Acumatica Project Accounting Software- 4 Strategies to Improve Profitability
Please take a few minutes to review our Project Accounting webinar replay.
Integrated systems are key to successfully plan, manage and execute projects on time and on budget. There are 4 key ways an integrated project accounting software ensures that projects maintain profitability when set-up properly.
4 Ways to properly set-up project accounting systems:
- Automatically track all costs to projects
- Automated Revenue Recognition
- Automated time and expense management on-time and on-budget
- Allow users to monitor and manage changes with real time integration
If your project accounting software accomplishes the above automated goals you will be in a position to overcome the most common challenges of project-based professional services. Project based companies need to manage, track and allocate resources and costs by project. Not all ERP systems have the functionality to track all project costs. This presents a challenge for Professional Services organizations where costs need to be tracked by project, billing rates vary by resource or task, revenues need to be recognized by the percent complete, and changes to the project scope need to be communicated in real time to both internal and external team members. If the project costing system is too complex it can be cost prohibitive to have team members enter the data required to capture valuable time, expense, change orders, and even inventory requirements.
In addition to upholding our reputation for “putting our clients first,” customers choose Clients First not only for our core team of experienced senior level team and industry knowledge, but because of the dedicated support we provide throughout the entire project, and beyond. Our Clients First Texas and Minnesota team helps you leverage the power of an enterprise accounting software solution and gain a competitive advantage in your respective industry.