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.
  • Track Project Costs
  • Flexible, Accurate Billing
  • Budget Reporting
  • Control Change Orders
  • Manage Project Quotes
  • Company-Specific Financial Periods
  • Multi-Currency Project Accounting
  • Revenue Recognition

Powerful accounting tools, unified visibility

Acumatica’s Project Accounting application provides visibility across projects, finance, customer accounts, inventory, and related business processes. Project accounting data and workflows extend to the following applications.

Total Visibility Into Costs
Total Control of Billing
Flexible Accounting
Total Visibility Into Costs

Track Project Costs

Gain a complete view of project-related costs for materials, labor, services, and inventory items.

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.

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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Total Visibility Into Costs
Total Control of Billing

Flexible, Accurate Billing

Vary billing rates by employee / customer, type of work, or specific project. Recognize revenue based on completion percentage or task progress.

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 attached. Define your workflows and approval processes, and release change orders with full business intelligence visibility and audit trail control.

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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Total Control of Billing
Flexible Accounting

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. Deferred revenue and recurring revenue models are supported out of the box.

Multi-Currency Project Accounting

Enter project transactions in different currencies and maintain projects in both the base currency and the project currency.

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Flexible Accounting

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Acumatica Project Accounting – FAQ

What is Project Accounting and Project Accounting Software?

Project Accounting is the act of planning, documenting, and adjusting costs for the resources used during a specific project. Though similar to Financial Accounting, there are some differences. For example, Project Accounting is project specific, reports on deliverables, and has a beginning and end date. For professional services organizations (e.g., engineering and construction, marketing, and consultants), establishing a budget and monitoring how well they’re sticking to the budget—from execution to completion—is made easy with Project Accounting Software, which helps users track their project data, manage contracts/records, and automate workflows while also integrating with existing financial systems.

What are the benefits of using Project Accounting Software?

When paired with a comprehensive Enterprise Resource Planning (ERP) solution, Project Accounting Software is able to seamlessly integrate with General Ledger, Accounts Payable, Accounts Receivable, Sales Order, Purchase Order, Inventory Management, and Time Management applications, thus allowing users to access data from—and streamline workflows through—a single, comprehensive solution.

Utilizing Project Accounting Software allows users to:

  • Access and view all project costs (e.g., materials, labor, and services).
  • Allocate expenses to individual projects.
  • Recognize revenue through percentage of completion or by completed tasks.
  • Compare actual project budgets to original and/or revised budgets with real-time reports.
  • Manage and assign resources based on each project’s specific needs.
  • Utilize different currencies (as needed).
  • Monitor projects with role-based and configurable dashboards.

And companies that choose cloud-based Project Accounting Software increase their efficiency and accuracy by having the ability to access their data anytime and from anywhere using a web-enabled device of their choice.

How do companies choose Project Accounting Software?

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.

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From Our Customers

"Our clerk had no previous accounting experience, and now she’s doing all the AP work … I just hired an accountant, and I didn’t have to teach her at all; she just got on the system and easily uses it."
Jen Alden, Chief Financial Officer
Tulsa Performing Arts Center
"We work with some of the largest companies on the planet. They all have unique invoicing requirements. We needed a system that was flexible and could scale and fit the needs of a small business like ours. If you’re looking for a cloud-based solution that is flexible for your current and future business needs, I highly recommend considering Acumatica."
Chris Williams, Chief Operating Officer
Interaction Associates

Ready to see it in action?

Get a free consultation with a Project Accounting specialist, and see what it’s like to have project data flow seamlessly across your organization.