In last Friday's blog entry we talked about the benefits of the Sage ERP Accpac Project and Job Costing module. Today we'll take a look at some of the features that will give you a big picture view of how the module helps companies like yours.
Automated Project and Job Costing
Get in-depth project data that can be easily tailored to your business needs. Quickly define a hierarchy of project levels and transaction types to track and report costs and profits for any size project. Manage contracts or jobs to three levels—contract (job), project (phase), and category. You can specify the cost account to be used in cost transactions for each category and use as many as five segments in your contract numbers to represent types of contracts and divisions. Enter burden and overhead associated with your projects manually or you can define formulas for automatic calculation of these costs. Specify whether to generate item or summary invoices for fixed price projects that use a billings and costs or accrual-basis accounting method. Mix and match the project types and accounting methods for very complex or simple projects. You can even define your own fields to store additional project-related data. These flexible capabilities enable you to assess projects at each phase in order to keep costs and resources on track.
Flexible Estimates, Billing, and Profit Recognition
Tighten control over your project cycle—from calculating an accurate bid to delivering products on schedule. Historical and project data is readily available for estimating expenses and resources accurately. Set up complex estimates by specifying the quantity, unit cost, and billing rate for each staff member, material, subcontractor, equipment, miscellaneous item, and overhead expense allocated to the project. Comprehensive billing and revenue recognition processes with multiple accounting methods for your specific project accounting requirements—update revenue and cost estimates at any time with a full audit of the changes. Assign cost categories and automatically calculate cost and revenue estimates per cost category, or simply define the cost and revenue estimates for each project category. Enable employees to manage their time and billing records from any location (on-site or at the office) by entering timecards, using an Internet browser–you can even have timecard information integrate to Payroll. You can also easily recognize and take profit revenue at any time in the accounting cycle, based on GAAP requirements and your business requirements.
As a fully integrated solution you can expand your project management even further with streamlined integration to Sage ERP Accpac Inventory Control, Accounts Receivable, Accounts Payable, Purchase Order, and Payroll modules. These applications work seamlessly and synergistically to contribute valuable insights to project costing analysis. Costs and system-calculated burden, overhead, and profits are posted directly to the general ledger. Save time by defining details to be used when creating billing invoices in Accounts Receivable. You can also purchase or bill for products in any currency and have the cost flow into Project Costing in your home currency. From the details to the big picture, you’ll be equipped to capitalize on the insights behind the numbers and keep your company on track for success.
Comprehensive Reports and Inquiries
With Project Costing, you can generate customizable reports based on the most up-to-date business intelligence. Identify problems before they occur by reviewing critical details of each project’s activities at any point in the project cycle. Reports by project and phase can compare and contrast budgeted versus actual resources spent on different projects, enabling you to determine which are profitable and which are not. Additionally, you can pinpoint the most costly phases of your project so improvements can be made to maintain profitability. With the easy-to-access inquiry screens you can review the current state of each of the projects, including viewing project status, profitability, and estimate-to-actual comparisons. You can also navigate through the projects and categories within the contract using the optional tree view and drill down to the originating transactions.
Secure Business Integrity
Safe, secure, and controlled—protect the sensitive information in your business. Sage ERP Accpac assures comprehensive security at variable levels, protecting your highly sensitive project data from unauthorized access or manipulation.