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Are You Using the Right Project Accounting Solution?

coworkers around a computer

Written by Laura Schomaker

March 19, 2021

 

 

How can you know if a solution is right for you? Breaking it down by feature set when buying project accounting software to see whether your solution checks all the boxes can help.  

Project Management 

Foremost, does your solution support: 

  • Templates for projects and tasks 
  • Multi-project management features 
  • Automatic job creation 

With these features, you can ensure you have a holistic view of projects while also being able to dial down on key project details (costs, inventory, etc.). 

Budgets 

Any budget features in your project accounting solution should offer support for: 

  • Labor estimates 
  • Revenue projections 
  • Budget tracking 
  • Generating budgets and actuals

 

Workflow 

You also want to make sure that you and your stakeholders can manage workflow via your project accounting solution. Does it offer the following? 

  • Task management 
  • Resource management 
  • Automated approvals 
  • Automated workflows for change requests 

 

Project Accounting 

Finally, of course, you need a deep bench of features for accounting. When vetting a solution, look for project management software that comes with: 

  • Multi-currency support 
  • Flexible billing options 
  • WIP support 
  • Expense allocation 
  • Revenue recognition 
  • Flexible allocation of labor & expenses 
  • Payroll integration 
  • Time tracking 
  • Remote time and expense entry 

 

Finally, having an integrated CRM can be the icing on the cake, allowing you to track and manage quotes and ensure a seamless customer experience. 

 

Buying Project Accounting SoftwareThe ERP Approach 

One of the best ways to address your project accounting needs is to leverage an ERP, such as you might find from Acumatica or Microsoft Dynamics SL. They address the demands of project-based businesses, like field services, construction, and manufacturing. With their end-to-end approach, you will create seamless workflows across departments. Data gaps will disappear and you will have a team that is not only on the same page but also speaking the same language.  

While project accounting can be unwieldy, the right solution can eliminate most of its pain points. Options such as ERP solutions can give you the bird’s-eye view needed while letting you dial in on detail across your business, projects, and departments. What has your experience been with buying project accounting software? We’d love to hear from you in the comments. Start looking at your ERP project management options to get a head start on optimizing your project-based business.  

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