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How do ERP Financials Simplify Project Accounting for Project Managers and Accountants?

There are many ways that an integrated project accounting and ERP solution can save you time and improve project results. It has become the norm to use this method to track your financial tasks for individual projects in order to develop reports to present to your company management.

It is important for your Enterprise Resource Planning Financial solution to meet your project needs. Here are a few ways Acumatica Cloud ERP Financials could make project accounting a breeze for you.

  1. Time-Saving. Acumatica provides templates for quotes, budgets, contracts, tasks, dashboards, reports, and analytics which allows you to set up new projects in almost no time.
  2. Real-Time Tracking. This powerful ERP solution ensures you deliver on time and maximize growth opportunities with instantaneous access to progress reports, forecasts, and financial accounting through its intuitive dashboards.
  3. Centralized Reporting. They say men lie, women lie, but numbers don’t. This will only ring true if you have accurate data. With Acumatica you can provide management with one version of the truth. Eliminate inconsistencies by giving role-based access to a mobile application to capture project time, billing, and expenses all from anywhere, any time and on any device.

Ensure you maintain an accurate accountant’s record with cloud project financials. Financial health is a priority. Accounting software enables you to remain on time and on budget with realtime project progresses. Keep correct project budgets and make life simpler for your designated project accountant. Track project-based profit margins and oversight on revenue recognition. Simplify the day-to-day tracking of the project costs while maintaining a holistic view of the overall cost of the project with Cloud Project accounting software that is integrated with your ERP. This ensures that you maintain control of all aspects of the project.

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4. Simplified Cost Management. Track every single Rand by cost code, task, and contract item. Acumatica enables the forward-thinking Project manager or Accountant to see the activities of their operations and customer sites easily and efficiently.

5. No Delays. Project accounting has never been simpler. With this integrated ERP Financial solution, monitoring change orders, approvals, and supplier performance are simple. This allows you to identify problems swiftly so you can take corrective action and avoid wasting any time.

6. Reduce IT Costs. Modern cloud technology improves usability while eliminating the costs of managing computer servers. Mobile apps streamline communications, capture team activity, and allow for phone and tablet
features to save you time.

Stop relying on complex spreadsheets to meet accounting and tax compliance requirements. Project Accounting is a breeze with the Acumatica Cloud ERP

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Time & Expense Management

Ensure proper payments to staff and accurate billing to clients with Acumatica time and expense tracking software. Simplify the time and expense entry process with mobile entry and approvals from any device with a browser or the native mobile app – anytime, anywhere.

  • Improve the accuracy and timeliness of time and expense reporting. Enable easy and convenient reporting anytime, anywhere on any browser or through the app.
  • Link timesheets to specific projects and budgets.
  • Associate time to a project task with a specified approver and then create a workflow to coordinate the approval process for release to billing. Approved activities are posted to specific customers, cases, contracts, or projects and generate corresponding project transactions or customer invoices.
  • The Time and Expenses application provides a complete audit trail of all transactions. Corrections must be made through adjusting entries. The system tracks the ID of the user who entered the transaction or adjustment.

Acumatica Advanced Billing

Manage all project billing scenarios including cost plus, fixed price, time and materials, milestone billing, and contract-specific pricing.

  • Define project billing parameters to automatically generate invoices at the right time. Save time, reduce errors, and improve cash flow.
  • Configure multiple rate tables for specific projects or project tasks for additional billing flexibility.
  • Bill projects weekly, monthly, quarterly, or according to a company-specific statement cycle for a project or customer. Delay posting of timesheets and materials expenses until released.
  • Apply markup at the customer level and vary according to labor and service type to provide maximum flexibility.
  • Correct improperly applied charges with an automatic reversal and invoice regeneration capability.

With integrated ERP and Project accounting software, you can keep your finger on the pulse of all aspects of the project on a day-to-day basis. Maintain project profitability by tracking every single cost of the project.

Choose an ERP software solution that enables you to monitor the financial health of your business. Learn more about ERP software for professional services.

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