Managing business projects is cumbersome and time-consuming without a proper project accounting management tool capable of tracking progress and ensuring delivery on time and within budget.
Project accounting management involves budgeting, inventory, change orders, time sheets, billing, profitability, and reporting for all the individual business initiatives included in your enterprise financial reports.
In this post, we look at some key benefits of investing in project accounting software.
Acumatica is a software technology provider, offering a cloud and browser-based Enterprise Resource Planning (ERP) solution for small to medium sized businesses (SMB’s). Acumatica’s ERP system is built on its own platform. The software can be deployed on premise, hosted in a data centre or run on a cloud-computing platform and can be licensed or purchased.
1. Cost Tracking
Project managers’ main concerns often revolve around cost overrun and the lack of the associated costs’ transparency and tracking. It is vital to have a complete view of project-related costs for materials, labour, services, and inventory items to ensure the project runs within its financial parameters. Project accounting tools help managers track and maintain costs incurred.
2. Budget Reporting
Better budget tracking and reporting allow organisations to effectively compare actual project costs with its original expenses and revised budgets using real-time reports. Proper budget reporting needs to include all project costs, e.g. inventory items, non-stock items and labour and services. Project accounting software ensures automated reporting for better decision-making.
3. Accurate Billing
Every business and project is different, and this impacts the billing process. Project managers have to work with- various billing rates categorised by employees or customers, various type of work, or specific project details. Project accounting software can simplify the billing process and even recognise revenue based on project completion percentages or tasks in progress.
In conclusion, project accounting management software can successfully address enterprise challenges such as lack of visibility in financial performance across business units, exceeding resource expenditure and poor profitability.
Accelerate your business, streamline operations, boost productivity and take charge on complex projects with Acumatica’s intuitive financial and automation capabilities.
Acumatica offers a cloud and browser-based Enterprise Resource Planning (ERP) solution for small to medium-sized businesses (SMBs).