PROJECT ACCOUNTING AND JOB COST

    The Online Accounting Job Cost (J/C) module capitalizes on the accounting software strengths of ease of use, staff productivity, return on investment and real-time project visibility.

 

PROJECT ACCOUNTING AND JOB COSTING BENEFITS

• Simplify the estimating, tracking, costing, billing and analyzing of projects with intuitive screens and a closed loop management process
• Assign staff, material, subcontractors, equipment, miscellaneous items, and overhead to each project
• Permit employees to enter and manage their time and billing records over the Internet
• With one-click, distribute all project time and expenses to customer invoices
• Integration with receivables and payables ensures transactions are entered once and immediately posted to the project or job
• Achieve on-demand, real-time project visibility; Review project status, budget deviations, profitability, and estimate-to-actual comparisons

PROJECT ACCOUNTING AND JOB COST MANAGEMENT

    The Project Accounting and Job Cost module permits user-defined project segmentation and categorization in order to streamline project setup, manage groups of projects at the same time and provide flexible project lookup and reporting. Job Cost provides a centralized project management council for access, querying and management of all projects. Jobs and projects are configured with thorough project management attributes, individual project tasks and cost codes, budget figures, demographic and location details, general ledger account postings, custom invoicing options, invoicing history and optional memo fields or user-defined fields. Job Cost screens as well as the job cost identification fields in each of the integrated sub-modules may be customized using the visual Customization Designer so that all necessary project information is recorded, unused fields are removed and screens are designed for relevance and ease of use.

EASE OF USE : PROMOTES USER ADOPTION

   The Online Accounting Job Cost module provides an easy to use interface and system wide job cost integration for all transaction types, including purchase orders, payables, sales orders, time reporting, invoicing, cash receipts, and journal entries. Proper jobs, job types and cost codes can be validated at the source transaction to improve data accuracy and make sure that all job-related revenue and expense transactions get assigned to the right job. The centralized job cost management console provides a one stop view of job status, budget, customer information, billing, tasks and other activities helpful for coordinating the control and management in a simple and effective manner. Job profiles can be customized using the Customization Designer if needed.

STAFF PRODUCTIVITY AND ROI : PROJECT AUTOMATION ACHIEVES PAYBACK

    Job or project-based organizations often have unique or complex requirements for project compliance, project accounting, financial accounting and reporting. Automating the administration and operational processes achieves compliance and dramatically lowers labor and costs. When project-based activities are automated, error rates decline, business cycle periods are reduced, user productivity increases and ROI is maximized.

    The Online Accounting Job Cost module provides flexible business rules configuration and a Workflow Designer to create or modify custom business processes. Project updates, progress or events can automatically trigger e-mail notifications, process approvals, new task assignments or other system generated actions.

BUSINESS INTELLIGENCE (BI): REAL TIME FINANCIAL VISIBILITY FOR ALL PROJECTS

    Providing real-time project status, progress and profitability empowers managers with information while adjustments or decisions can still be proactively implemented. Analyzing project profitability at any level is a critical success factor necessary to maximize project success and financial results.

• The Reports Library provides on-demand project information and delivers visibility to the multiple dimensions of project performance, including the project, the customer and the organizational results. Job or project reports may be customized or new reports created with the Visual Report Writer
• Analytical analysis is delivered with the built-in data warehouses and permit drag-and-drop manipulation to instantly understand the causes, effects and financial impacts which most influence reporting results
• With Business Intelligence and automated alert notifications, project deviations can be flagged in real time and under-performing projects can be identified early, giving managers opportunity to implement corrective action while there is still time to make a difference

ADDITIONAL JOB COST CAPABILITIES

• Enterprise-Wide Job Costing : The Job Cost module manages and reports on all aspects of a project business, including budgeting, procurement, expenses, indirect costs, allocations, billing, revenues, profitability, project performance and contractual compliance. Project tracking can be identified and controlled at all accounting related source locations, including procurement, payables, sales orders, time reporting, invoicing, cash receipts, and journal entries. The unique intersection of financial and project accounting allows organizations to shorten billing cycles, acquire more accurate and timely financial data, eliminate redundant data (islands of data), improve forecasting, and increase profitability
• Committed Costs : Online Accounting Job Cost includes purchase order tracking and commitments in order to recognize and manage both unposted and posted project cost commitments
• User Defined Job Cost Forms : Job Cost profile records are customizable to permit the capture of just the right information. Each integrated accounting module can be configured to capture job information, cost codes and user-defined project data
• Time and Billing : The Time and Billing component permits staff to apply their time and expenses to a job or project. To improve data accuracy, valid job types and tasks can be individually assigned by customer. Time entry can then be optionally consolidated among customers in an automated billing process. Reimbursable expenses are automatically included on client invoices. Special alert notifications can be setup to identify missing or incomplete time sheets
• Multi-Currency Management : For global organizations, multi-currency management permits the recording of job cost information in multiple currencies. Currency revaluations and subsequent realized and unrealized gains and losses are then automatically calculated and included in financial statement presentations
• Business Process Automation : The Workflow Designer permits user-defined approval or routing conditions to be assigned to jobs and all job-related transactions. Job cost expense, revenue or other transactions can automatically be approved, flagged for review or escalated for approval based on dollar value, customer, dates, cost codes or other user-defined criteria
• Content Management System (CMS) : Many jobs or projects have individual instructions/ requirements. The CMS permits users to document those considerations and post them to the job profile. The CMS can also deliver project specific instruction, processes or best practices for consistent job performance
• Ease of use : Set default job information for specific customers, vendors or accounts in order to achieve fast and error-free transaction processing. Default settings may be modified during transaction entry to handle exceptions as they arise
• Accounting Efficiency : Online Accounting was designed for efficient data entry. The Job Cost module operates without needless web page refreshes when entering transactions and moving between screens