accounting. The process begins with data extraction. Then, financial statements are updated via ERP. Next, reports for the SLE are prepared. Then, cost loading for the BV database is prepared. Then, costs are loaded into the BV. Next, a notification for the SLE is generated in ERP. Then, invoices from the SLE are received from / by the local office. Then, invoices are generated in the BV database. Then, invoices are settled via ERP. Then, payments are applied to billing. Next, GL activities are extracted. Then, IF files are created and finally, IF entries are posted.

[0110] This process has the capability to promptly bill or collect VAT or tax rules for working member companies (SLEs) that require VAT and / or costs incurred for working with non-local clients. The billing member company (RLE) will bill or collect fees, costs, and applicable working member company VAT from clients. The billing member company will pay VAT to BV. The working member company (SLT) will bill BV for fees collected and for written-off costs and applicable VAT. Partial payments of non-local time and costs should result in a proportional allocation of non-local VAT. (Note: Member companies can have billing relationships with BV or FIB.V.)

[0111] Another unique feature of this process is the ability for member companies (SLEs) to bill to the BV (RLE) for reimbursement based on amounts approved by the budget group. The P&L effect of this transfer is only recognized on the statutory ledgers of the SLE and RLE. There is no P&L effect on the management ledger. (Note that member companies can have billing relationships with either the BV or FIB.V.). (Counters in member companies can work for a certain period of time for various company initiatives. The company's budget group can reimburse their efforts. This amount is determined annually and may not be linked to the time worked. Specific GL accounts will be used for these transfers).

[0112] This process also has the ability to reallocate global charges accumulated in BV to member companies. BV (SLE) charges are estimated through a monthly service fee agreement or cost aggregation agreement with the member company (RLE). This may not occur as frequently as monthly. Furthermore, this estimation can result in the member company billing BV. The P&L effect of this transfer is only on the statutory ledgers of the SLE and RLE. There is no P&L effect on the administrative ledger. (Note that: member companies can have billing relationships with BV or FIB.V.)

[0113] Another aspect of this process is that payments to the responsible party need to be recorded in the entity making the payment, even if the timekeeper is in another office / entity for legal purposes. For administrative purposes, payments to the responsible party are recorded according to the timekeeper's location. Control documents are not kept by the payment entity.

[0114] The following is a flowchart of the financial management process flow for inter-company billing and year-end reconciliation (true up), the process of the present invention, and an improved system and method for inter-company billing and accounting. The process begins with the entity determining the final reconciliation amount. The reconciliation amount to be uploaded is then in the ERP. An invoice is then generated and a notification is sent to the LE. Next, the invoice is received from the LE. The invoice is then settled. Next, payments are applied to the invoice and notification that occurred. Then, the GL activity is retrieved. Next, an IF file is created. Finally, the IF entries are posted.

[0115] This process has the capability to calibrate estimated billing. Monthly service fees are budgeted up to the final fiscal year figures determined after the final management year-end closure. A final billing (real increase) is performed to change the budget to a real increase in figures. This billing can be recorded at the member company or offset against BV. Real increases are performed for company management practices and interest. Additionally, any real increase requires at least one fiscal year of real increase. For example, a real increase entry will be recorded at the current stage, but the field will indicate that a real increase occurred in that fiscal year. (Note: Member companies can have billing relationships with BV or FIB.V.)

[0116] This process has the capability to notify / request a refund for misleading customer payments received. A misleading customer payment is a customer payment received by one member company from another member company. The misleading payment is made to BV by the charging member company (SLE), and then the initiating member company (RLE) bills BV to reimburse the fee. (Note that a member company can have a billing relationship with BV or FIB.V.). Furthermore, it has the capability to charge interest on cash loans. Occasionally, member companies are charged or credited for interest based on their cash position. Accordingly, BV manually calculates the interest and charges or credits. This is an intercompany transaction and will need to be billed or settled. The P&L effect of this transfer is only recognized on BV's statutory ledger, and the member company is charged or credited. There is no P&L effect on the management ledger. When issuing an invoice to BV, a member company may act as an SLE (Supported Lease) or an RLE (Rate Lease) when billed by BV (Note that: a member company has a billing relationship with BV or FIB.V.).

[0117] Another unique feature of this process is its ability to generate entries that are posted only to specific ledgers. For example, administrative entries can be created to allocate global fees collected by BV to member companies or timekeepers. These entries are posted only to each member company's administrative ledger. No posting to the statutory ledger occurs.

