Project accounting is essential to maintaining control of your budgets and resources, generating timely and accurate billing, and establishing the profitability of all your projects. Any project accountant can tell you that it’s the only way to manage project budgets and resources. Project-based industries like construction—rely on project accounting to give them accurate estimates, manage time and resources, generate billing, and, most importantly, determine if the project was profitable.
And yet, many project-based businesses are not using project accounting software to help them manage their projects. Consider these statistics:
Contractors see “capturing time/costs against projects” as their biggest challenge in project management (Capterra)
Nearly 40% of contractors currently do not use project management software (2019 ConTech Report)
52% of projects experience scope creep (Project Management Institute)
In this eBook, we’ll discuss project accounting best practices and how, with the right project accounting tools, you can ensure profitability for your projects, regardless of size or complexity.
