Project Accounting
Manage budgeting, inventory, change orders, timesheets, billing, profitability, and reporting for individual business initiatives. Projects are included in company-wide financial reports with full multi-currency support.
How Project Accounting can work for you
Project Accounting Software features are integrated with General Ledger, Accounts Payable Software, Accounts Receivable Software, Sales Order Management, Purchase Order Management, Inventory Management, and Time Management.
Key benefits of Project Accounting for your business
Track Project Costs
Gain a complete view of project-related costs for materials, labor, services, and inventory items.
Flexible, Accurate Billing
Vary billing rates by employee/customer, type of work, or specific project. Recognize revenue based on completion percentage or task progress.
Budget Reporting
Compare actual project costs with original and revised budgets and forecasts by period using real-time reports. Include all project costs: inventory items, non-stock items, labor, services, and more.
Control Change Orders
Improve project management by controlling changes to the project scope, including customer and internal requests. Create a change order with all the documentation, including the revenue budget, cost budget, commitments, and class. Define your workflows and approval processes, and release change orders with full business intelligence visibility and audit trail control.
Manage Project Quotes
Simplify project sales and pricing by supporting complex quote processes, improving project control and management. Create quotes, update them, link them to CRM and track versions. When approved, create projects and provide billing details.
Company-Specific Financial Periods
Companies within the same tenant can have different fiscal year-end dates, important for companies that share vendors, stock items, and employees. The company-specific periods are defined at the branch level.
Multi-Currency Project Accounting
Enter project transactions in different currencies and maintain projects in both the base currency and the project currency. With multi-currency project accounting, project managers and accountants can review actual revenues, actual costs, and committed costs in the project currency, with an ability to calculate project profitability in both the project currency and the base currency, and present costs to the customer in the customer’s currency.
Revenue Recognition
Define billing rules to recognize revenue using the percentage of completion or the completed tasks method. All recognition rules are automatically reflected in the GL journal entries
Additional features of Project Accounting
Project Cost Tracking
Get the total view of all costs related to a project including materials, labor, services, and inventory items. Allocate shared costs and overhead expenses to projects based on formulas. Ideal for project-centric businesses including construction, engineering, marketing, consultants, legal, etc.