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The project accounting software market is extremely complex. With such a large number of vendors, products, and vertical industries in the space, it can be overwhelming to look for the right solution without some guidance. Specific reporting capabilities, simultaneous project support, and other optional functions also need to be considered. As the list of variables go on, the selection process only gets more difficult. We wrote this guide to help buyers with these questions.
Here’s what we’ll cover:
Project accounting software helps track relevant data for projects carried out by an organization. The systems can help pinpoint what makes a project profitable, how workflow can be improved, and how costs can be minimized. Several different industries have project-based work schedules. These include law, engineering, software development, advertising, and construction.
Project accounting software ensures financial responsibility by comparing expenses to project budgets. If costs begin to exceed expectations, automatic alerts can help team members correct the error as soon as possible. Project accounting software can often be combined with other applications such as project billing software and project management software. The ideal project solution varies by industry or project size.
Different organizations have different priorities and requirements in finding the right system. Here are the main categories of software buyers:
The software vendor landscape is always changing. Different buyer types should examine groups of systems specific to their preferences and needs.
|This type of buyer...||Should evaluate these systems|
|Enterprise buyer||Microsoft Dynamics AX, Epicor Financial Management, SAP|
|Industry-focused buyer||Microsoft Dynamics NAV, Microsoft Dynamics SL, Sage Accpac, Sage MIP Fund Accounting, FastFund Nonprofit, Vertex Financial Manager, Deltek Vision, Lawson S3 Financial Management|
|Small business buyer||Microsoft Dynamics SL, SAP Business One, Intacct Financials, Sage MAS 500, Sage Pro ERP, Sage MAS 90/200|
A well-implemented system allows for better record keeping and insight. When users leverage these benefits effectively, organizations can realize increased profitability, lower costs, and other advantages. Project accounting systems should yield: