In these fast-changing and economically challenging times, competitive advantage is more important than ever. Our experts help you to predict, plan and control the budget of your projects, providing added value and risk mitigation across a diverse range of sectors.
We work collaboratively with you to clearly understand your objectives; focusing on your requirements to structure a bespoke service that challenges every stage.
Part art, part science, effective cost management is shaped by a blend of skills to ensure we always balance the cost / time / quality / risk matrix. Our expert team have a deep understanding of the market place, supply chain and commercial and economic environment which allows an informed and pragmatic approach to problem solving.
Commercially savvy, we work diligently to ensure that successful relationships are created and maintained. We are passionate about delivering successful projects and we have an outstanding and award-winning record of exceeding client expectations.
Importance Project Cost Management
Project-based businesses need more than basic accounting. The income statement has a section for revenue and a section for costs. This is great for preparing the tax return or reporting to shareholders. If you want to know how much you’re making or losing on projects, you won’t find it in the income statement. You’ll need specialized project accounting software.
Acumatica Cloud ERP can help. It includes Project Accounting Software that integrates with General Ledger, Accounts Payable, Accounts Receivable, Sales Order Management and other business management modules. Project accounting management enables project cost tracking (covering materials, services, labor and inventory items), budget reporting and billing based on specific project, task progress or completion percentage. Users can compare project costs with original and revised budgets while considering all project costs.
Project accounting figured prominently in Acumatica:
- Split the budget into Revenue Budget, which can be defined by task or task and item, and Cost Budget, which can be linked to a revenue budget line to enable more flexible analyses of project balances and profitability.
- View and track budget commitments for large projects lasting longer than a couple of weeks. With this functionality, you can monitor potential cost overruns, connected purchase orders, negotiated rates and other information from one location.
- Bill for time, material and fixed price and manage the billing workflow without configuring the allocator, which makes it easier to bill for simple projects. Users outside the accounting department can review and edit invoices.