25 Oct Streamline Project Financial Management
Spreading your workflow across multiple systems complicates the already complex process of keeping track of project financials, contracts, and resources. Maintaining project profitability is the key prize for any project accountant. A system that enables you to manage all project costs and billing on a single interface empowers you to streamline project financial management.
In this guide, we discuss the elements that an ideal project financial management system should cater to. Empower your team from the beginning to the end of the project.
Table Of Contents
There’s a popular adage that says, “It’s not how you start, it’s how you finish.” Unfortunately, starting new projects on good footing is crucial to the success and profitability of the said project. Sage Intacct Project Costing and Billing shows the true costs of past projects, so you can create smarter estimates that protect and improve profit margins. The open API allows integration with operational solutions, so you can see what’s in the pipeline, line up schedules and materials, and turn estimates into projects without manually re-entering information.
During the Project
Change is the only constant. You may be able to limit or control changes during a short-term project but it’s very easy to lose track during long-term projects. Keep the project on track with proper workflows for tracking time and managing costs while providing your team online access to critical job data. Keep a close watch on actuals against estimates and answer questions about project progress or invoices without wasting time searching for the details.
Getting paid on time
Avoid the back and forth of incorrect billing with the right terms, and amounts by automating your billing. Billing automation helps you generate project invoices in the right format, using the right terms and the right amounts. Sage Intacct Project Costing and Billing also keeps revenue recognition separate from billing and automates the calculations and postings based on milestones, schedules, or percentage completion.
Every project that we undertake holds a wealth of knowledge that we can use to navigate and optimize current/future endeavours. Choose a system that offers visibility and real-time insight for better decision-making. Consult a single source for role-specific reports and dashboards. Easily inform stakeholders about the job status, milestones, and invoice information. With timely access to accurate data, you can share insights on project costs or ways to improve profit margins.
Keen to learn more about Sage Intacct and how this cloud solution can streamline Project Financial Management? Drop us a line on 011 790 9521 or contact us via email, and we’d be glad to guide you.