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
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Track Project Costs
Gain a complete view of project-related costs for materials, labor, services, and inventory items.
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Flexible, Accurate Billing
Vary billing rates by employee / customer, type of work, or specific project. Recognize revenue based on completion percentage or task progress.
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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.
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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.
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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.
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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.
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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.
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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
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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?
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By utilizing the Acumatica Manufacturing Edition module within the Acumatica Suite of Products, we were able to determine verifiable product costs that allowed us to put together a pricing model. This increased our gross margin percentage dramatically.
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In my mind, Dynamics GP was an old building painted as new. The biggest benefit to Acumatica is the confidence you get from knowing that it’s built on a new-generation platform.
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I truly believed Acumatica would be good to partner with after seeing the innovative technology Acumatica is bringing to help modernize the industry.
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Within two months, we reduced the work and time spent preparing management accounts. It used to take 10 work days to complete what now takes 7 days.
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Acumatica gives us the ability to customize features to best meet our needs. We have a very unique business, so there isn’t anything out of the box that would work for us.
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We asked Acumatica to automate time tracking for people working in the field. They listened and delivered the Acumatica Project Accounting Suite that allows us to accurately track project profitability.
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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.
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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.
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Acumatica has been really transformative for our business. It made our team joyful about how they were working, not stressed or worried.