As with any huge investment, companies must do their due diligence. This includes comparing different Project Accounting Software options. They can do this by reviewing analyst reports, seeking real-user opinions, and requesting input from their technology advisors. Companies’ research and evaluation efforts should also include surveying team members to find out what they consider essential features, and most would include the following must-have Project Accounting Software features:
- Change Orders: Manage project changes, including customer and internal requests, by creating change orders with all documentation in one solution.
- Forecast Project Budget by Period: Enter, modify, and compare project budget forecasts with actual project costs—and incomes—for each financial period.
- Link Timesheets to Projects: Track employee hours to individual projects and budgets.
- Task Definition: Assign tasks and billing rates based on project, job role, and individual resources based on specific projects.
- Create Billing Rules: With key project-specific attributes, manage complex billing rules and project revenues.
- Manage Project Quotes: In addition to creating project quotes, update, track, and link them to CRM in one place.
- Project Material Management: Streamline and simplify project material management with the ability to create requisitions with approvals workflow and create purchase orders to ship materials to project locations.
In addition to the right features, the right Project Accounting Software will also allow companies to scale up with concurrent project users, simplify corrections, easily—and directly—add project activity, and integrate with other applications (e.g., General Ledger, Accounts Payable/Receivable, Sales/Purchase Order Management, and more).
“Access to all the real-time data from Acumatica allows us to see which departments are succeeding, which need more attention, what product lines are successful, where our cost centers are, and where we are being the most profitable. Acumatica will help businesses grow.” – Julia Pinto Cisneros, COO, Quality Material Handling Inc.