Project accounting success stories
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Business requirements: ICT Consulting clients |
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Improved control on project budgets and actuals vs budget Improved billing processes Improved integration between project accounting processes and corporate general ledgers |
Benefits achieved:
- Dynamics GP provides detailed budgeting capability allowing reporting per project, and reporting on individual cost categories across projects.
- A web-based Business Portal allows project employees to capture time and expense entries from anywhere. Project managers are able to monitor and approve these on-line, without resorting to email and spreadsheet based timesheets.
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Integration with the financial suite provides improved controls on:
- Procurement
- Debtors’ credit control
- G/L and financial reporting.
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Business requirements: Other Services |
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Forecasting of revenue based committed projects Alternative bases for recognition of project revenue Improved control of stock Improved control of outsourced costs on projects |
Benefits achieved:
- Client was able to replace a manual spreadsheet based forecasting system with a report based on the committed projects loaded into Dynamics GP. The report is available to run on-demand, duplicate datacapture has been eliminated, and the report is more accurate.
- Dynamics GP allows for the use of various methods of revenue, including percentage of completion of costs. Use of system based revenue recognition eliminates the requirement to have external spreadsheet based calculation, and manual journal entries to the general ledger.
- Integration between procurement, inventory control and project accounting ensures that control on stock is improved, and that costs are allocated to projects more accurately and timeously.
- The integrated procurement process allows for control on oursourced costs from purchase order through receipt of services or goods, recovery of costs on the project, and settlement of costs with supplier.