Outsourced Professional Project Accounting Services

What is Project Accounting?


Project Accounting is essentially an accounting on a project by project basis. It tracks the entire financial components of the project, for example - financial estimation, budgets, costs, billings and everything that involved in each project. Project accounting is significant for specific enterprises where task action is performed on work to work basis since it permits to distinguish the benefit of the task which further recognize zones of cost and income of the overall project that can be advanced.

How does project accounting differ from standard accounting?


Standard cloud accounting manages the entire accounting of an organization for the most part inside a fixed time-frame (for example, quarterly or yearly). Standard accounting counts the complete expenses, estimations and accounts payable overall projects inside an organization.

Project accounting measures the financials of individual projects. It allows companies to have a closer look into their day-to-day financials, which allows them to identify key areas that can be optimized. It also allows them to identify troubled areas that could impact overall margins.

Industries which use Project Accounting extensively:


Whiz Consulting is specialized in executing project accounting and have long term experience in running project-based accounting for various industries based in the US. Industries

where project accounting is widely used and is an important feature of accounting, are -

Real Estate Project
Construction Project
IT Project
Exhibition or Event
Energy

Tools that are used in conducting Project Accounting


Following are some popular accounting software that we use at Whiz Consulting to manage revenue and cost of a project:

These said accounting software’s for tracking the project accounting has the following features:
  • Stimulate invoices, expenses and transactions of each individual project
  • Constant tracking of expenses
  • Track all time invested and analyze outstanding and unbilled work
  • Adds estimates of the task and track budget with ease
  • Produce profitability reports for each project that let the business check the margins and tracking the cost and revenue of each project
  • No redundancy while tracking the revenue and cost for a project. This is performed simultaneously while doing the accounting of a company as a whole.

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