Project Accounting
Project accounting provides a more robust picture of your organization, the financial health of each project, and the effectiveness of teams and individuals
Are you still trying to run your company using just an accounting system? You're not alone.
Accounting systems cannot tell you why your company is making or loosing money, nor can they tell you which projects or teams are responsible. ‘Project Accounting’ is the solution to the shortcomings of traditional accounting.
Democratize Accounting
Project accounting is much simpler than accounting. It's collaborative amongst the team, it provides instantaneous insights, and it precedes your accounting system (without replacing it).
Simple Project Accounting
Accounting systems are made for accountants. Shouldn't there be an easier way to account for every project's success and failure? Project accounting fills the missing void.
Instantaneous Feedback
Still using a variety of disconnected software tools to run your company? Try the one cloud-based application that connects everything together instantaneously.
Project Accounting
Still trying to run your company using data from an Accounting System? Project Accounting provides real-time information about every aspect of your project and company. This is the vital information you need to manage your growing firm.
Project Financials
Project managers and Supervisors can access the “project financials“, which holds all the sensitive financial information of the project including fees, proposals, scope changes, invoices, purchase orders, expenses, bills and division allocations. All the financial information your managers need to effectively run projects.
Project Invoices
Why burden controllers with chasing staff for invoices and timesheets? Instead, let project managers control invoicing for their own projects. Controllers and owners are notified of every new invoice. Overdue accounts are visible to managers, without monthly accounting reports.
Invoice Summaries
See a summary of all your past project invoices to attach with your most recent invoice.
Project Expenses
Track all the expenses on every project through staff expense reports. If the expense is tagged to a project, it is visible in the project’s expense section. In-house expenses (printing, plotting, copying, etc.) are also tracked for inclusion on the next invoice.
Bills Tracking
When bills arrive from contractors, a notification is sent to the project manager to determine if and when the bill should be paid. This keeps your controller and PM in close contact ensuring payments are properly timed to the work completed.
Variable Project Rates
If needed, adjust your staff rates for every project.
Project Status Updates
See how much time staff have spent on every phase of the project. In GroupThinq, you can see the direct profit/loss of every phase; making it easier to detect and correct financial problems earlier in the project. When phase budgets are exceeded, a notification is automatically sent to senior staff, helping to catch problems early.
