Acumatica Project Accounting
Whether you work by the hour or are on retainer, accurate project accounting is imperative to project profitability. Knowing this, the process of tracking everything from costs to hours, assigning them to clients, and tracking revenue recognition is often easier said than done—especially without the right solution. Enter Acumatica Project Accounting.
Designed to work with the rest of the Acumatica Suite, Acumatica Project Accounting empowers you to manage budgeting, inventory, change orders, time sheets, billing, profitability, and reporting so that you can focus on your business goals.
What Makes Acumatica Project Accounting Better?
Project-based and professional services-based businesses have unique challenges and unique needs. Acumatica makes it easy for your business to track costs, bill more accurately, report easily, manage quotes, and more. Here are just some of the benefits of choosing Acumatica Project Accounting.
- Take Control of Project Costs: See the entire picture of your project, easily tracking project-related costs for materials, labor, services, and inventory items.
- Bill Faster and More Accurately: Make the most of your people’s talents—and hours. Easily vary billing rates by employee / customer, type of work, or specific project. Recognize revenue based on completion percentage or task progress.
- Stay on Budget: Keep projects running smoothly and affordably with budget reporting. Compare actual project costs with original and revised budgets and forecasts by period using real-time reports.
- Keep ahead of Changes: Remain flexible and ready for changes to project scope, including customer and internal requests. Easy workflows make change order management quick, accurate, and efficient.
- Manage Quotes (No Matter How Complex): Simplify project sales and pricing by supporting complex quote processes, improving project control and management. Connect Acumatica Project Accounting with CRM for even easier processes.
- Consolidate a Variety of Companies: Companies within the same tenant can have different fiscal year-end dates, important for companies that share vendors, stock items, and employees. Manage these with ease with company-specific financial periods.
- Work Domestically and Globally: No matter how many currencies, tax codes, or locations you work in, Acumatica makes it easy to stay ahead of the game. With multi-currency project accounting, project managers and accountants can review actual revenues, actual costs, and committed costs in the project currency.
- Recognize Revenue Properly: Define billing rules to recognize revenue using the percentage of completion or the completed tasks method. All recognition rules are automatically reflected in the GL journal entries.
Key Features of Acumatica Project Accounting
Designed to work with other Acumatica modules including but not limited to Financial Management and Customer Management, Project Accounting within Acumatica provides the following applications for your business:
Get the total view of all costs related to a project including materials, labor, services, and inventory items. With complete visibility and attribution, you can easily allocate expenses to a client or project.
Many applications make billing a pain, but Acumatica makes it easy. With Acumatica, you can manage all billing scenarios: cost plus, fixed price, time and materials, milestone billing, and contract-specific pricing. Go even further, modifying resource billing rates by project, project tasks, inventory item, employee, and account group, billing on your terms.
Timesheets are a consistent challenge, but with Acumatica Time and Expense Management, employees, partners, and contractors can enter timesheets from anywhere using any device with a browser.
“Conservatively, we’re looking at an increase of $600,000 in EBITDA profitability, once all of the suites are implemented. That’s massive.“
– Joy Gendusa, CEO (PostcardMania)
Acumatica Project Accounting: Do More with Donas
One of the many highly functional and easy-to-use modules in the Acumatica suite of products, Acumatica Project Accounting gives businesses more control over their operations than ever before. As a leading provider of tis solution, the Donas Group would love to speak with you about your next steps. Get to know more about our work and contact us for more information.