How ERP Can Streamline Your Project Accounting
What’s your first reaction when a customer project lands on your desk? Well, if it’s about to take forever to set up the project on separate systems, then it’s natural that you’re not excited. However, if you use a connected system with all the project accounting capabilities you could ask for then your reaction will be a lot more positive. In this guide, we discuss ERP can streamline your project accounting.
The moment a client project lands on your desk, you know that you will need quotes, contracts, budgets, and track project costs. For the project to remain profitable, all of these elements, amongst others, need to be Accurate.
Part of the challenges managers face during customer projects are the long workarounds and manual data entry throughout the project lifespan. You need a connected Project Accounting and Financial Management system that enables you to kickstart projects with ease. Set up new projects quickly with templates for quotes, contracts, budgets, tasks, dashboards, reports, and analytics.
We waste too much time creating all the project elements individually. It’s even more challenging when you have to do this on separate applications.
It’s easy to lose control of every tiny, or large, aspect of a project. Especially projects with a long lifespan. Track progress in real-time on dashboards, including drill-down details in contracts, purchasing, and document management.
Ensure that you deliver on time and maintain the project’s profitability. Spot growth opportunities in time with visibility into forecasts, financial accounting, customer relationship management, distribution, and manufacturing.
Tracking project costs is a vital part of maintaining profitability. Track project costs by cost code, task, and contract item. Enjoy visibility at your operations and customer sites, as well as in warranty and field service, after the project is delivered.
Monitor change orders and avoid delays in identifying problems and taking corrective action. Stop relying on complex spreadsheets to meet accounting and tax compliance requirements.
Investing in an integrated Project Accounting and Cloud ERP solution is a no-brainer. Indeed, choosing an industry-specific solution that caters to your unique business requirements is crucial to future-proofing your business.