8 Project Accounting Must-Haves for your ERP Financial Solution

Managers face unique challenges, especially when they handle large customer projects. These projects are complicated, but they can be simplified with an integrated project accounting and ERP financial solution. Here are eight ways that an integrated project accounting and ERP system can save you time and improve your project results.

1. Set Up New Projects Quickly with Templates

Acumatica has templates for quotes, contracts, budgets, tasks, dashboards, reports, and analytics. You can avoid the time wasting tasks of recreating these project elements individually or building them in separate applications

2. See Real-Time Progress on Dashboards

Make sure that your system is updated in real-time so you can track changes instantaneously. Your dashboards will display current details and updates including drill-down details in contracts, purchasing, and document management. You can improve on-time delivery, profitability, and growth with visibility into forecasts, financial accounting, customer relationship management (CRM), distribution, and manufacturing.

3. Provide Management with a Single Version of the Truth

With Acumatica, you can capture project time, expenses, status and issues on mobile phones and tablets. This allows your field team to always be connected to your back office. You can give the project team secure role-based access to a mobile application that offers the functionality they need every day.

4. Track Project Costs

The cost of the budget will be visible allowing for less profit fade.  Project costs can be tracked by cost code, task, and contract item. You can see activity at your operations and customer sites as well as in warranty and field service after a project is delivered.

5. Monitor Change Orders

All your change orders can be monitored, including approvals and supplier performance.  This will allow you to avoid delays and take corrective action. Your business will become proactive and in turn more efficient.

6. Recognize Revenue

Revenue is recognized based on contract terms and ASC 606 accounting rules. Stop relying on complex spreadsheets to meet accounting and tax compliance requirements.

7. Add Unlimited Users

With Acumatica you can have unlimited users added to your system as needed for no additional cost. Many project staff only need occasional access to the project accounting system. Acumatica’s consumption-based system pricing allows for you to add as many users as needed without the costly per user licenses.

8. Reduce Your IT Costs

Modern cloud technology improves usability while eliminating the costs of managing computer servers. Mobile apps streamline communications, capture team activity, and use phone and tablet features to save you time.

Acquiring new projects is the lifeblood of your business.  Don’t dread the setup and management of these opportunities, instead enjoy the benefits of a cloud-based ERP system like Acumatica. With Acumatica you’ll be confident that you can take your project from quoting through completion with no time wasted. Schedule a demo with us today to learn more about our solutions.