How Project Cost - controlling is done in Horizon EBS?

In contracting industry, it is highly imperative to define initially the estimate and budget of the project to be executed. Further the actual expenses involved in the project must be constantly tracked against the estimation. The best Contracting ERP in UAE, Horizon EBS accomplishes this action using Project Accounting module. Thus, if your organization is into any of the contracting activities; be it Civil, MEP, interior, Facilities Management or any general contracting activities, Horizon EBS has a solution to manage the Project costing.

What is a Project Accounting Module?

Project accounting module helps to track and manage the financial transactions related to a specific project or set of projects within an organization. This module works in conjunction with other modules like Procurement & Inventory, Human Resource Management, Finance Accounting etc. to get the function wise cost incurred in executing the project.

In ERP systems, project accounting typically involves creating a separate project account or cost center for each project. This allows for accurate tracking of project-related expenses and revenue, as well as easy comparison of actual costs against budgeted amounts.

Typical Features of Project Accounting Module

1. Budgeting and forecasting: 

This feature enable the creation of project budgets and forecasts, allowing project managers to plan for future expenses and revenue.

2. Cost tracking: 

This feature tracks all project-related costs, including labour costs, material costs, and overhead costs, and allows for easy comparison of actual costs against budgeted amounts.

3. Invoicing and billing: 

This feature allow for the creation of project invoices and the tracking of payments received from customers as well as the payables to the sub-contractors.

4. Resource allocation: 

This feature allows project managers to allocate resources, such as personnel and equipment, to specific projects.

5. Reporting: 

This feature provides detailed reports on project performance, including profitability, revenue, and expenses.

With all this in consideration, we have crafted you an industry specific ERP solution that matches your exact requirement. When you get the right software like Horizon EBS Solution, changing the existing processes isn’t as time-consuming or complicated as it looks. The total ownership cost of modern solutions is also affordable as the return on investment is great – Complete Automation. If you need to know more about Horizon EBS, you can write to us at sales@fit.ae or ring us at +971 4 353 3727