The marketplace offers an array of enterprise resource planning solutions designed to efficiently integrate the financial processes of your project-focused business. These solutions effectively emulate the features of typical accounting software systems with the additional benefit of tools that enable information sharing with other functions of the business using a singular software platform.
Who can Leverage this Software?
These project-based ERP systems are most advantageous to project-based business models. The integrated
project accounting features aid executives in synchronizing every function within the business with the finance and accounting team, ensuring error-free bookkeeping, accounting compliance, timely billing and effective management of time and expenses through the entire planning and execution of a project.
How does a project-based ERP system benefit project-focused organizations?
An ERP solution with integrated accounting software systems proves to be a foolproof source of updated information for every project, and every team member on that project.
Inaccuracies and delays in billing can lead to tension in client relationships, greater amounts of Day Sales Outstanding (DSO) and cash flow problems, which in turn impact profitability. Employing project-based ERP saves time and resources by reducing inaccuracy and duplication of work.
Easy availability of information enables executives, business development professionals, finance personnel, and project managers make quicker, well informed decisions that are most profitable for the business.
The system automates the entire project accounting function; facilitates reconciliation of all expenses made towards a specific project and flags areas that exceed budgetary estimates.
A robust
enterprise resource planning system will also incorporate tracking capabilities of crucial project elements such as raw materials, labor and overhead expenses. This means that managers can now effectively account for specific expenses made by shared resources that have been deployed to more than one project at the same time, equipping managers with superior resources to forecast accurate project specific financials.
It eliminates the need to customize conventional accounting software systems and helps businesses maintain stringent control over the overall strategic path within the realm of budgets and resources assigned to the project.
Finally, an integrated ERP and accounting software system assists project-based businesses of all sizes, ranging from small
architectural service providers, to large companies, overcome the day-to-day hurdles of project accounting. In turn, this enables companies to optimize their time and skill sets on profitable and relevant client-based jobs.
