Automate and Simplify Your Project Accounting Practices
Recognize revenue accurately and streamline your month-end process.
Obtain the essential project accounting capabilities to modernize your processes, lower costs, and generate the deep financial insights you need.
Drive Your Project Accounting Process from Start to Finish
During project initiation you need to create a realistic budget. You need support for the baseline budget and different versions that a customer may want to see before deciding on an option. Accuracy in your budgeting process is directly related the financial success of the project.
Once the project kicks off, you need certain cost tracking and revenue managing capabilities. You need to be able to track all costs against your activity, including change orders. You need to consistently update your earned revenue and calculate your BAC, EAC, percentage complete, and margins to close your books on a monthly basis.
Once a project ends, you need to account for all project expenses quickly, complete the billing cycle and finish the revenue recognition process. If managed correctly during the execution phase, the numbers at project close should not be a surprise.
Key Project Accounting Capabilities
Multiple Revenue Recognition Principles
Your projects may require different types of billing and earning principles. You need support for time and material, fixed price, or installments based on milestones or percent complete.
The period close framework allows companies to setup mandatory risk reviews and checklists to complete before a project is closed off for the month. This enables you to apply a standardized and consistent month-end process across the enterprise yielding comparable and trustworthy accounting KPIs.
Reporting and Analytics
Frequent financial reporting and analysis ensures success. Real-time financial management of your projects ensures you always know where your projects and your business stand.
You may need to share resources across different departments or even legal entities. We give you the capability to loan those resources out, chargeback the business entity accordingly, and account for it all accurately.
How Proper Project Accounting Benefits Your Business
You see how every step of every project brings revenue and profit to the company. You know exactly where you need to make adjustments.
Your revenue and cash flows can vary widely depending on how you account and bill for your projects. The right project accounting approach can smooth out those fluctuations, making revenue and net income more predictable.
Different contracts use different departments and fall into different fiscal periods. Track your expenses and revenue generating capabilities through these different departments and in the right periods.
With everything in the same system, Adeaca PBA is able to help generate your financial reports faster and with less effort. No more compiling data from multiple systems and manually generating reports. It is fast, accurate, and painless.
Streamline Your Project Accounting with Adeaca PBA Project Financials
Eliminate the need for spreadsheets and standalone project accounting software to financially manage your portfolio of projects.
- Align your financials with your operations in real time, so your financial reports always reflect the current operational plan
- Leverage the WBS to feed your CBS with the most accurate cost estimates from the updated timeline
- Automate the change order process to eliminate manual workloads
- Evaluate cost to complete with real-time work estimates from the schedule
- Report on the financial impact of schedule changes immediately
Find answers to your questions
Discover more or engage with our project business experts.
The Project Business Automation Blueprint is the definitive guide to PBA and how you can set up a comprehensive business system for your project-based company.
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