Caught between big-vendor ERP offerings requiring heavy customization, and off-the-shelf project management solutions that are easily outgrown, project-oriented organizations have special accounting needs. Find out more about those needs, along with recommendations for what solutions you should be taking a closer look at.
accounting level 0 diagram
Yet, traditional generic GL-oriented accounting systems have not been designed with project phases, work breakdowns or detailed time capturing in mind, and thus, they can merely report how much has been spent or collected, but not why a certain project is losing or winning money. Not many enterprise products will support the following project-based processes: job costing, managing the sub-contactor, financial reporting, managing the workforce, process time and expense, winning new business, purchasing