Acumatica Project Accounting
Project-based and professional services businesses face unique challenges. When your business is built on the work of your people, tracking everything is hard, controlling it is harder, and doing so while growing your business can be downright impossible without the right tools. From budgeting to billing, it often becomes a challenge to organize people and projects in a way that generates profits.
However, Acumatica has the solution. With their powerful project accounting functionality, businesses can easily manage budgeting, inventory, change orders, time sheets, billing, profitability, and reporting for individual business initiatives—no matter how many people, clients, locations, or currencies they need to work with.
As a leading provider of Acumatica Cloud ERP, Cortekx has the skills to implement the solution, connect it with a variety of applications, and use it to grow your business.
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What Goes into Acumatica Project Accounting?
Built to handle the unique challenges of the project-based business, Acumatica Project Accounting gives you the power to track costs, bill easily, see the picture with reporting and business analytics, and handle changes with ease.
Project Accounting Software features are integrated with General Ledger, Accounts Payable Software, Accounts Receivable Software, Sales Order Management, Purchase Order Management, Inventory Management, and the Time and Expense mobile application. Here are just some of the features you get:
Project Cost Tracking
Monitor and manage project costs, revenues, and budget for projects. Define projects and tasks, then populate projects with employees, resources, and equipment. Manage projects of any complexity across different project types and industries and roll costs up to financial reports.
Seamlessly integrated with other parts of the Acumatica product including Financial Management and Customer Management, Project Cost Tracking is a core component of this module. With Project Cost Tracking, you can take complete control of your costs, using the application to see information in real time, compare actuals with projections, and continuously track execution.
Project Cost Tracking includes a variety of functions including resource management, expense allocation, easy task creation and modification, and work-in progress support, allowing your people to do more and do it more cost effectively.
As you provide a variety of services for a variety of clients at a variety of different costs, a powerful billing solution is a necessity. With Advanced Billing in Acumatica, you can manage a variety of billing scenarios including cost plus, fixed price, time and materials, milestone billing, and contract-specific pricing.
Easily manage even the most complex project billing rates and rules, bill in a variety of currencies, and make changes with a few clicks. Advanced Billing in Acumatica helps you automate billing, bill on your terms and timelines, make corrections with ease, and maintain flexibility with markups.
Time and Expense Management
If you want to bill accurately, you need to be able to match your people costs to your billing. Whether it’s a hotel stay or billable hours, time and expense management lets employees partners, and contractors can enter timesheets from anywhere using any device with a browser. Paired with approval workflows, you can facilitate one of the most complicated, stress inducing processes.
Improve accuracy and timeliness of time and expense reporting, link timesheets to projects, ensure labor assignment is accurate, and speed up the submission, approval, and reimbursement processes.
Change Order Management
Improve project management by controlling changes to the project scope, including customer and internal requests. Create a change order with all the documentation, including the revenue budget, cost budget, commitments, and class.
Take your business global, take advantage of exchange rates, and make it easy for your customers to pay you with multi-currency project accounting in Acumatica. Enter project transactions in different currencies and maintain projects in both the base currency and the project currency. With multi-currency project accounting, project managers and accountants can review actual revenues, actual costs, and committed costs in the project currency, with an ability to calculate project profitability in both the project currency and the base currency, and present costs to the customer in the customer’s currency.
“Acumatica has completely changed our business. I just look in the accounting and all the information from the sales is in there … For our business that’s a big deal.”
– Ronald Krieger, CFO, Consolidated West Distributing
Profitable Projects Start with Acumatica
Acumatica delivers the functionality, flexibility, and automation that today’s project-based business needs. Built in the cloud and customized by a network of Acumatica Partners like Cortekx, Acumatica can help growing project-based businesses do more, bill more accurately, and increase profitability. Get to learn more about other product editions here, learn more about our services, and contact us for a free consultation.