We are living in the era of technology where we get access to use so many intelligent systems to perform our tasks, thus reducing our time and labor. The days are gone when you had to handle the company's task manually. Among all the task in the company, the most important and challenging is the management of accounting data and to keep all the financial and non-financial data in one place.
With the introduction of a variety of solutions, it has now become possible to choose the best way that helps you manage all your tasks seamlessly. Many companies have integrated their accounting system with the project management solution but many others are still not aware of the benefits of integrating the system into their company's software.
Why Project Accounting System Proves To Be Beneficial?
Project accounting system offers incredible benefits to your company and helps you in making the whole process of managing account details easy and seamless. Still not convinced, read further to understand the need and benefits of integrating project accounting system.
- Better prediction of business growth: The integration of the project management with your accounting solution integrates the project and resource level that helps you in transferring your financial data and in calculating the costs and price of an individual project. It also helps you to handle projects and resources at the same time and also offers you a better overview of the data. The seamless billing and accounting experience helps you to make a better prediction of business progress and helps you to take your business on the right path.
- Better maintenance of accounting processes: Unlike the accounting system, the integrated project accounting solution offers a better standard of maintaining accounting processes and in categorizing business profitability. It makes it possible to generate the profit and loss report of each individual project thus helps in better tracking that helps in controlling and understanding of the company's profit and expenses. This helps you in summarizing your company's profitability.
- Better maintenance of billing records: The project accounting software proves to be helpful in generating project invoices with the right format and right amounts. It helps in keeping different records for billing and in calculating and posting reports on the basis of milestones, percentage completion of the project etc. This not only eases the task at the company's end but also offers complete satisfaction to the customer. Thus it helps in increasing your company's credibility.
- Improves communication between the team: With suitable and reliable project accounting system you would be able to consider different administrative needs and its cost for completing the project. Thus it offers real-time financial information that enhances communication channel and improves decision making process thus offer higher quality work.
- Easy accessibility of the reports: The integrated project account solution allows each and every member of the team to access the data irrespective of their location, time-zone and the kind of operating devices (smartphones, Android, laptop etc).
- Accurate and secure data: Since working on a single project is a tedious job and when it comes to managing multiple project details at one time the work becomes more overloaded. Along with this if your business spreads across the border it becomes more difficult to make better coordination with your team, to update documentation and to prepare accurate data record. With the help of project accounting system, you would be able to prepare an accurate record of the project data and also keeping all the information secured and safe across the servers.
With a lot more benefits of project accounting and management system, you and your team would be able to be more productive and manage the task efficiently. We offer reliable project management software, jiPanel that integrates with your company's accounting system and offer quality, speed, and profitability of each project. If you are interested in incorporating the system into your organization connect with us to grab more details and learn more about the product.