4 Reasons to Use Acumatica for Project Accounting Management
Posted on: April 8, 2021 | By: Guy Logan | Acumatica
In today’s digital age, it is becoming increasingly important to have a modern, future-proof digital platform for your project accounting needs. Whether it is managing budgets, inventory, or billing, Acumatica has the advanced software needed to handle large-scale project data and create comprehensive business and financial reports. In this blog post, we will highlight 4 project accounting features that explain why your business should consider using Acumatica for project accounting management.
1. Revenue Recognition
Acumatica allows businesses to specify billing rules that allow for the accurate recognition of revenue. All recognition rules, whether through the percentage of completion or the completed tasks method, are automatically shown in General Ledger entries.
2. Control Change Orders
Acumatica enables efficient project management through the ability to control changes to a project’s scope, including customer requests. Users can create a change order that includes documents such as the revenue budget, commitments, and more. This feature allows for business intelligence visibility and the simplification of workflows and approval processes.
3. Advanced Billing
Users are able to manage all billing scenarios, whether they are fixed price, milestone billing, or contract-specific billing. Additionally, users can modify resource billing rates by project, task, and more, and bill labor and materials based on the customer, type of work, or project.
4. Mobile Platforms
Acumatica’s modern platform allows for the use of the platform at any time, on any mobile device. Users can log employee time, service, and payroll with Acumatica’s mobile time entry and flexible approvals workflow.
Next Steps
Acumatica’s project accounting features provide a future-proof way to help your company thrive in the new digital economy. As an Acumatica partner, Logan Consulting has helped clients grow their business with technological solutions. Contact us today to schedule a free consultation and find out whether a cloud ERP service like Acumatica can help transform your business.