Project Accounting: The 5 Features You Need to Successfully Manage Your Projects

90% of Project Managers use some type ERP software in 2011. 75% of the major IT projects are managed with these types of innovative support tools to help meet their expected success criteria and 64% acknowledge achieving their success due to these technologies, states the International Journal of Project Management.

No one should be surprised that numerous companies encounter,throughout the life of their projects, delays  which could regrettably result in budget overruns. This can cause financial instabilityand customer dissatisfaction, and can even threaten the survival of a company. Companies who are aware of these issues are empowering themselves with powerful project management tools.

The real added value is what these solutions can offer End-Users. Project accounting offers a wide range of features and functionalities that are simple, effective, and completely integrated to each other. 

The 5 features you need to successfully manage your projects within Microsoft Dynamics GP:

  1. Multi-company and inter-departmental capabilities: Firms typically have resources required to work on different projects that are being managed by different departments; with inter-company capabilities it is easier to detail the actual projects costs regardless of which departments are involved in a particular project
  2. Clear and concise business intelligence and management reports: With reporting capabilities in real-time you can make quick and timely decisions and establish rules for rigorous project follow-ups.
  3. Flexible invoicing capabilities: As revenue recognition policies are becoming more closely scrutinized, it is important to have a system in place that is flexible, can meet your billing requirements, and enforce compliance.
  4. Web Based Time and Expense entry: With professional service firms, being out of the office is usually a good thing, but to assure that invoices go out in a timely matter, it is important that an employee’s time be entered remotely via the web.
  5. Resource Planning: It is necessary to foresee issues with regard to managing resources when juggling several projects at the same time.

With these features a project accounting solution will stand out from other ERP systems by offering a software package that is adapted to the realities of professional service companies who manage a variety of projects. With a well thought-out implementation strategy and integration to operational and administrative processes, you should have the ability to track work in progress and improve professional services invoicing cycles by simply sharing rich and consistent information between all departments. That is the key to success for professional services firms!

JOVACO specializes in project accounting solutions, so contact us at 1-888-988-3535 to see how you can get more out of your Microsoft Dynamics GP solution.

By JOVACO Solutions, a Quebec-based Microsoft Dynamics GP partner

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