Why Choose Acumatica for Project Accounting
The Project Accounting Software feature set is fully integrated with General Ledger, Accounts Payable, Accounts Receivable, Sales Orders, Purchase Orders, Inventory Management, and the Time and Expense modules, as well as the Time Tracking mobile application.
- Scalable. Track all types of projects – large or small, internal or external, single or multi-currency. Acumatica offers mobile-friendly, fast, and convenient data entry and information access.
- Flexible. Configure the system to match your company’s unique workflows, and set permissions that give you maximum security.
- User-Friendly. Intuitive interfaces make entering time, approving expenses, and running reports as easy as the click of a button. Spend less time training your team and more time running your business.
Acumatica is available in-browser, accessible on any internet-enabled device. This means automatic updates, no IT maintenance budget, and easy insights no matter where you are. Easily create and send invoices, approve time sheets, and view reports, from the convenience of your mobile device.
Employees and contractors can enter time and expenses on any Apple or Android device using the Acumatica Mobile App and attach photos of receipts. Workflows route completed reports for approvals on managers’ mobile device.
Project Accounting Applications in Acumatica
PROJECT COST TRACKING
Get up to date information on all project costs, including completed work and work in progress.
Compare actual project costs with estimates and scope changes using real-time reports. Include or exlcude all project costs: inventory items, non-stock items, employee time, sub-contracted services, and raw materials.
Track future revenues as a project progresses. Accommodate complex pricing models with confidence in conjunction with Acumatica ERP. Optionally recognize revenue based on percentage of project completed or based on tasks completed. All project revenue recognition rules are automatically reflected in GL journal entries.
Manage any billing scenario with confidence: cost plus, fixed price, time and materials, milestone billing, and contract-specific pricing. Vary your billing rates by employee, customer, type of work, or specific project.
Invoice according to project and contract requirements – fixed price set in advance or cost-plus projects in which the invoice amount is not known until costs and fees are incurred. Billing on cost-based projects can be capped.
Apply billing markup at the customer level with option to vary according to labor and service type to provide maximum flexibility.
TIME & EXPENSE MANAGEMENT
Improve accuracy and timeliness of time and expense reporting. Enable easy and convenient reporting anytime, anywhere on any browser or through the app.
Employee time reports and tracked expenses are automatically assigned for approval. On approval, time cards can generate a customer invoice and update contract status.
Employees submit expense claims, attaching scanned receipts and supporting documents through mobile devices. Claims follow a predefined approval process. Acumatica creates a bill in Accounts Payable for reimbursement and a customer invoice for approved, billable items.
Let Acumatica Take You To The Next Level
At Fourlane, we have more than a decade of experience helping small and mid-size businesses upgrade their financial and business management solutions. We have seen first hand what a properly implemented tool like Acumatica can do for a business, and we specialize in helping businesses transition from one software to another.
- QuickBooks to Acumatica
- NetSuite to Acumatica
- Intact to Acumatica
- GreatPlains to Acumatica
Let our team of experts help you implement Acumatica and take your business to the next level. Call (800) 931-2120 for a free demo of Acumatica Financial Management.
Features of Acumatica Project Accounting Software
Assign project managers, employees, machines, and other resources to projects and tasks. Establish billing rules and options for each task.
Allocate overhead and shared expenses to individual projects according to formulas you create including billable and non-billable items.
Define tasks globally or for individual projects. Assign billing rates by project, job role, and individual to generate expected revenues in project budgets.
Associate time to a project task and create a workflow to coordinate the approval process for release to billing. Then generate relevant project transactions and customer invoices.
Keep close track of accumulated but unbilled costs (work-in-progress) to help keep projects on-budget. Acumatica adds control for billing against schedule without losing track of actual expenditures.
Easy to Update Tasks
Easily add activities using Project Accounting or through CRM. All Acumatica modules are fully integrated.
Define project billing parameters to automatically generate invoices at the right time. Save time, reduce errors, and improve cash flow.
Templates for Projects and Tasks
Create new projects from master templates. Specify people, equipment, budgets and project billing. Multiple users can work on multiple concurrent projects.
Configure multiple rate tables for specific projects or project tasks for additional billing flexibility.
Reverse Un-billed Transactions
Correct improperly applied charges with an automatic reversal and invoice regeneration capability.
Bill projects weekly, monthly, quarterly, or according to a custom statement cycle for a project or customer. Delay posting of timesheets and materials expenses until released.
The Time and Expenses application provides a complete audit trail of all transactions. Corrections must be made through adjusting entries. The system tracks the ID of the user who entered the transaction or adjustment.