6 Useful Project Accounting Features in Acumatica

Posted on: November 10, 2020 | By: Josie Mah | Acumatica

In a time of increased demand for digital project management solutions, Acumatica offers a variety of features that allow for simplified project accounting. From monitoring employee progress to auto-generating project reports and invoices, Acumatica provides a modern cloud ERP solution that can help your business optimize its project management strategies. In this blog post, we will highlight 6 Acumatica features that will enhance your project accounting processes.

1. On the Project Manager dashboard, users can view Under-utilized Employees, Over Budget Projects, and Unprofitable Projects to optimize revenue.

2. The Project Consultant dashboard shows upcoming tasks, overdue tasks, billing ratios, assigned projects, and timesheets, allowing for workflow optimization.

3. Under Project > Project Template, users can make customized project templates to expedite the project creation process.

Once the template has been created, users can apply the template to any new project by clicking Projects > Create New Project and choosing the desired template.

4. The Billing Rules feature (Projects > Billing Rules) allows accountants to apply specific billing policies to the software for automatic billing adjustments.

Users can also use Rate Tables (Projects > Rate Tables) to establish default rates for different roles.

5. When users decide to Run Project Billing, Acumatica will show a Pro Forma Invoices page that allows the project manager to review the information before posting.

If there are any billing discrepancies, users can click on the Amount to Invoice field under Time and Material, where billing amounts can be directly edited. Users can also choose to edit the Status of a certain item to Hold Remainder, Write Off Remainder, or Write Off.

Once the invoice has been released, users will be able to see an increase in the margin on the project main page, and a zeroed-out balance sheet under the Balances tab. Under Invoices, the released invoice and its details will be displayed.

6. In Project > Project Summary, users can view project reports that have been automatically generated by Acumatica.

Financial reports such as Project Profitability, Project Profit & Loss by Month, and Project Budget vs. Actual are also available.

 

Next steps

In unusual times, it is more important than ever to be able to consolidate and analyze financial data to streamline your business processes. Logan Consulting has helped many clients optimize their businesses with Acumatica and similar software platforms. Contact us to kickstart your digital transformation today.



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