Manage budgeting, inventory, change orders, time sheets, billing, profitability, and reporting for individual business initiatives. Projects are included in company-wide financial reports with full multi currency support.
Project Accounting
Why Choose Acumatica for Project Accounting Management
Project Accounting Software features are integrated with General Ledger, Accounts Payable Software, Accounts Receivable Software, Sales Order Management, Purchase Order Management, Inventory Management, and the Time Management.
Benefits of Project Accounting Management for your Business
-
Track Project Costs
Gain a complete view of project-related costs for materials, labor, services, and inventory items. Reclassify bills for accurate project costing and financial analysis. Simplify corrections based on general ledger account or subaccount, project or project task, and cost code.
-
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.
-
Project Materials Management
Streamline the management of project materials, including receipts and issues for purchased materials. Create purchase orders that will ship materials directly to a project location.
-
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.
Project Accounting Management Applications
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.
Manage all billing scenarios: cost plus, fixed price, time and materials, milestone billing, and contract-specific pricing. Modify resource billing rates by project, project tasks, inventory item, employee, and account group. Bill labor and materials according to the customer, the type of work being performed, or the specific project contract.
Capture employee or crew time for projects, service, and payroll with mobile time entry and flexible approvals workflow.
Eliminate manual expense management processes with smart expense matching, push notifications, and automated transaction feeds.
See also
-
Distribution Management
- Purchase Order Management
- Requisition Management
- Sales Order Management
- Warehouse Management System
Customer Management
Manufacturing Management
Reporting and Business Intelligence
What our customers are saying about Acumatica's Project Accounting?
-
The goal when I arrived July 1st was to get everything complete before our biggest show, Hamilton, opened Aug 21st, and I can say we did hit that goal, which was a very nice win.
-
I would definitely recommend Acumatica to other businesses. It covers the full ERP functionality, it integrates with other products well, and it’s cost-effective.
-
I truly believed Acumatica would be good to partner with after seeing the innovative technology Acumatica is bringing to help modernize the industry.
-
The ease in which Acumatica works and how it looks and feels compared to Microsoft Dynamics, Sage, and Oracle NetSuite, there’s not a whole lot of comparison. Acumatica leads the pack.
-
Acumatica has been a game changer. It’s made a huge difference in how we do things, how we can access everything we need from anywhere, and allowed our salespeople to work remotely.
-
With Acumatica, every employee can get access to ERP data, from wherever they are when they’re traveling. Our customers can get access to ERP data. We’ve never had the capability to offer this before we had Acumatica. That is definitely a big plus for us.
-
It’s all about how Acumatica listens to you and how quickly they respond. They really do want to hear from users to understand our business processes so they can incorporate new features and enhancements to make things even easier. It’s just amazing!
-
Acumatica has been really transformative for our business. It made our team joyful about how they were working, not stressed or worried.
-
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.