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AcctTwo Blog

Tame Your Complex Billing Tiger with Flexible Project Billing Automation

“We have to do it manually” is an unfortunate phrase we hear quite a bit when our clients share their frustrations with managing their complex, multi-line project billing. If you’re recreating the same price list repeatedly or if your business model requires extensive pricing and billing flexibility, there’s a better way.

Topics: project accounting professional services Automation and Workflow Project Management and Project Accounting process automation Construction Industry Field Services

Project-Based Accounting Brings Success Into Focus

The closer you observe something the better you understand it. Unfortunately, when companies try to track their own profitability they are often forced to take a broad view. They know how profits and losses total out but not what is really driving those outcomes. As a result, it’s difficult to make strategic changes that drive profitability upwards.

Taking a deeper dive into company finances is possible, but only when you can account for things at the project level.

Topics: project accounting Project Management and Project Accounting

eBook: Ensuring the Financial Success of Your Project-Based Business

Project Accounting: How it Differs from Standard Accounting

Standard accounting is primarily aimed at monitoring financial progress of organizational elements (geographical or functional departments, divisions and the enterprise as a whole) over defined time periods (typically weeks, months, quarters and years).

Projects differ in that they frequently cross organizational boundaries, may last for anything from a few days or weeks to a number of years, during which time budgets may also be revised many times. They may also be one of a number of projects that make up a larger overall project or program. This makes project accounting especially complex and extremely important for professional services organizations.

Topics: Blog accounting software project accounting Intacct eBook Project Management and Project Accounting Informational Awareness