Project Accounting

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.

Why Choose Acumatica for Project Accounting Management

Acumatica Project Accounting Webinar (November 17, 2016)

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.

  • 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.

  • 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.

Employees, partners, and contractors can enter timesheets from anywhere using any device with a browser. Add convenience and improve accuracy with Acumatica’s Project Accounting Software.

Intercompany accounting is the process in which transactions between a company’s branches or other entities are reconciled to avoid counting transactions twice, first on the parent company’s books and again on the books of the subsidiary.

What our customers are saying about Acumatica's Project Accounting?

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