[0118] The transfer processing and intercompany bookkeeping processes are capable of meeting the needs of professional companies in China, including but not limited to:

[0119] Some legal entities do not bill IOB activities between legal entities in the same country; some legal entities bill IOB on a different basis than the one charged to customers (the basis used by BV); some legal entities do not bill when expenses are for the direct benefit of another legal entity in the country where the expense occurs; some countries have a central billing entity for all billing and settlement; when legal entities bill each other, the same taxes added to the customer's bill may not always apply. In some countries, tax requirements for intra-country bills vary depending on the billing type; some countries have withholding tax on payments between entities in the same country; some countries consider misleading charges in the same way as inter-country misleading charges, while some non-intra-country billing formats differ from the bills issued to BV in some countries.

[0120] A unique feature of this process is that the BV (FIB.V.) needs the ability to automatically generate invoices for member companies for monthly inter-company activities. While some billing types and member companies may require billing at different times, this generally occurs monthly. Furthermore, the BV should have minimum and maximum thresholds for creating bills and should be able to include / exclude specific transactions on the invoice. (Note that member companies can have billing relationships with either the BV or FIB.V. depending on the billing type.)

[0121] Another feature of this invention is the need for member companies to automatically generate invoices for monthly intercompany activities to BV (or FIB.V.) and other member companies based on unbilled activities or other defined rules. While some billing types and member companies may require billing at different times, this will generally occur monthly. Furthermore, member companies should be able to create minimum and maximum thresholds for billing and should be able to include / exclude specific transactions on the invoice. Any applicable tax / VAT / GST / IVA charges on the intercompany invoice must be assessed accordingly and included in the invoice. (Note that, depending on the billing type, member companies may have billing relationships with BV or FIB.V.). Additionally, member companies need the ability to settle BV intercompany payables / receivables via payments / receipts. All intercompany invoices must be published and settled in the USO, regardless of the currency of the underlying intercompany transactions. Member companies also need the ability to settle BV intercompany payables / receivables via charges on loan accounts.

[0122] A unique feature of this process is that member companies request settlement of inter-company payables / receivables through a payment request workflow. The workflow ensures that applicable authorization is obtained before payment is executed. The receiving legal entity has the ability to record any overpayments as advance payments or deposits. These overpayments can then be used to offset future invoices / settlements.

[0123] This process allows member companies to process loans. Member companies need to be able to borrow or lend funds from BV. Loans need to be accurately recorded in both the BV and member company ledgers. The process also allows for exchanges. A specific exchange plan should be created to seamlessly import open items from the traditional BV database into the IRP. The general ledger posting requirements for exchange data will be defined in the implementation. This process is also suitable for a common statutory ledger. To verify that all administrative profits / losses are distributed across the statutory ledger for the fiscal year, the statutory group needs a common statutory ledger that will use the same timing and accounting options as modified cash for all legal entities. Additional business rules will apply. For example, administrative transactions will not be posted to this common statutory ledger.

[0124] This process allows for equitable requirements, such as those applicable if the office in Germany has specific needs. For example, Germany requires that global activities be managed solely as routine administrative / statutory invoicing and, typically, reimbursed by BV when global activities are not billed and settled to BV. This process will allow for the fulfillment of this requirement. For China, entity-based requirements are also met. China does not accept billing between offices. The US pays all expenses incurred in China. China remits profits to the US to offset these expenses. Entity-based requirements for London are met. London does not record fee transfers from the London LLP (Client / Transaction) to the service company that accommodates associates. All fees must be recorded in the LLP's account maintaining the client / transaction. Entity-based requirements for Brazil are met. Brazil does not recognize all or specific transfer transactions on the statutory ledger, but rather the net profit of all inter-company transactions. And entity-based requirements for Bangkok are met. Bangkok's requirements are a combination of those of China and Brazil. Bangkok only records a portion of its net inter-company activities in the P&L, and the remainder of the net activities is recorded in a Hong Kong company owned by Bangkok. Bangkok “transfers” anything that needs to be accounted for in the balance sheet accounts, except for inter-office billing. Then, an annual bill is issued for that portion of the balance sheet. Billing is done through a Hong Kong company for another portion of the balance sheet. This also satisfies entity-based requirements for the US. For example, in agreements not involving BV, the US incurs monthly charges and transfers them to the UK for administrative purposes. For statutory purposes, the expense remains in the US. The US will charge the UK at a later time for statutory purposes under a second agreement. For needs where transactions with BV cannot be executed for statutory accounts, BV transactions can be executed by the administrative ledger. And when global partners are allocated to the US for global projects, these costs are included in the global cost pool for statutory purposes. The US pays global partners as a distribution, and the US is compensated for that distribution. This process has the capability to satisfy entity-based requirements in Brazil and Argentina. For these countries, the process has the capability to generate provisional bills as part of inter-company billing for cash flow management purposes. These are all given as examples to illustrate the intricate pre-selected criteria of the process, allowing for more streamlined business processes that, based on the needs of specialized companies, may include different criteria and will all be completed by the process itself.

