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Top 5 ways to power up your project accounting

To run a profitable project-based business, you need robust financial management tools that offer real-time visibility and control over project profitability. Here is a quick and easy list of the key features you'll need from your project accounting software.


FeatureDescriptionAdvantages and benefits
1. Real-time budget vs. actualsInstantly track project financial performance with live updates on budgets versus actual expenditures, ensuring projects stay on track and within scope.This provides immediate visibility into project health, allowing for proactive cost management and preventing budget overruns. It empowers project managers to make timely, data-driven decisions to protect margins.
2. Automated application of tax rulesSet up VAT, sales tax, GST, and other taxes once and have them apply automatically based on your customer's location.Significantly reduce manual effort and the risk of human error, leading to faster and more accurate financial closes.
3. Granular profitability analysisTo identify and replicate success, drill down into the profitability of each project, service, or even individual team member.This level of detail uncovers what drives profit, enabling you to optimize pricing strategies and focus on the most lucrative work. It also helps you identify areas for improvement and make strategic business decisions.
4. Integrated invoicing and billingStreamline the entire billing cycle from time and expense tracking to invoice creation and approval.Accelerate the entire quote-to-cash process, improving cash flow and reducing administrative overhead. It creates a seamless workflow, minimizes billing errors, and leads to faster client payments.
5. Forecasting and predictive analyticsLeverage data-driven insights to forecast project outcomes and make proactive decisions that drive financial success.Move your business from reactive to proactive. This will allow you to accurately anticipate financial results and resource needs. It will also improve the predictability of your revenue and profitability for better long-term planning.