Acumatica Project Accounting

17 Jul

Acumatica Project Accounting

Acumatica Project Accounting

 

Key Features

 

  • Expense management Gain a complete view of project-related costs by tracking materials, labor, services, and inventory items. Allocate shared costs based on formulas. Advanced billing
  • Vary billing rates by employee depending on the customer, type of work, or specific project. Recognize revenue based on completion percentage or tasks.
  • Budget tracking Include inventory items, non-stock items, labor, services, and more in project budgets. Compare actual project costs with original and revised budgets with real time reports.
  • WIP support Keep better track of costs by correctly accounting for work in progress, and avoid impacting COGS prematurely.
  • Resource management Assign project managers, employees, machines, and other resources to individual projects and tasks. Establish billing rules and options for each task.
  • Allocate expenses Overhead and shared expenses can easily be allocated to individual projects according to formulas you create. Allocations can include billable or non-billable items.
  • Revenue recognition Define billing rules to recognize revenue using the percentage of completion or the completed tasks method. All recognition rules are automatically reflected in the GL journal entries.
  • Flexible billing Bill projects weekly, monthly, quarterly, or based on the customer’s statement cycle. Delay posting of timesheets and materials expenses until you release.
  • Billing markup  Set up projects to bill cost plus or fixed contract cost. Apply markup at the customer level and vary according to labor and service type to provide maximum flexibility. Timesheets linked to specific projects and budgets
  • Employees can enter timesheets in the employee portal or enter activities linked to projects in CRM. Either option links hours to specific projects and budgets. Integrated and visible in other modules
  • Project features are available in the GL, AP, AR, Sales Order, Purchase Order, Employee Portal, and Inventory Management modules. Simply select the modules where you want Project Accounting to appear.
  • Scalable – multiple projects Utilize templates to quickly create new projects with pre-set configurations. The scalability of the Cloud allows you to include multiple users working on multiple concurrent projects.
  • Task definition Assign tasks globally or for individual projects. Assign tasks specific billing rates by project, job role, and individual resources. Expected revenues are automatically generated in project budgets.
  • Project activity can be added directly on the Project Task screen Easily add activities in either Project or CRM. It is all integrated for use later in worksheets and billable information.
  • Reverse un-billed transactions If a bill was generated and applied incorrectly, it can now be reversed and regenerated.
  • Project attributes can be used to create a formula in the allocation engine Handle the most complex billing rules and easily calculate project revenue based on key project-specific attributes.
  • Audit trails Review which user entered and changed the details of any project transaction. Any potential auditing process will be simplified with notes and supporting electronic documents that are automatically attached to transactions.

 

Key Benefits

 

  • ACCESSIBLE FROM ANYWHERE The Cloud makes it easy for remote employees, installers, contractors, and others to submit work orders and timesheets from any browser enabled device.
  • SECURE, AUTHORIZED DATA ENTRY Advanced security features let you authorize users to perform specific tasks, allowing them to view only the data required to perform their job.
  • CUSTOMIZED REPORTS AND INQUIRIES Simplify reporting by using integrated query and reporting tools to deliver information at the project level, subsidiary level, or company level.
  • FLEXIBLE WORKFLOWS AND APPROVALS Create workflow and approval routes to match existing business processes for entering timesheets and more.
  • ELIMINATE DUAL DATA ENTRY Because timesheets, proposals, tasks, and more are used for both project planning and billing, you only enter data once, saving time and reducing errors.
  • GAIN CONTROL OF PROFITABILITY Gain rapid access to project-level profitability with centralized billing and expense data. Timesheets, materials, inventory, and allocated expenses are all included.