Why Choose Acumatica for Project Accounting?
Project Accounting provides fully integrated solutions with Financial modules, Distribution models, Manufacturing and Time and Expense modules.
Businesses that require management of budgets, inventory, change orders, time sheets, profitability and reporting will enjoy the easy of managing these aspects.
Project Accounting Software features are integrated with General Ledger, Accounts Payable Software, Accounts Receivable Software, Sales Order Management, Purchase Order Management, Inventory Management, and Time Management.
Project related costs which include materials, labour, services and inventory are accurately tracked during the integrated transaction processing.
Simple to complex billing rules is predefined for employees, type work for ease of customer billing. Revenue recognition is based on project rules ranging from percentage completion to milestone or time and material.
Integration with CRM and project accounting simplifies the creation and tracking of sometime complex quotes. Standard processes and pricing methodologies are enforced together with approval processes.
Project Accounting Includes:
Get the total view of all costs related to a project including materials, labor, services, and inventory items. Allocate shared costs and overhead expenses to projects based on formulas. Ideal for project-centric businesses including construction, engineering, marketing, consultants, legal, etc.
Total View of All Costs
Get up to date information on all project costs, including completed work and work in process accounting. Track employee time, sub-contracted services, material, and inventory. Easily compare actual project costs with original and revised budgets by period. Continuously track budget execution and cost vs budget.
Billable Revenue Tracking
Track future revenues as a project progresses. Accommodate complex pricing models with confidence in conjunction with Acumatica ERP.
Scalable for Any Type of Project
Track all types of projects – large or small, internal or external, single or multi-currency. Acumatica offers mobile-friendly, fast, and convenient data entry and information access.
Available From Anywhere
Make it easy for remote employees, installers, contractors, and others to submit work orders and timesheets from any browser-enabled device.
Labor Cost Rate Flexibility
Define costs by employee, labor item, project, project task, and the rate type, simplifying time entry and improving visibility, particularly for construction prevailing wage and union requirements. Expand integration with payroll and HRM systems with projects, tasks, cost codes and standard and actual costs using the Contract-Based API.
Employees, partners, and contractors can enter timesheets from anywhere using any device with a browser. Add convenience and improve accuracy with Acumatica’s Project Accounting Software.
Expense Claim Processing
Employees submit expense claims, attaching scanned receipts and supporting documents through mobile devices. Claims follow a predefined approval process. Acumatica creates a bill in Accounts Payable for reimbursement and a customer invoice for approved, billable items.
Time Tracking for Customers, Contracts, and Projects
Employee time reports and tracked expenses are automatically assigned for approval. On approval, time cards can generate a customer invoice and update contract status.
Mobile Time Entry Is Simple and Convenient
Employees and contractors can enter time and expenses on any Apple or Android device using the Acumatica Mobile App and attach photos of receipts. Workflows route completed reports for approvals on managers’ mobile devices.
Manage all billing scenarios: cost plus, fixed price, time and materials, milestone billing, and contract-specific pricing. Modify resource billing rates by project, project tasks, inventory item, employee, and account group. Bill labor and materials according to the customer, the type of work being performed, or the specific project contract.
Handle the most complex project billing rules and easily calculate project revenue in multiple currencies based on key project-specific attributes.
Fixed-Price and Cost-Plus Projects
Invoice according to project and contract requirements – fixed price set in advance or cost-plus projects in which the invoice amount is not known until costs and fees are incurred. Billing on cost-based projects can be capped..
Optionally recognize revenue based on a percentage of projects completed or based on tasks completed. All project revenue recognition rules are automatically reflected in GL journal entries.