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14 Signs you need Project Accounting Software

14 Signs you need Project Accounting Software

July 22, 2015

Looking for tighter control of your project budgets and costs?

Managing the lifecycle of your projects, from bidding to cash, is a complicated process. You find yourself juggling time, budgets, costs, timesheets, invoices and more.

Project-based businesses still using a mixture of spreadsheets and ageing accounting systems to manage this really struggle to understand their projects financial performance and profitability.

Below are 14 indicators to help you assess your current level of financial project control. How many apply to your business?

14 Signs you need Project Accounting Software

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  • Limited Project Finances – We have limited visibility of total project financials including budgets, estimates, costs and billing.
  • Inaccurate Expenses – Our staff submit expenses late and without receipts.
  • Limited Accounts System – Our current Accounts system does the basics well but does not allow for Project Costing.
  • Unruly Timesheets – Billable hours are submitted in a random manner as and when staff have the time.
  • Loggerheads with Accounts – We spend hours haggling with Accounts over cost allocations and overheads.
  • Projects Overrunning – Projects are overrunning in time and cost but we don’t know why.
  • Out of Date Project Status – We don’t have an up to date view of project status against milestones or budgets. Any reports we run take weeks and are immediately out of date.
  • Billable Income not Matching – Our billable income does not match up with invoiced and we are losing valuable revenue.
  • Multiple Systems – We use an unruly amalgamation of spreadsheets and accounting systems to try to understand project planning and finances.
  • Lengthy Project Meetings – Our weekly Project meetings are spent, calculator in hand, trying to figure out budget versus actual.
  • Spreadsheet Overload – Our Project Managers spend more time entering data into spreadsheets than managing projects.
  • Can’t Work on the Go – We need to be in the office to access Project information and financials.
  • Project Profitability Concerns – We constantly worry about the accuracy of our figures and project profit margins are more gut feel than clear fact.
  • Haphazard Invoicing – We struggle to track what has been invoiced or whether this has been done in a timely or accurate manner.

How did you Score?

If you can relate to these signs then you should consider integrated Finance & Project Accounting software to automate project processes and give you invaluable insight into project profitability.

If you already using project accounting software, and still recognise these signs, then your system may not be giving you what your business needs – a full view of your projects financial performance.

Why should you act?

Project-based businesses who adopt integrated Finance & Project Accounting have one thing in common – they are looking for tighter control of both their finances and projects.

With projects at the core of their businesses Project Accounting automates the process of tracking project budgets, costs and revenues across every stage.

Project Managers benefit from improved control as they have real-time access to their projects status and progress.

Business Owners benefit from the confidence they have from increased insight into their business profitability of the work they are delivering.

If you are still using a hotchpotch of outdated accounting systems and spreadsheets you are in major danger of falling behind the competition.

Planning to change your finance system? Check out the Complete Guide to Replacing your Finance System.


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