Project accounting can be complicated. Project-based organizations, such as engineering and construction firms, marketing companies, consultants, and law firms have distinct requirements, and they need to view their business in three dimensions: accounts, organizations (departments or business units), and projects. It’s the project piece that can make it complicated because you have to manually tie projects and project data into all your other systems.
“Acumatica works perfectly. It handles project accounting, cash flow, project monitoring; but Acumatica is not just confined to project-based operations. Other departments like sales and marketing love it as well.” Elizabeth Barratt, Manager: Project Excellence, Ask Afrika
If you are struggling with processes related to your project-based business, it’s time to look at a truly integrated project accounting ERP solution. Project-based ERP is a form of enterprise resource planning that is specifically designed to meet the needs of a project-based business like yours. It helps you manage everything from budgets, project tasks, billing, to reporting so you can easily identify, win, and deliver successful projects time and time again.
What is a Project-based ERP Solution?
Project-based ERP solutions leverage project management practices and features, providing a holistic view into processes, KPIs and other important metrics, project by project. It also streamlines the flow of project information from an opportunity to a quote, to a sales order, and on to a customer invoice, from a purchase order, to an accounts payable bill, resulting in expenses and inventory transactions that culminate in entries in the general ledger and project modules. The result, for decision makers throughout the organization, is timely, accurate insights at their fingertips.
In addition, project-based ERP systems, like Acumatica Project Accounting, allow for managing budgeting, inventory, change orders, time sheets, billing, and reporting all based on project data which can involve multiple employees, tasks, and materials. It then seamlessly integrates your project information with the General Ledger, Accounts Payable (AP), Accounts Receivable (AR), Sales Order Management, Purchase Order Management, Inventory Management, and more. All of this is also available on any browser, and any web-enabled device, giving your remote employees access to keep projects up-to-date in the field or at client sites.
Look what Acumatica Project Accounting can do for you. Download this free guide, Project Accounting Guide for Professional Services and learn more.
Features of Acumatica Project Accounting
TRACK PROJECTS AND COSTS
- Gain a complete view of projects, including costs for materials, labor, services, and inventory features.
INVOICE WITH CONFIDENCE
- Vary billing rates by type of work, employee, customer, or specific project.
- Recognize revenue based on completion percentage or task progress.
GET CONTROL OF BUDGETS
- Enable remote employees, installers, contractors, and others to submit work orders and timesheets from any browser-enabled device.
- Enter project transactions in different currencies and maintain projects in both the base currency and the project currency.
- Review actual revenues and costs, committed costs in the project currency, and present customer costs in the customer’s currency.
- Companies within the same tenant can have different fiscal year-end dates. This is crucial for companies that share vendors, stock items, and employees.
- Company-specific financial periods are defined for each branch location.
- Manage tasks and resources with less error.
- Automate processes to assign bill rates, project managers, machines, and more.
- Define workflows and approvals for the client and change requests with full audit control.
Companies need tools that offer a high level of control from an accounting perspective plus the flexibility required to manage projects of all kinds. By managing projects and functions in a single platform, project-based ERP systems are able to gather and analyze data for projects with regards to the accounting system to give you and stakeholders the critical business information needed to operate and manage their business.
Clearly, it is a daunting task to select a Project Accounting solution that meets the needs of both accountants and project managers while also serving the business’ current and evolving needs. Contact us today and let us show you how a true project accounting ERP solution can help your business.