Finding software can be overwhelming. We've helped hundreds of project-based firms choose the right accounting software so they can track projected vs. actual costs and billable hours.

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NetSuite

NetSuite is a business management software suite offered as a service that performs enterprise resource planning (ERP) and customer relationship management (CRM) functions. It is a horizontal package designed for an extensive rang... Read more

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Recent recommendations: 48 recommendations

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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 i... Read more

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Recent recommendations: 38 recommendations

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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

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Recent recommendations: 27 recommendations

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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

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Recent recommendations: 25 recommendations

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BQE Core Suite

BQE Core Legal is a cloud-based solution that offers integrated accounting, time tracking, and billing and invoicing. It can support the operations of a variety of law firms including litigation, corporate, family, tax, immigratio... Read more

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Recent recommendations: 24 recommendations

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AccuFund Accounting Suite

AccuFund is an online accounting and financial reporting solution designed specifically for the nonprofit industry. Integrated into one, AccuFund's Accounting suite helps nonprofit organizations and government agencies report fund... Read more

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Recent recommendations: 17 recommendations

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Blackbaud Financial Edge NXT

Financial Edge NXT is a cloud accounting solution from Blackbaud that provides transparency across teams, security, compliance, and reduces the need for manual processes. The system is a fund accounting solution that provides a ge... Read more

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Recent recommendations: 13 recommendations

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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

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Recent recommendations: 13 recommendations

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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

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Recent recommendations: 12 recommendations

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Aplos

Aplos is a cloud-based system designed specially to serve the needs of nonprofit and church organizations. The Aplos platform includes fund accounting, online donation management, reporting functionalities, fundraising tools, memb... Read more

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Recent recommendations: 11 recommendations

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Asset4000

Series4000 is an on-premise and cloud-based fixed asset accounting solution for small, mid-sized and large enterprises. It caters to commercial, education, government, healthcare and not for profit industries. Primary features inc... Read more

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Recent recommendations: 9 recommendations

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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

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Recent recommendations: 5 recommendations

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Infor CloudSuite Financials

Infor CloudSuite Financials is a solution suite that provides financial functionality coupled with a source-to-settle supply management offering. The solution is role-based, mobile responsive and delivered in the cloud. It deliver... Read more

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Recent recommendations: 5 recommendations

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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

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Recent recommendations: 4 recommendations

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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

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Recent recommendations: 4 recommendations

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JD Edwards EnterpriseOne

Oracle JD Edwards EnterpriseOne is a cloud-based Enterprise Resource Planning (ERP) and supply chain management solution that provides ERP applications and tools for finance, consumer goods, human resources, distribution and manuf... Read more

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Recent recommendations: 2 recommendations

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Unanet

Unanet’s ERP solutions are purpose-built from the ground up for Government Contractors, A/E, and Professional Services organizations. 3,100+ organizations utilize the power of the Unanet software to gain insights, make more strate... Read more

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Recent recommendations: 1 recommendations

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Beyond Software

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 ac... Read more

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Recent recommendations: 1 recommendations

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Xledger

Xledger is a cloud-based enterprise resource planning (ERP) solution that caters to midsize and large businesses that helps them to manage day-to-day operations by automating routines ranging from bank reconciliation to invoice en... Read more

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Recent recommendations: 1 recommendations

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Banyon Fund Accounting

Banyon Data has 37+ years experience developing fund accounting software for the public sector. The software is a great fit for small to midsize entities looking to enhance budget tracking and make the overall accounting process ... Read more

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Recent recommendations: 1 recommendations

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Buyers guide


Last Updated: June 11, 2021

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