Do you have a project-based business? If so, have you ever heard the saying, “a project accountant has one foot in accounting and the other in project management?” It’s true, but with the right ERP solution you can give your accounting team access to the project information without having to play project manager.
Project-based businesses need a powerful project-based system to match. From construction to marketing to engineering, firms rely on project accounting to give them accurate information. It allows your accounting team to record costs and revenues associated with all your different project, thus providing you with more useful reporting and in-depth insight into your operations.
What is Project-Based ERP?
To put it simply, project-based ERP is software that supplies a complete view of your company’s processes, by projects. It provides the capability to manage multiple projects, functions, and variables within one system. This single solution can collect and analyze data surrounding an entire project all at once. For example, you can track and measure metrics like labor costs, customer retention, inventory turnover, and more. With greater visibility into your current projects, you are able to plan better, assess progress, and collaborate easier.
Project Accounting is responsible for managing the budgets, billing, and profitability of projects that involve any combination of employees, contractors, materials, tasks, and more. Each item can be assigned to projects and tasks with specific billing rules assigned to each task. Without a system centered around projects, your business suffers.
60% of SMBs use manual methods for project management, non-project management software, or nothing at all to manage projects (Software Advice)
Acumatica for Project Accounting
Acumatica Project Accounting integrates with your core financials: general ledger, accounts payable, accounts receivable, sales orders, purchase orders, inventory management, and CRM. Project Accounting allows project managers to create budget forecasts and track actuals against estimates through the project’s life. Then, projects are included in all your company-wide reports.
No matter what industry your business is in, if you have a project-based business and are NOT using a modern, project-based ERP solution, you might be hindered by many pitfalls. Learn how Acumatica Project Accounting can help with:
- Scope Creep
- Project Risk
- Accurate Estimates
- Managing the Project Close
- Revenue Recognition
- Time Keeping and Schedule Management
Let us show you how to gain a complete view of project-related costs for materials, labor, services, and inventory items with Acumatica Project Accounting. Download this free Acumatica eBook: 6 Opportunities and Potential Pitfalls on the Road to Profitability.