Acumatica Cloud ERP - Project Accounting Module Overview

Project Cost Tracking

Acumatica’s Project Cost Tracking module provides comprehensive tools to manage and monitor project expenses, ensuring that all costs are accounted for in real time. The solution offers visibility into project profitability by tracking labor, materials, services, and overhead costs. Integrated with Acumatica’s ERP, it allows for accurate budgeting, forecasting, and reporting, making it easier to keep projects on track financially.

Key Features:

  • Project Scalability: Track all types of projects – large or small, internal or external, single or multi-currency. Acumatica offers mobile-friendly, fast, and convenient data entry and information access.

  • Total Cost View: Track employee time, sub-contracted services, material, and inventory. Easily compare actual project costs with original and revised budgets by period. Continuously track budget execution and cost vs budget.

  • Labor Cost Rate Flexibility: Define costs by employee, labor item, project, project task, and rate type, simplifying time entry and improving visibility, particularly for construction prevailing wage and union requirements.

Advanced Billing

Acumatica’s Advanced Billing module streamlines complex billing scenarios for project accounting, including fixed-price, cost-plus, and time-and-materials contracts. The solution allows you to define project-specific billing rates and automate revenue recognition based on completed tasks or project stages. Integrated with Acumatica’s project accounting, it simplifies managing billing cycles and ensures accurate invoicing across various billing methods.

Key Features:

  • Flexible Billing: Handle the most complex project billing rules and easily calculate project revenue in multiple currencies based on key project-specific attributes.

  • Revenue Recognition: Optionally recognize revenue based on percentage of project completed or based on tasks completed. All project revenue recognition rules are automatically reflected in GL journal entries.

  • Fixed-Price and Cost-Plus Projects: Invoice according to project and contract requirements – fixed price set in advance or cost-plus projects in which the invoice amount is not known until costs and fees are incurred. Billing on cost-based projects can be capped.

Time Management

Acumatica's Time Management module allows seamless time capture for employees, contractors, and other resources across various devices. It integrates with project accounting, construction, service management, and payroll, enabling automatic time calculations and consolidated timesheets. The module also features configurable approval workflows, ensuring managers can approve time entries quickly and efficiently.

Key Features:

  • Ease-of-Use: Time entry via secure browser or mobile app with automated calculations. Capture time for employees, contractors, and other resources. Record time for crews of multiple employees with one click.

  • Approvals Workflow: Configurable approval workflows with manager alerts. Dynamically route timecards for multiple approvals. that can be made through a browser or mobile device.

  • Seamless Integration: Integration with project costing, billing, and payroll systems. Time activities can be applied to construction, service management, manufacturing, and Acumatica Payroll. Time activities can be integrated with external HR applications.

Advanced Expense Management

Acumatica's Advanced Expense Management streamlines the process of managing expenses for accounting, project costing, and billing. The module automates the importing and processing of expenses, ensuring accurate project cost allocation and customer billing. Users can scan and submit receipts via mobile devices, while smart matching powered by AI and ML eliminates manual processing and improves accuracy.

Key Features:

  • Secure Data Synchronization: Configure connections to more than 14,000 financial institutions to synchronize credit card transactions with Acumatica. Connections take minutes to configure with flexible schedules and multiple levels of security, including Multi-Factor Authentication (MFA), Advanced Encryption Standard (AES 256), and Transport Layer Security (TLS).

  • Automated Notifications: Push notifications to remind employees to submit receipts. This process significantly reduces the time spent chasing down receipts and improves expense accuracy for accounting, project costing, and billing

  • Smart Matching: Default settings identify and automatically match expenses to general ledger accounts. Artificial Intelligence identifies which transactions are already in the system and automates the categorization of new transactions.