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Project Accounting Key Benefits

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Project Accounting Key Benefits PROJECT ACCOUNTING KEY BENEFITS MANAGE BUDGETING, INVENTORY, CHANGE ORDERS, TIME TRACK PROJECT COSTS SHEETS, BILLING, AND REPORTING FOR PROJECT-BASED • Gain a complete view of project- INITIATIVES INVOLVING MULTIPLE EMPLOYEES, TASKS, AND related costs for materials, labor, MATERIALS services, and inventory features INVOICE WITH TOTAL Acumatica Project Accounting is ideal for professional services organizations such as CONFIDENCE engineering and construction firms, marketing companies, consultants, and law firms. • Vary billing rates by type of work, Project Accounting software integrates with Acumatica General Ledger (GL), Accounts employee/customer, or specific Payable (AP), Accounts Receivable (AR), Sales Order Management, Purchase Order project Management, Inventory Management, and more. • Recognize revenue based on completion percentage or task • Expense Allocation – Allocate overhead and shared expenses to individual progress projects, including billable or non-billable items. GET CONTROL OF BUDGETS • Revenue Recognition – Define billing rules to recognize revenue using the • Enable remote employees, percentage of completion or the completed tasks method. All recognition rules installers, contractors, and others are automatically reflected in the GL journal entries. to submit work orders and • Budget Tracking – Include inventory items, non-stock items, labor, services, timesheets from any browser- and more in project budgets. Compare actual project costs with original and enabled revised budgets by period with real-time reports. MULTI-CURRENCY PROJECT • WIP Support – Keep better track of costs by correctly accounting for work in ACCOUNTING progress and avoid impacting COGS prematurely. • Enter project transactions in • Resource Management – Assign project managers, employees, machines, different currencies and maintain and other resources to individual projects and tasks. projects in both the base currency and the project currency • Review actual revenues, actual costs, and committed costs in the project currency, and present costs to the customer in the customer's currency COMPANY-SPECIFIC FINANCIAL PERIODS • Companies within the same tenant can have different fiscal year-end dates, important for companies that share vendors, stock items, and employees. The company-specific periods are defined at the branch level Create project templates to simplify starting a new project www.acumatica.com | 190401 © 2019 Acumatica THE ACUMATICA ERP DIFFERENCE PROJECT ACCOUNTING FEATURES AND CAPABILITIES Acumatica delivers a full suite of Improve project management by controlling changes to the integrated business management project scope, including customer and internal requests. Change Orders applications unlike any other ERP Create a change order with all the documentation, including solution on the market today. the revenue budget, cost budget, commitments, and class. STREAMLINE OPERATIONS Set up projects to bill cost plus or fixed contract cost. Apply Billing Mark-Up markup at the customer level and vary according to labor and Manage your business more service type to provide maximum flexibility. efficiently: • Automate processes Enter and modify project budget forecasts and compare these Forecast Project • Control workflows forecasts with the actual project costs and incomes for each Budget by Period • Access the system from financial period. anywhere on any device— Employees can enter timesheets in the employee portal or enter including mobile Link Timesheets to activities linked to projects in CRM. Either option links hours to • Promote collaboration with all- Specific Projects specific projects and budgets. inclusive user licensing Project features are available in the GL, AP, AR, Sales Order ADAPTABLE SOLUTION Integrate with Management, Purchase Order Management, Employee Portal, Add and extend: Other Modules and Inventory Management modules. Simply select the modules where you want Project Accounting to appear. • Deploy in-house or in a private or public cloud Use templates to create new projects with preset configurations. • Easily configure your solution to Scalable The scalability of the cloud allows you to include multiple users fit your needs working on multiple concurrent projects. • Add capabilities such as CRM or Assign tasks for individual or global projects. Assign tasks data visualization at any time • Task Definition specific billing rates by project, job role, and individual Extend to other solutions and resources. Project budgets reflect expected revenues. applications beyond ERP Add Project Add activities using either Microsoft Project or CRM. Information YOUR BUSINESS Activity Directly is integrated and used later in worksheets and billable data. ACCELERATED Get a single version of the truth: Reverse Un-Billed If a bill was generated and applied incorrectly, it can be reversed • Accelerate business performance Transactions and regenerated. and make smarter decisions with automated processes, real-time Create Billing Handle the most complex billing rules and easily calculate data collection, financial Rules project revenue based on key project-specific attributes. analyses, and forecasting • No per user pricing – system Manage Project Create quotes, update them, link them to CRM, track versions scales as your business grows Quotes and create projects. Define costs by employee, labor item, project, project task, and Labor Cost Rates rate type, particularly for construction prevailing wage and union requirements. www.acumatica.com | 190401 © 2019 Acumatica .
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