Only 30% of companies deliver projects within budget, and only 15% of companies deliver on time. Do you know how you are tracking? It has become crucial to accurately track and report on all aspects of the business, including new projects.
THERE ARE THREE WAYS TO IMPROVE YOUR PROJECT ACCOUNTING PRACTICES:
1. USE THE EXPERTS: GET ANOTHER OPINION
Sometimes improving just one or two small parts of the process can have a significant impact on the outcome. Getting an outside opinion can provide a fresh look at what is actually happening. Additionally, stay up to date by regularly attending conferences, seminars or online talks and do research to see what others have to say.
2. UPSKILL: YOUR PEOPLE CAN HELP
Tom Sonde, CPA, Principal of SilverRoad Solutions, said the following in the Journal of Accountancy: “Conduct process walk-throughs. Meet the process owners and gain an understanding of how their work gets done to uncover opportunities for improvement.” As he says, extensive effort to build fancy flow charts and process diagrams doesn’t always give you the simple insight you need as much as actually speaking to people.
3. SYSTEMS: ARE YOU USING SYSTEMS TO THEIR FULL POTENTIAL?
Another thing Sonde focuses on is to take advantage of unused system functionality. He says “If you are using any of the mid-to-large-sized accounting software packages, chances are you are not using it to its full potential. Often the software is capable of a requested function, but it may require some work. What usually never gets past the discussion phase is a calculation of cost vs benefit. A five-month project may be worth the effort if it eliminates ongoing work.”
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