Acumatica’s Project Accounting Software
Posted on: November 2, 2023 | By: Page Wildridge | Acumatica
Acumatica, a popular cloud-based ERP, comes equipped with a robust project accounting software for professional service organizations. By harnessing the power of Acumatica, your business can masterly handle your complicated finances. The business management solution comes with several important features that your business can take advantage of.
Easily Handle Your Budgets
Acumatica’s well-developed software ensures your business remains on track with your budgets. The business management solution allows your business to manage every aspect of your budget, including labor, services, non-stock items, and more. Additionally, you can utilize Acumatica to forecast your project budgets in order to ensure your actual costs and revenues match to reduce overspending. Beyond this, the ERP will let you continuously evaluate real-time project expenditures against revised budgets on a period-by-period basis.
The ERP will allow your business to expertly handle various workflows to ensure your team remains on task. You can assign tasks either to your entire team or to individuals. Additionally, you can allocate billing rates depending on job role, project, and each individual to create revenue forecasts. Your business can also assign non- financial aspects to each team member to keep track of other types of data. For example, you can set project managers, employees, machines, and more on the ERP.
Acumatica allows your business to maintain a record of business expenses across several types of currencies. You can submit transactions in various currencies and easily switch between currencies. You can generate customer bills in needed currencies, while also reviewing actual costs and actual revenues in your preferred currency. Additionally, your business can utilize Acumatica to change billing rates depending on various factors. These include type of work, specific projects, and employee versus customer. Your business can also manage several different billing scenarios. This flexibility allows for easier record keeping and higher accuracy.
2020 Nucleus Research Report on ERP Technology