Whether you are a growing frim just starting out, or an established, project-based small business you need software that goes beyond QuickBooks or other entry-level accounting software.
As you grow your portfolio the need to improve control over strategic decision making and support resources effectively becomes exponentially more important with each new project. To ensure that projects are completed on time and within budget your need project accounting software that connects all activities to your financial system with in-depth reporting capabilities to accounting and billing processes including time and expense management are always accurate.
While the enterprise software that large firms use comes with high up-front costs and eats up IT resource to maintain it, there are options for project accounting software online that can put enterprise level tech in the hands of the smallest firms.
To help you select the right accounting software for your project based business, consider the following set of must have functionality before you decide on an affordable online accounting solution.
Enterprise Level Mobility
Increase employee productivity by equipping them with easy access to key project information and templates that enable routine project and budget tasks to be performed quickly and efficiently, from anywhere and on any device. Ask your potential providers about mobility and up-time.
Enterprise Level Tracking
Make sure your new software will allow you track unlimited contracts and projects. Improve cash flow management when you can create contracts, budgets, and projects with the level of detail you need to be confident. Easily track project status and profitability, labor, equipment, materials and employee expenses.
Enterprise Level Billing
Improve billing efficiencies with the ability to automatically update project costs when products are returned to vendors. Your new software should then allow you to tie landed costs such as freight or duties to project items. With allows for more accurately bill and helps you assess profitability for projects.
Enterprise Level Automation
Workflows and automation tools can help speed up month-end closing to within minutes rather than hours or days. Invoicing automation will help you meet project-specific needs by tailoring billing options and customizing invoice formats.
Enterprise Level Budgeting
You need full visibility into every part of your business with insight into operational efficiency, risk management and key performance indicators, with simple to read analytics powered by real-time data. Ask if what tools the solution has to help you manage increasingly complex projects by organizing time, equipment, and employees effectively.
If your current software is not helping you maximize project profitability and cash flow, than your solutions aren’t driving growth. Your firm needs a business management system that enables you to improve profitability through reduced revenue leakage, proactively managed costs and improved accuracy. When it comes time to select a new system, be sure that software meet the above criteria to continue the growth of your project based business.
Learn more about a project accounting software online from myGPcloud or choose a software trial option and take the software for a 30 test drive to see how it can help standardize distribution data.