[0125] This process has the capability to issue invoices on behalf of another party (whether in the same country or a different country). When billing to BV, the process can generate an invoice from one member company representing two or more member companies. For example, if there are two legal entities 1 and 2 in Tokyo, and 1 bills BV for completed projects 1 and 2 on a single invoice.

[0126] A unique feature of this process is the reference to specific timekeeper attributes to determine which legal entity will be represented as the working entity for inter-company billing. For example, if all timekeepers are located in a Moscow / St. Petersburg entity, billing for work performed by Russians on French matters is handled through an Executive Management Committee. Russian timekeepers who are not Russians are not billed through the Executive Management Committee. There is a direct billing relationship between France and Russia, where France charges for Moscow / St. Petersburg time.

[0127] Another unique feature of this process is its ability to combine multiple billing types (time, cost, interest, service fees, etc.).

[0128] This process has the ability to include markings on inter-company invoices. These markings are only reflected in the statutory ledger. They will not be reflected in the administrative ledger. Markings are required in the United States (PC), the United Kingdom, Turkey, and other countries.

[0129] This process has the capability to perform inter-office billing (IOB) discount adjustments. It has the ability to account for IOB discount adjustments for member companies. For example, the monthly discount used in Poland is an estimate. Poland determines the exact amount of the annual discount required in December based on the previous year-end. Adjustments to the discount need to be accounted for to bring the estimated annual charge into the required amount. For example, assuming a 10% discount is used throughout the year, the actual discount calculated later might need to be 8.5%. The accounting for 1.5% needs to be included in the final IOB invoice for the Polish member company.

[0130] Another unique feature of this process is the ability to report / inquire about the processing and billing of transfers between member companies and BV. Furthermore, appropriate billing templates must be used to meet the billing requirements of both BV and member companies. Template variations range from general layout requirements, presented local currency values, presented tax information, to local language variations. For example: Amsterdam charges BV in USD and BV charges Amsterdam in USD, but VAT must be shown in Euros.

[0131] Another feature of this process is the tax invoice number. Member companies request the use of their local tax invoice number when issuing invoices to BV. For example, countries with pre-printed paper require sequential numbering for customer and intercompany invoices. Another feature involves Prior Adjustments (PPAs). A solution (or process) is needed to handle PPAs (which result in intercompany transfers) on a management ledger different from the statutory ledger. Closing entries in the management ledger where the posting date of June 30th falls after period 12 will result in posting in the ERP in period 13. For the statutory ledger, many member companies will need to post it for the month it is entered into. For intercompany billing purposes, these transactions need to be included in the invoices generated in subsequent financial years to ensure accurate and timely VAT reporting.

[0132] In addition, BV may need to place global cost PPAs on a separate invoice from regular global costs. This can also be applied to cost / balance sheet transfers.

[0133] This process has the ability to accommodate account-based exceptions. There exist transactions that are directly billed between two entities. For example, special direct billing is required so that we can use specific general ledger accounts for cost / balance sheet transfers and the item will be billed separately. Then, we need to capture transactions involving specific amounts between two specific legal entities. The process also needs the ability to restrict cross-company transfers allowed for specific GL accounts. The ability to exclude specific legal entities from inter-company billing. The ability to restrict which legal entity can transfer IOB time / costs. The ability to publish inter-company invoices at a general level and must also have the ability to display and report individual transaction details.

[0134] Here are some examples of the various steps constituting the financial management method of this invention. The examples described above involve processes that may be performed without some of the roles described, or with different people playing those roles; these roles are provided only for clarity of description. For example, when the diagram states that the action is performed by a BV analyst (who is a financial analyst), this is an example, and that role can be performed by other individuals, including but not limited to: accountants, invoicers, etc. Furthermore, some flowcharts depict examples using a Swiss alliance structure; however, this is certainly applicable to corporations, enterprises, limited companies, or other professional organizations.

Claims

1. An improved system for creating inter-company invoices and transferring and settling transactions, wherein the companies are provided with accounts and passwords for timekeepers and employees to access the system; the system is provided with a CPU and a data storage device; the improvement includes an option for timekeepers to indicate codes for local and billing companies.

