Find the best Project Accounting Software
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NetSuite is a cloud-based business management suite that incorporates ERP, financial management, CRM, and eCommerce functionalities into a unified platform, helping organizations automate core processes and gain real-time visibility into operational and fi...Read more about NetSuite
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Sage Intacct operates within the Sage Business Cloud portfolio as a comprehensive cloud-based financial management software, expertly designed to bring rich financial and operational insights to a variety of businesses. Recognized for its robust accounting...Read more about Sage Intacct
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Xledger is a cloud-based enterprise resource planning (ERP) solution that caters to midsize and large businesses and helps them manage day-to-day operations by automating routines ranging from bank reconciliation to invoice entry. It caters to corporates, ...Read more about Xledger
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Striven is a cloud-based enterprise resource planning (ERP) solution suitable for many industries and organizations of all sizes. It offers features for accounting, inventory management, human resources, customer relationship management (CRM), project mana...Read more about Striven
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Aplos is a cloud-based financial software designed for nonprofits and faith-based organizations. It includes fund accounting, online donation management, standard and customized financial reporting, giving tools, membership management, event registration, ...Read more about Aplos
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Deltek Costpoint is an enterprise resource planning (ERP) and management solution designed to meet the requirements of midsize and large enterprise businesses. The solution primarily assists government contractors, professional service firms, and not-for-p...Read more about Deltek Costpoint
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SAP S/4HANA Cloud is a cloud-based and on-premise enterprise resource planning (ERP) solution. It is suitable for small, midsize and large businesses in industries such as automotive, engineering, construction, mining, research and development, retail, who...Read more about SAP S/4HANA Cloud
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Sage 300cloud (formerly Sage Accpac) is an enterprise resource planning (ERP) software system that serves small and medium-size businesses in professional services, financial services, public sector, and other markets such as distribution and wholesale. ...Read more about Sage 300cloud
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The Sage Construction Suite includes a range of solutions tailored to meet the diverse needs of construction companies. The suite includes Sage Intacct Construction, Sage Construction Management, Sage 300 CRE, Sage 100 Contractor, Sage Estimating, Sage Fie...Read more about Sage Construction Suite
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Workday Financial Management is a single cloud-based solution that assists global businesses of all sizes in a variety of industry verticals with financial planning, accounting, and transactions. Workday delivers user and administrative tools across financ...Read more about Workday Financial Management
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MRI Asset4000 is an on-premise and cloud-based fixed asset accounting solution for small, mid-sized and large enterprises. Real Asset Management, the software vendor has now rebranded and is part of MRI Software and continues to provide the best in special...Read more about Asset4000
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Petrofly is a modern, flexible, and advanced software company that primarily focuses on the Oil and Gas industry. Petrofly offers, but is not limited to, production management, accounting, interest partner management, analytics, optimizations, simulations ...Read more about Petrofly
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Flexi’s accounting software for business is ideal for companies seeking an enterprise-strength platform, but with the flexibility and personalized support rarely offered by enterprise vendors. Flexi’s solutions have been battle-tested for over 30 years, ...Read more about Flexi Software
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Sage X3 is a powerful ERP software solution designed for midsized national and global manufacturers, distributors, and after-sales providers and can establish a foundation for your digital transformation. Sage X3 comes with industry-leading functionality f...Read more about Sage X3
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Deltek Ajera is an integrated accounting and project management solution built for architecture and engineering (A/E) firms. It is suitable for small to mid-size firms seeking an industry-tailored solution to improve project level profitability, staff util...Read more about Deltek Ajera
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M3 Accounting Core Software is a cloud-based accounting solution that helps streamline financial operations for small to large businesses in the hospitality industry. The software offers a fully integrated interface tailored specifically to the unique need...Read more about M3 Accounting Core
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Beyond Software is a project accounting and management software system available for small to mid-size companies. The system allows organizations to manage and execute around their projects by increasing visibility and creating accountability. I...Read more about Beyond Software
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Everhour is a cloud-based time tracking and project management solution for teams and small to midsize businesses across various industries such as marketing and advertising, nonprofits, consultancies, and more. Track the time spent on projects using a tim...Read more about Everhour
