Acumatica Project Accounting

Acumatica Project Accounting provides the unique accounting controls and supports the financial reporting requirements of professional service companies.

Acumatica Project Accounting

Acumatica Project Accounting provides end-to-end project accounting functionality so you can manage project budgeting, time sheets, billing, and reporting in a single system. Project Accounting is fully integrated with other Acumatica modules so you no longer need spreadsheets and third-party tools. You can easily access general ledger, accounts payable, sales orders, purchase order, inventory management and the employee portal so you have a complete view of your business.

Acumatica Cloud ERP Project Accounting Accessible Anywhere icon.

Accessible from Anywhere

Acumatica Cloud ERP Project Accounting Flexible Workflows and Approvals icon.

Flexible Workflows & Approvals

Acumatica Cloud ERP Project Accounting - Gain Control of Profitability icon.

Gain Control of Project Level Profitability

Acumatica Project Accounting Offers Powerful Features for Professional Service Companies

Expense Management

  • Materials
  • Labor
  • Services
  • Inventory Items
  • Allocate costs based on formulas

WIP Support

  • Track work in progress
  • Avoid impacting COGS too soon

Resource Management

  • Assign resources to projects
  • Establish billing rules and options for each task

Budget Tracking

  • Include stock and non-stock items, labor, services and more
  • Compare actuals to original budget and revised budgets

Advanced Billing

  • Variable billing rates
  • Recognize revenue based on percentage of completion or tasks

Here are just some of the ways Acumatica Project Accounting can help service companies:

Track Project Costs

Project managers can break costs to the material, labor, services and inventory item level so they have a complete view of all project costs.

Flexible, Accurate Billing

Acumatica supports employee, customer, work type, and project billing rates. Furthermore, you can easily recognize revenue based on completion percentage or the current progress of a task.

Budget Reporting

Project Accounting makes it easy to compare actual costs with original, revised, and forecast budgets by period.  For instance, you can easily review costs for the entire project, or specific inventory items, non-stock items, labor, services, and more.

Control Change Orders

Project Accounting provides project management controls so you can better control changes to project scope, including customer and internal requests. You can create change orders with full documentation, including the revenue budget, cost budget, commitments, and class. Acumatica Project Accounting also makes it easy to define workflows and approval processes. It also includes full business intelligence and audit trail support so you can release change orders with confidence.

Manage Project Quotes

Project Accounting simplifies project pricing and sales so it can support complex quoting processes. You can easily create quotes, update them, link them to CRM and track each version of the document. When approved, simply create the corresponding projects and billing details.

Company-Specific Financial Periods

Project Accounting makes it easy for companies in the same tenant to use company specific fiscal year-end dates. They can also share share vendors, stock items, and employees. Professional Service companies define these company-specific periods at the branch level.

Multi-Currency Project Accounting

Project Accounting supports multiple currency so you can maintain projects in both project and base currency. Furthermore, project managers and accountants can review actual revenue, costs, and committed costs, an project profitability in both project and base currency.

Revenue Recognition

Service companies can define billing rules so Acumatica Project Accounting recognizes revenue based on the percentage of the project completed. Also, Acumatica automatically applies these revenue recognition rules to General Ledger journal entries.

Acumatica Project Accounting Applications

Project Cost Tracking

Gain complete insight into all costs related to a project including materials, labor, services, and inventory items. It also allows you to define formulas so you can easily allocate costs and overhead expenses to projects.

Advanced Billing

Set billing rates by project, project tasks, inventory item, employee, and account group. You can also calculate time and materials billing according to the customer, the type of work being performed, or the specific project requirements.

Time and Expense Management

Collect time and expenses so you can ensure proper payments to staff and accurate billing to clients.

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