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.
Accessible from Anywhere
Flexible Workflows & Approvals
Gain Control of Project Level Profitability
Acumatica Project Accounting Offers Powerful Features for Professional Service Companies
- Inventory Items
- Allocate costs based on formulas
- Track work in progress
- Avoid impacting COGS too soon
- Assign resources to projects
- Establish billing rules and options for each task
- Include stock and non-stock items, labor, services and more
- Compare actuals to original budget and revised budgets
- Variable billing rates
- Recognize revenue based on percentage of completion or tasks
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.
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.
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.