Top 5 Project Accounting Software

Elise Williams

2021-08-23 21:37:11 • Filed to: Accounting • Proven solutions

There are many core business processes for modern enterprises and one of these is accounting. Also known as bookkeeping, it is an activity through which financial information is identified, recorded, verified, interpreted and presented through charts and reports. Accounting data is highly valuable to decision-makers in a company. In most cases, these are executives in the management level of operations. There are various types of bookkeeping and one of these is project accounting. This is a type of accounting that tracks the progress of projects from a financial point of view and creates reports. It is performed on the basis of one project at a time. Furthermore, it enables the facilitation and overall integration of key tasks in a large project. Today, project accounting is performed using specialized software. Here are some of the best project accounting software.

1. FreshBooks

This is the best project accounting software today. It enables you to issue bills and invoices seamlessly. The tool also makes it possible to run a project in a rapid, secure way. The software has a neat, intuitive interface. It is further capable of producing professional financial documents such as invoices, expense reports, time-tables and client progress reports. This project accounting software is based in the Cloud. Hence, you can access your project financial information from literally anywhere in the world. This is especially helpful for projects that are managed by teams in various geographical locations. This project accounting software for small business is available for free through a 30-day demo. Payment is required for long-term use.

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Pros

It is Cloud-based for convenient data access
The software can perform accounting tasks efficiently and automatically
It is available for free through a demo

Cons

This software cannot be integrated with other digital accounting tools

2. Acumatica Cloud ERP

This is an accounting software that is developed specially for projects. Through an organized dashboard, Acumatica Cloud ERP allows you to view your time, expenses and project bookkeeping information. It is able to combine non-financial and monetary data in one location. This project management accounting software is capable of automating accounting activities such as scheduling, cost tracking, resource management, recognizing revenue and overall billing. It also delivers financial reports that can provide deep insights into project performance. It is available through a short-term free trial. Further use requires payment.

Pros

It is developed specially for accounting in projects
This software combines all related data in one dashboard
It is available on a free demo basis

Cons

It is expensive

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3. NetSuite

Based in the Cloud, this is some project based accounting software that can handle a project from its beginning to the and NetSuite enables you to automate accounting activities such as invoicing, creating purchase orders, managing inventory, handling sales and making entries in the general ledger. Through this, it improves project efficiency. This project on tally accounting software is also effective in determining the direction of your project, managing resources as well as task scheduling. Within this software are some features that you can use for revenue recognition. It can also help you to identify project profitability by presenting projected versus real-time metrics in easily understandable charts and reports. NetSuite accounting software installation process is also quite straightforward.

Pros

It is Cloud-based
This software can automate accounting activities
It allows for effective revenue recognition

Cons

It is not available for free

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4. Accounting Seed

Developed with projects in mind, this is a software product that boosts the efficiency and effectiveness of cooperative business tasks. Accounting Seed has core project management features such as a general ledger and a client engagement tracker built right into it. This free project accounting software is based on the Cloud. Hence, you can access financial data easily and quickly. It enables you to enter project activities and costs into a shareable general ledger, manage revenue through each step of the project lifecycle, handle orders and perform detailed project accounting as well. This accounting software is available on a free trial basis for 14 days. Further use requires payment.

Pros

This software has features that are necessary for project management
It is based in the Cloud
The software can produce strategic accounting reports on demand

Cons

It is confined within the Salesforce ecosystem

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5. Sage Intacct

This is an accounting software that is capable of handling the monetary aspect of a project from its inception to completion. Sage Intacct presents all critical project information from one convenient dashboard. As a result, you can handle elements such as project scheduling, track expenses and perform project-based accounting from one interface. The project accounting software is capable of automating accounting tasks such as billing, resource management, cost tracking and recognizing revenues. By doing so, it streamlines the project construction and makes financial management easier. You can try this software on a trial basis. Long-term use requires payment.

Pros

It covers all accounting aspects from the beginning to the end of a project
All strategic information is provided in a convenient dashboard
It is available on a demo basis

Cons

It is expensive

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The project cost accounting software indicated above is utilized by accountants today. According to project accounting software reviews, these options are the most ideal in the industry. They help to present financial aspects through an accounting project report and increase your chances of success.

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