Project Accounting in Acumatica
Posted on: August 15, 2022 | By: Jim Bertler | Acumatica
Project accounting is an essential part of most businesses because not only does it lead to better, more efficient project management, but it also aids companies in determining the financial implications associated with any potential project. However, it can become complex very quickly because of all of the different elements that must be tracked.
With Acumatica, project accounting is streamlined and turned into a much more straightforward process. Users have the ability to track project costs, generate budget reports, control change orders, manage project quotes, recognize revenue, utilize company-specific financial periods, and much more. Let’s take a closer look at what Acumatica’s project accounting product has to offer.
Cost Management
Project accounting in Acumatica makes it easy for businesses to stay on top of costs, including being able to view complete breakdowns of project-related costs such as labor, materials, and inventory. Moreover, users can look at actual costs alongside original and revised budgets, as well as forecasted costs.
Billing Management
Acumatica has an advanced billing system for project accounting that allows users to look at billing rates specific to individual employees or customers, as well as the type of work being done or the specific project. Moreover, revenue can be easily recognized as tasks are completed. Because fiscal year-end dates can vary company to company, users can set up their own unique financial periods in the project accounting module.
Accounting Made Flexible
Acumatica users can utilize multiple currencies in their project accounting so that records and budgets can accurately reflect costs.
To read more about what project accounting in Acumatica has to offer, check out their post here.
Next Steps
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