Whether you are a technology consultant, financial services firm or contractor, projects are what drive your business. Everyone knows that even projects that seem like a sure thing can come apart because of cash flow problems or other accounting hurdles. But sophisticated project accounting software online is available to growing firms, even those with limited IT resources.
If you are a growing firm in a project based industry you need project accounting technology to help you improve strategic decision making, support resources effectively and ensure that projects are completed on time and within budget. You need to connect project activities to company financials through anytime anywhere access to in-depth reporting in order to ensure accurate accounting and HR processes including time and expense management.
But with limited IT and accounting resources growing firms need a solution that goes beyond QuickBooks without the high upfront capital expense associated with powerful enterprise resource planning software. Cloud based project accounting software online not only reduces up front licensing and hardware costs compared to on premises systems, it saves money in the long run as businesses don’t face a heavy IT maintenance burden with cloud services.
With that in mind here are four things to consider when selecting cloud based software for project accounting:
- Does the solution increase employee productivity?
The best software options for project accounting will equip employees with easy access to key project information and templates that enable them to perform routine project and budget tasks quickly.
- Will it track unlimited contracts and projects?
You need to be able to create contracts, budgets, and projects with as much or as little detail as you need with the ability to easily track project status and profitability, labor, equipment, materials and employee expenses.
- Does the solution improve billing efficiencies
Does your accounting software automatically update project costs when products are returned to vendors, as well as calculating landed costs such as freight and duties for more accurately billing and assessment of project profitability.
- Will it help ensure timely, accurate billing
You need software that delivers billing automation so you can reduce delays and mistakes during the invoicing processes. Choose a solution that helps you meet project-specific needs with simple to tailor billing options and customizable invoice formats.
Start a free trial today to see myGPcloud’s project accounting tools in action.