Project accounting software

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).

* denotes required field

Certinia cares about your privacy. We may use this information for our legitimate interests to provide you with information about products or services that may be of interest to you. Learn how Certinia may use your information. Adjust your preferences or unsubscribe.

How does project accounting differ from standard accounting?

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.

How will you benefit from the project accounting software functionality in Certinia PSA?

Get full visibility of your project’s financial health

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.

• Get anytime access to project related financial data and budgets
• Filter info easily by region, practice, and/or group breakdowns
• See the finances of projects in every stage: opportunity, in process and completed

Grow project margins

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.

• Track planned revenue and profit margin when projects are created
• Track project financials in real-time as the projects progress
• See profit margin, expenses, and related financial detail rolled up to regions, practices, and groups.

Billing & invoicing the way you want

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:

• Bid to bill process is automated and visible to sales, services and finance
• Bill by time & expense, flat fee, pre-bill, retainer
• Combine different billing types on the same project
• Eliminate errors with flexible configuration, workflow, and controls
• Generate invoices with Certinia Billing or integrate billing events to your financial backend of choice

Manage revenue recognition as projects progress

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.

• Calculate revenue recognition based on project or milestone completion
• Set up revenue recognition rules to match your business need or processes
• Import revenue transactions into your financial system
• Get visibility into what is ready to bill, has been billed, and what has been invoiced

Create and track project budgets

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.

• Auto-create budgets from opportunity detail or use our flexible budget creator
• Monitor actuals in real-time against the budget as the project progresses
• Use access and workflow rules to control budget approval and requested changes