TimeSolv is a cloud-based legal time tracking and billing solution that caters to law firms, accountants, consultants, architects, and freelancers, helping them manage daily business operations. TimeSolv integrates project management features such as ...Read more about TimeSolv Legal Billing
Agiled is an all in one business management platform. It comes with built-in CRM, HRM, Financial Management, Project Management and Time Tracking. Users can manage all of their business in one place and provide a client portal access to their customers. A...Read more about Agiled
Paymo is a work and project management software for small teams of up to 20 people. This solution supports remote work and offers project planning, resource scheduling, team collaboration, file proofing, time tracking, and project invoicing within a single...Read more about Paymo
Streamtime is a cloud-based project management solution that offers task management and team management functionalities to help businesses manage their operations. The solution caters to businesses of all sizes across various industries. Streamtime au...Read more about Streamtime
BQE’s powerful all-in-one platform and expert support give Architecture, Consulting, and Engineering firms the intuitive tools they need to meet the demands of their firm, empower their team, maximize profitability, and deliver superior results to clients....Read more about BQE CORE Suite
QuickBooks Enterprise is an accounting solution designed for SMBs across different industry verticals such as construction, nonprofit distribution, manufacturing, and retail. With QB Enterprise solution, any business owner can expand business operations us...Read more about QuickBooks Enterprise
BigTime helps professional services firms reduce operational costs, easily align talent to the right projects, and accelerate time to get paid for completed work, all while enabling quicker decision-making by getting you the information you need. By stre...Read more about BigTime
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Buyers Guide
This detailed guide will help you find and buy the right project accounting software for you and your business.
Last Updated on January 27, 2025The 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:
What is project accounting software?
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
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.
What type of buyer are you?
Different organizations have different priorities and requirements in finding the right system. Here are the main categories of software buyers:
Enterprise buyer. These buyers work for organizations that have invested in or are considering an enterprise resource planning (ERP) suite. They value complete integration across all departments and units. They typically purchase projects from ERP software companies.
Industry-focused buyer. These buyers usually have specific billing methods in mind when they are considering software. For example, construction companies and consulting firms likely need to evaluate systems with different billing methods.
Small business buyer. Buyers from smaller organizations should make sure to limit their consideration to systems aimed at their size and workflow requirements.
What are the benefits and potential issues project accounting software?
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:
Increased visibility. With the right system, the costs and budget of each project should be readily available. The system should provide information that makes it much easier to ensure that each project’s budget has not been exceeded.
Solid reporting capabilities. Clients want to know that projects have gone well, and have not been conducted wastefully. With a good reporting function, software can make client reporting far easier and effective.
Time tracking. To support billing processes, project-focused organizations need to track the amount of time they spend carrying out projects, so the right amount of billing can take place. Project accounting software can track hours to ensure that no time has been wasted, and that all due payment is tracked.
Scheduling. Projects cannot be successful if they are not correctly scheduled. With scheduling taking place in conjunction with billing and accounting, project accounting software eliminates scheduling mistakes and links expenses to particular moments in time.
What are the market trends of project accounting software?
Increased vertical specialization. Over time, project accounting software has become increasingly specialized on vertical industries, adding value according to unique workflow types. Systems are catering to the specific needs of engineering firms, law firms, nonprofits, construction companies and others. Make sure to keep this in mind when evaluating systems.
Globalization. As with many different enterprise resource planning (ERP) systems, it is often critical to support the demands of international business. This includes the ability to store information on multiple currency types and multiple different business entities.
Software as a Service (SaaS). SaaS is lowering costs and speeding up implementation for buyers by offering Web-based software hosted by the software company. Billing is structured as a monthly fee, rather than a large up-front investment; as a result, many more companies are able to afford system earlier.
Business intelligence. As business intelligence becomes a bigger part of business solutions across the board, it also affects project accounting software. With business intelligence programs, relevant data can be organized and analyzed more efficiently, helping users prioritize projects and structure their strategies accordingly. Keep an eye open for systems with cutting-edge BI tools.
The vendor landscape
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 |