Solutions
Project Accounting
Powerful accounting tools, unified visibility
Manage budgeting, inventory, change orders, time sheets, billing, profitability, and reporting for individual business initiatives. Projects are included in company-wide financial reports with full multi-currency support.
- Track Project Costs
- Flexible, Accurate Billing
- Budget Reporting
- Control Change Orders
- Manage Project Quotes
- Company-Specific Financial Periods
- Multi-Currency Project Accounting
- Revenue Recognition
ERP Overview
Specialized Accounting & Finance Solutions
Total Visibility Into Costs
Track Project Costs
Gain a complete view of project-related costs for materials, labor, services, and inventory items.
Budget Reporting
Compare actual project costs with original and revised budgets and forecasts by period using real-time reports. Include all project costs: inventory items, non-stock items, labor, services, and more.
Manage Project Quotes
Simplify project sales and pricing by supporting complex quote processes, improving project control and management. Create quotes, update them, link them to CRM and track versions. When approved, create projects and provide billing details.
Total Control of Billing
Flexible, Accurate Billing
Vary billing rates by employee / customer, type of work, or specific project. Recognize revenue based on completion percentage or task progress.
Control Change Orders
Improve project management by controlling changes to the project scope, including customer and internal requests. Create a change order with all the documentation attached. Define your workflows and approval processes, and release change orders with full business intelligence visibility and audit trail control.
Company-Specific Financial Periods
Companies within the same tenant can have different fiscal year-end dates, important for companies that share vendors, stock items, and employees. The company-specific periods are defined at the branch level.
Flexible Accounting
Revenue Recognition
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. Deferred revenue and recurring revenue models are supported out of the box.
Multi-Currency Project Accounting
Enter project transactions in different currencies and maintain projects in both the base currency and the project currency.
Project Accounting Management Applications
Acumatica’s Project Accounting application provides visibility across projects, finance, customer accounts, inventory, and related business processes. Project accounting data and workflows extend to the following applications.
- General Ledger
- Accounts Payable
- Accounts Receivable
- Sales Orders
- Purchase Orders
- Inventory Management
- Time Management
Streamline Budgets, Inventory, Orders, Billing, Expenses, and Time Sheets
Acumatica Project Accounting is ideal for professional services organizations, such as engineering and construction firms, marketing companies, consultants, and law firms.
Project accounting is also beneficial for project-driven manufacturers who make products used in larger projects.
Project Accounting software integrates with Acumatica General Ledger (GL), Accounts Payable (AP), Accounts Receivable (AR), Sales Order Management, Purchase Order Management, Inventory Management, and more.
Key business benefits:
Gain a complete view of project costs, materials, labor, services, and inventory requirements.
Vary billing rates by type of work, employee, customer, or project.
Recognize revenue for completion percentage or progress.
Enable workers to submit work orders and timesheets remotely.
Review actual revenues and costs, committed costs, and present customer costs.
Expense Allocation – Allocate overhead and shared expenses to individual projects, including billable or nonbillable items.
Revenue Recognition – 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.
Budget Tracking –Include inventory items, nonstock items, labor, services, and more in project budgets. Compare actual project costs with original and revised budgets by period with real-time reports. WIP Support – Keep better track of costs by correctly accounting for work in progress and avoid impacting COGS prematurely.
Resource Management – Assign project managers, employees, machines, and other resources to individual projects and tasks.
