Project Accounting Made Simple in Acumatica
Posted on: August 15, 2021 | By: Jim Bertler | Acumatica
When conducting project-based business, it can be difficult to balance timelines and budgets because of the complicated nature of the demands within a project as well as the clients’ and project managers’ needs. In order to be successful in professional services, it is important to remain informed about and have authority over the finances of any given project.
Acumatica Cloud ERP is designed to satisfy both the needs of the project managers and the accounts when it comes to project accounting. In this blog post, we will go over some of the features and benefits of Acumatica so you can see how this cloud ERP can enhance your business’s professional services.
Project and Task Templates
Acumatica has an array of templates for you to choose from, making setting up projects and tasks simple. You have the ability to outline any necessary elements such as people, equipment, and budgets.
Track and Compare Budget
In Acumatica, after creating your budget you can track the budget via inventory, labor, services, and more. You can also do a comparison of the forecasted budget against the actual budget of a project and look closely at project costs in the present.
Task and Resource Management
You can specify tasks generally or for individual projects, including defining billing rates for different tasks which lets you see expected revenue for the designated project. Moreover, you can specify what resources are being allocated for what projects, including employees and machines.
Because of the variability of clients’ projects and their needs, billing rates often differ project to project. In Acumatica, you can manage the differing billing rates and scenarios such as fixed price, time and materials, and contract-specific pricing.
Acumatica is designed to satisfy the needs of professional service providers and wants to aid users in making efficient, informed decisions to generate as much profitability for their companies as possible. Through the usage of this cloud ERP, project accounting becomes simple and manageable, so you can spend less time worrying about logistics and budgets and more time focusing on satisfying your clients’ needs. If you’re interested in reading a more in-depth guide on project accounting in Acumatica, check out their overview here.
Logan Consulting, an Acumatica partner based in Chicago, has helped clients nationwide set up the cloud ERP and successfully navigate their new software solution. If you are interested in learning more about professional services features in Acumatica, contact us today!
2020 Nucleus Research Report on ERP Technology