Top 5 Project Management Features to Look for in a Project Accounting Solution

This is a rewritten version of an older blog post. As the information is still relevant today, we decided to revisit some of our older content and update it.   Project-based firms need the right tools to complete their projects efficiently. Nowadays, a wide range of specialized solutions are available to help you do exactly that, offering many features and functionalities to empower your project managers and end users. However, the sheer amount can be overwhelming. To help narrow it down, here are the top  

1. Peripheral project management tools Do the various stakeholders within a given project have all the tools and data they need at their fingertips? Specific modules such as project estimation, resource planning, and timesheets ensure they have everything they need for optimal project control. A module-based solution lets you pick and choose all the tools you need to create precise project estimates, plan and assign tasks effectively, and maximize billable hours and productivity.
2. Business intelligence tools and management reports: Proper BI tools and reporting capabilities ensure that project managers, upper management and administration can benefit from accurate data and forecasts for quick and timely decisions. Look for an integration between your project management solution, timesheets and accounting solution to provide real-time visibility on the progress and profitability of your projects and relevant activities.
3. Flexible invoicing capabilities: A system flexible enough to meet your billing requirements while enforcing compliance will accelerate your invoicing cycle while reducing the risk of errors. A complete invoicing module lets you combine various invoicing methods (fixed-fee, time and material, actuals to date) to meet any project structure or client requirement, invoice projects partially or in their entirety, and generate invoices across multiple projects.
4. Integration to CRM: Nowadays, a fully integrated solution is a must. Look for a project management tool that integrates to your customer relationship management solution to facilitate the management of your projects and improve visibility on critical information. This will provide a 360° view of your projects in real time and leverage the interface of your CRM to improve access to and contextualize project data, while streamlining and standardizing your processes.
5. A solution that can grow with your business: Does this solution offer advanced features for managing complex business structures? Multi-company, multi-currency and inter-departmental features are needed to support complex project structures that involve multiple currencies, teams or organizations. You can view data and invoice clients in the currency of your choice, and leverage work groups that involve various departments and companies across your organization.

  If you’re looking for a project management solution, keep an eye out for these features. They will provide all the tools you need to manage all aspects of your projects, including billing, planning and budgets, to ensure that they’re always delivered on time, on budget and within scope. A project management and project accounting solution fully integrated to Microsoft Dynamics GP, such as JOVACO Project, provides the real-time visibility you need for better control of your budgets and increased customer satisfaction.   By JOVACO Solutions, Microsoft Dynamics GP project management specialist based in Quebec