One of the unique complexities of the professional services industry is the need to capture both tangible and intangible costs of doing business. These intangible costs include rewarding the creativity and ingenuity of your personnel.
Our professional services solution includes Project Accounting functionality that can capture all of your costs and incorporate that data into your overall organizational financial management system.
With our Project Accounting solution, you can keep track of revenues and expenses for a specific project, job, item, or other work subcategory. You also have the ability to group projects together and report on the grouping including both actual and budget figures.
In addition to handling both tangible and intangible costs, Project Accounting also gives you flexibility with costs within the system. Some examples include the ability to set an overhead percentage to be automatically added to some or all costs, the ability to have a markup percentage added automatically for billing purposes, or the ability for costs to be billed at a specific unit price.
Even if you do not wish to bill for a particular project, you can use Project Accounting to accumulate costs on a project.