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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.
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Recommendations: Sorts listings by the number of recommendations our advisors have made over the past 30 days. Our advisors assess buyers’ needs for free and only recommend products that meet buyers’ needs. Vendors pay Software Advice for these referrals.
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Showing 1 - 20 of 152 products
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Showing 1 - 20 of 152 products

NetSuite

With an integrated system that includes ERP, financials, commerce, inventory management, HR, PSA, supply chain management, CRM and more – NetSuite enables fast-growing businesses across all industries to work more effectively by a...Read more

4.10 (817 reviews)

36 recommendations

Sage Intacct

Sage Intacct is a provider of cloud-based financial management and accounting software. Sage Intacct's software solution is suitable for small to midsize accounting firms and can provide financial reporting and operational insight...Read more

4.19 (321 reviews)

33 recommendations

PriceDemo

Striven

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 mana...Read more

4.80 (49 reviews)

30 recommendations

Aplos

On Sale Now! Get 50% Off 6 Months. Limited-time Offer. Start your free 15-day trial today! No credit card required. Aplos is a cloud-based system designed specially to serve the needs of nonprofit and church organizations. The Ap...Read more

4.49 (159 reviews)

22 recommendations

Multiview ERP

Multiview Financials is the flagship ERP system developed, sold, implemented, and supported by Multiview Financial Software. Multiview is designed for organizations ranging in size from rapidly growing small businesses to large en...Read more

4.40 (10 reviews)

18 recommendations

PriceDemo

BQE CORE Suite

BQE Core makes it easier and more profitable to run your business. It organizes information, automates repetitive tasks and allows your firm to spend more time providing service to your clients instead of managing internal process...Read more

4.42 (544 reviews)

14 recommendations

Blackbaud Financial Edge NXT

Blackbaud’s cloud fund accounting software Blackbaud Financial Edge NXT®️ provides transparency across teams, security, and compliance, and reduces the need for manual processes. The fund accounting software provides a general led...Read more

4.25 (157 reviews)

14 recommendations

AccuFund Accounting Suite

AccuFund is 100% focused on serving nonprofits and government entities. The complete fund accounting financial management solution, available online or onsite, consists of a strong core system and modules that allow you to expand ...Read more

4.32 (44 reviews)

10 recommendations

Asset4000

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 prov...Read more

4.55 (47 reviews)

7 recommendations

PriceDemo

Denali Business

Cougar Mountain Software’s Denali Business is an accounting solution with the ability to customize 10 integrated modules. It is for small to midsize businesses and can be deployed on premises or in the cloud. Key features include ...Read more

3.89 (60 reviews)

5 recommendations

Software pricing tips

Read our Project Accounting Software Buyers Guide

Subscription models

  • Per employee/per month: This model allows you to pay a monthly fee for each of your employees.
  • Per user/per month: Users pay a monthly fee for users—normally administrative users—rather than all employees.

Perpetual license

  • This involves paying an upfront sum for the license to own the software and use it indefinitely.
  • This is the more traditional model and is most common with on-premise applications and with larger businesses.

Rated best value for money

SAP Business ByDesign

With strong proficiencies in project management, accounting, and customer relationship management, SAP Business ByDesign is a software-as-a-service solution for professional services with 25 or more employees. ...Read more

4.21 (29 reviews)

5 recommendations

Canopy

Canopy is a cloud-based practice management and tax resolution platform for accounting firms, tax professionals, tax attorneys, and enrolled agents. It provides an integrated suite with various tools to help enhance efficiency whi...Read more

4.52 (151 reviews)

4 recommendations

PriceDemo

Flexi Software

Flexi is an on-premise as well as a cloud-based accounting solution for the banking, insurance, healthcare and service industries. The Flexi accounting solution features automation of accounting process and completion of audit tra...Read more

4.40 (5 reviews)

4 recommendations

PriceDemo

Jedox

Jedox is a cloud-based Enterprise Performance Management software solution that delivers self-service budgeting, planning, and forecasting across finance, sales, HR, and other business functions. Companies of all sizes and industr...Read more

4.41 (113 reviews)

3 recommendations

JD Edwards EnterpriseOne

Oracle JD Edwards EnterpriseOne is an enterprise resource planning software with primary features such as real estate management, human capital management, environmental health and safety and commodity trading. What is JD...Read more

4.14 (138 reviews)

2 recommendations

PriceDemo

JAMIS Prime ERP

JAMIS Prime ERP is a provider of cloud-based project ERP software designed for government contractors and other project-focused organizations. Using the latest cloud technology, JAMIS Prime provides real-time access to key perform...Read more

4.40 (10 reviews)

2 recommendations

PriceDemo

Petrofly

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, o...Read more

5.00 (2 reviews)

2 recommendations

PriceDemo

Xledger

Xledger is a cloud ERP software that is scalable and user-friendly. Used by 6,000 companies, this integrated solution is great for companies seeking streamlined automation, business intelligence and the ability to track analytics....Read more

4.67 (6 reviews)

1 recommendations

PriceDemo

QuickBooks Desktop Enterprise

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 exp...Read more

Dynamics 365

Microsoft Dynamics 365 is a cloud-based CRM ecosystem for small, medium and enterprise organizations, with a focus on Sales, Field Service, Customer Service complete with strong integrations with Microsoft’s other Office 365 offer...Read more

Buyers Guide

Last Updated: May 19, 2022

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:

What Is Project Accounting Software?
What Type of Buyer Are You?
Benefits and Potential Issues
Market Trends to Understand
The Vendor Landscape

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.

Benefits and Potential Issues

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.

Market Trends to Understand

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