Project Accounting Software Cloud-based Technology To Improve Productivity & Profitability

 

Managing and tracking the many moving parts of projects can be daunting. Without a system that keeps your company’s projects’ financial and non-financial data all in one place, information critical to the success of your business could slip through the cracks. Manual processes and disparate systems are the bane of many organizations.

If your company doesn’t have a streamlined process for recording and tracking contracts, invoices, billable time, costs, revenues, and other important project-specific details, you may be missing out on data that could help you manage your projects more productively and profitably.

Cloud-based project accounting software offers a solution that automates data input and gives you real-time, accurate data to help you keep projects on schedule and on budget. By integrating with your CRM, project management, and billing software, it provides a robust solution for project-intensive organizations such as those in industries like engineering, construction, law, software development, and marketing.

The right solution depends on the industry, size of firm, and project size and complexity, but here are some general considerations to keep in mind when exploring available project accounting systems.

Key Capabilities To Look For In A Cloud-Based Project Accounting Solution

  • Ability to see the true costs of past projects, so you can make more intelligent project bids
  • A way to set up workflows for entering time and expenses
  • Online access, so team members can enter their information from anywhere, anytime
  • Ability to monitor actuals against estimates, so you can answer clients’ questions quickly and accurately
  • A way to generate project invoices accurately (with proper format, terms, and amounts)
  • Automated calculations and postings, based on percent of project completion, schedule, or milestones
  • Automatic alerts if projected costs exceed expectations

Benefits of Cloud-Based Project Accounting Software

  • Accessible at any time, from any device, from wherever you are (provided internet connectivity is available)
  • Eliminates manual effort, saving time and reducing errors
  • No waiting for financial reports to assess the success of projects
  • Decreases IT-related expenses

And ultimately, by giving you the data you need to make smarter bids and by streamlining your project management and billing processes, cloud-based project accounting software can help you improve your company’s profit margins. Plus, your team members will have an easy way of getting the information they need to respond quickly to clients’ inquiries and provide exceptional customer service.

If you’re interested in learning more about project accounting software, please feel free to contact us. At Cargas, we specialize in cloud-based business systems, including Intacct® accounting software, which has robust project accounting capabilities. We’ll be happy to sit down with you to learn about your specific project accounting challenges and help you determine the solution that will work best for your organization.