Project accounting is simply accounting on a project-by-project basis. Project accounting tracks all of the financial components of a project such as budgets, estimates, costs, bookings, billing, and everything in between. It is an important aspect of project management software because it’s important to know whether a project is on budget, if it’s profitable and it also gives you insight on what to bill. Project accounting is included in Professional Services Automation (PSA) and Enterprise Resource Planning (ERP).
Standard cloud accounting deals with the macrocosm of accounting for a company as a whole, usually within a fixed time period (i.e. quarterly or annually). Standard accounting tallies the total expenditures, budgets and accounts payable across all projects within an organization.
Project accounting monitors the financials of individual projects. It allows companies a closer look into their day-to-day financials, which in turn allows them to identify areas of their finances that can be optimized. It also allows them to identify trouble areas that could impact margins.
Certinia Professional Services (PS) Cloud solution ranked top choice with G2, leverages the power of Salesforce CRM and the Salesforce Platform. Get an unparalleled view of your business across sales, service delivery, and finance. Keep projects on time, clients happy, and reports up to date—all on one integrated platform.
Certinia PSA and the powerful project accounting software functionality provides online access to all the financial detail related to your services projects and opportunities at anytime (and from anywhere). It can start even before a deal is won because Certinia PSA is on the same platform as Salesforce Sales Cloud.
The project accounting software component also allows you to track planned revenue, cost and profit margin to evaluate if the project meets profit requirements before it even kicks off. As the project progresses you will get detailed information into expenses, hours submitted, and can also track when bills are processed, sent, and paid.
Get flexible billing options which means you are free to develop pricing and billing processes that satisfy customers’ demand and maximize your revenue without driving up administrative costs. Specifically, this project accounting software allows you to:
With the Certinia project accounting software and revenue recognition modules, you can connect directly to milestones or project completion percentages to calculate and record revenue as projects are completed.
Track a budget in a way that meets your needs. With Certinia PSA and its project accounting, you can create one or more budgets for each project. Track actual expenses and billing to see how you’re progressing against your budget – meaning you can rapidly adjust to control costs and preserve profit margins.