2. The improved system for creating inter-company invoices and transferring and settling transactions according to claim 1, further comprising a unit through which user companies can select the frequency of receiving invoices.

3. The improved system for creating inter-company invoices and transferring and settling transactions according to claim 1, further comprising a unit by which a user company can select a one-line summary of an invoice or an aggregation of multiple invoices in the one-line summary.

4. The improved system for creating inter-company invoices and transferring and settling transactions according to claim 1, further comprising: a unit through which the user company can select the requirements for supporting documents for the invoice.

5. The improved system for creating inter-company invoices and transferring and settling transactions according to claim 1, further comprising a unit through which a user company can issue at least one invoice to at least one legal entity.

6. The improved system for creating inter-company invoices and transferring and settling transactions according to claim 1, further comprising a unit through which the user company can provide invoices using at least one intermediary entity.

7. The improved system for creating inter-company invoices and transferring and settling transactions according to claim 1, further comprising a unit for complying with local statutory reporting requirements.

8. The improved system for creating inter-company invoices and transferring and settling transactions according to claim 1, further comprising a unit for applying a discount when receiving payment from a legal entity.

9. The improved system for creating inter-company invoices and transferring and settling transactions according to claim 1, further comprising a unit for issuing invoices, the invoices being adjusted for losses calculated in the invoices by means of expenses and costs associated with each transaction or timekeeper entered into the system.

10. The improved system for creating inter-company invoices according to claim 1 further comprises a unit for updating the entries in the company ledger in real time in consideration of expenditures to be made to another entity.

11. An improved method for creating inter-company invoices and transferring and settling transactions and accounting entries, comprising the following steps: Provide the company with an account and password to access the method; provide CPU and data storage devices; provide accounts for timekeepers or employees; It also includes steps for specifying the company code for users at least at the local and billing levels.

12. The improved method for creating inter-company invoices and transferring and settling transactions and accounting entries includes the following steps: The system provides the company with an account and password to access the method; provides a CPU and data storage device; provides an account for a timekeeper or employee; and also includes the unit of claim 11, and a step of specifying the frequency at which the user company selects to receive invoices.

13. The improved method for creating inter-company invoices and transferring and settling transactions and accounting entries includes the following steps: Provide the company with an account and password to access the method; provide a CPU and data storage device; provide an account for a timekeeper or employee; and also have the unit of claim 11, and further have the step of selecting a line summary of an invoice or an aggregation of multiple invoices in the line summary.

14. The improved method for creating inter-company invoices and transferring and settling transactions and accounting entries includes the following steps: Provide the company with an account and password to access the method; provide a CPU and data storage device; provide an account for a timekeeper or employee; and also have the unit of claim 11, and a step of selecting the requirements for supporting documents for an invoice.

15. The improved method for creating inter-company invoices and transferring and settling transactions and accounting entries includes the following steps: Provide the company with an account and password to access the method; provide a CPU and data storage device; provide an account for a timekeeper or employee; and also have the elements of claim 11, and further have the step of issuing at least one invoice to at least one legal entity.

16. The improved method for creating inter-company invoices and transferring and settling transactions and accounting entries includes the following steps: The system provides the company with an account and password to access the method; provides a CPU and data storage device; provides an account for a timekeeper or employee; and also includes the element of claim 11, further comprising the step of providing an invoice using at least one intermediary entity.

17. The improved method for creating inter-company invoices and transferring and settling transactions and accounting entries includes the following steps: Provide the company with an account and password to access the method; provide a CPU and data storage device; provide an account for a timekeeper or employee; and also have the elements of claim 11, and further have a step to comply with local statutory reporting requirements.

18. The improved method for creating inter-company invoices and transferring and settling transactions and accounting entries includes the following steps: Provide the company with an account and password to access the method; provide a CPU and data storage device; provide an account for a timekeeper or employee; and also have the unit of claim 11, and a step of applying a discount when receiving payment from a legal entity.

19. The improved method for creating inter-company invoices and transferring and settling transactions and accounting entries includes the following steps: Provide the company with an account and password to access the method; provide a CPU and data storage device; provide an account for a timekeeper or employee; and also have the unit of claim 11, and a step of updating the entries in the company ledger in real time in consideration of expenditures to be made to another entity.

20. The improved method for creating inter-company invoices and transferring and settling transactions and accounting entries includes the following steps: Provide the company with an account and password to access the method; provide a CPU and data storage device; provide an account for a timekeeper or employee; and also have the unit of claim 11, and a step of updating the entries in the company ledger in real time in consideration of expenditures to be made to another entity.