Efficiently Manage your Projects with Horizon EBS – Project Accounting Software

Throughout every construction, manufacturing or any other project-based industry, working with projects includes several levels of challenges, as Project Managers must keep balancing between achieving their goals and staying within the budget estimated. Tracking expenses, time and project parameters will give you clear view of the entire project progress, helping you take better decision for successful completion. In project accounting software, the project accounting attributes of financial transactions like cost, revenue and billing are related with each specific project, and the progress and success of a project can be easily evaluated and reported.

Difference between Project Accounting and Financial Accounting

• Dates are different – The project has start and end date, and it is based on the start and closure of a complete project. Where as in financial accounting, it is different from business to business. It can be aligned to the calendar year or tax year.
• Reporting element is different – Project accounting is based on deliverables. Where as financial accounting is based on profit, loss or depreciation.
• Cost hierarchy is different – The project accounting is based on the task and projects. Where as financial accounting is based on departments and cost centers.
• Analysis is different – In project accounting, the project cost across multiple projects is compared and in financial accounting, the cost for the previous period or same period in previous year is compared.

Both the project accounting and financial accounting can be perfectly handled with Horizon EBS, as they both are integrated all the results generated are more accurate.

Benefits of Project Accounting Software – Horizon EBS

Improves Financial Health

Project accounting is powerful because it ensures accurate accounting. The constantly occurring workflow issues can be eliminated giving accurate revenue report, profit tracking and resource utilization. Tracking all the resources involved in a project and their resulting revenue, you can drill down and exactly understand the project success and failure reasons. Monitoring your efforts, you can decide on what need to be done to improve profit.

Flexible Invoicing Capability

The project accounting software helps you to automate invoice generation on time. The system is flexible enough to cope with your exact billing requirement and enforce compliance, no matter how complex or simple your contracts demands are.

Make right decision

With right project accounting software like Horizon EBS in place, you can make important choices at any instant of your project life cycle, instead of looking what went wrong at the end. With the better visibility you can always compare with the approved budget and expense to keep the project in track. It helps you to drive your projects towards success.

Smarter resource planning

Find the right resource, within the location, with right skill and current availability to quickly start the project. With Horizon EBS – Project Accounting module, you can easily track the effort of an individual person contributed in multiple projects. And it simplifies the project expense and revenue calculations against each project. You can gain time and visibility you need to analyze which project is more profitable.  

Predict long-term growth

All the reports that project accounting offers enables you to accurately predict company’s future. You will get better insight into your pipeline and have better handle on cash flow. When you have all this information in hand, you can easily decide on what type of work your company can focus and what type of skilled people need to be hired to grow the team.

Horizon EBS – right choice for project accounting

Since our inception in 1992, we are working with clients in Construction, MEP industry to devise a better solution to run their business efficiently. With Horizon EBS – Project Accounting module, you can track project expense, budget and revenues across each stages of a project. This empowers Project Manager with every information from project hours and total expenses.

Horizon EBS ensures organization to collaborate on budget and finances between departments and helps to monitor the overall financial goal of the company.