What is a Project Accounting ERP system?
Combine operations and finance into one system with intelligence and workflow.
How does it work?
1. Put everything in.
- Time & expenses
- Project budgets and change orders
- Inventory, materials & equipment
- Client information and invoicing requirements
- GL and account structures
- Employees, suppliers & contractors
- Multiple companies & currencies
2. Achieve productivity and efficiency.
"I have a huge workload so to have such an easy to use system is great. A real time saver. And now that our reports are automated it’s a huge advantage."
Calgary Engineering Firm
- Configure the system to automate simple tasks
- Use workflow and alerts to automate communications and approvals
- Allow departments to view, add or change only relevant data
- Everyone is up to date in 'real-time'
- Manage and optimize resources and people
3. Create business intelligence and agility.
- Project Managers track and manage project profit margins and control costs
- Accounting departments invoice quicker and reduce receivables
- Finance gets a full picture of organizational health and cash flow
- Executives gain new business intelligence
What to look for: These core functions make all the difference
These functions are some of the features that will set a good project accounting system apart from a mediocre one.
- Project budgeting
- Change orders
- WiP (Work in Progress)
- Flexible Billing – change rates, hold time, choose when to bill time & expense,
- Flexible revenue recognition
- Create the reports that matter to you
- Project allocator – an if/then rules engine that intelligently flows your project costs and revenues into your GL
But wait, there's more! a Project Accounting ERP can include many more functions...
- Build to order
- Build to sell
- Inventory & Purchasing
- Resource Planning
- Service Contract
- Service Dispatch
- Contract Management
- Equipment Management
- Integrated CRM
- and more? ...possibly.
Just as you are unique so is each ERP system.
Each ERP system will have it's own combination of strengths and weaknesses and available modules. To help you navigate this, become clear on your priorities and then match that against what's available and configurable. Your final decision should include a maximizing what's on your list of requirements while ensuring that each problem you solve is actually going to add value to your organization in the long run. Tip: Don't fall into the trap of thinking that every possible feature will be used or needed. Just because it's possible to do something in a new system doesn't mean it's going to improve your processes, increase efficiency or add to your bottom line. This is where you can count on us to guide you during the selection and implementation of a system. We will ensure that what you implement is what's most important to your bottom line and help you increase the value of your system over time.