Our current Accounts system does the basics well but does not allow for Project Costing.

14 Signs you need Project Accounting Software

Do you have full control of

your project finances?

Limited Accounts System

We spend hours haggling with Accounts over cost allocations and overheads.

Loggerheads with Accounts

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Projects are overrunning in time and cost but we don’t know why.

Projects Overrunning

We don’t have an up to date view of project status against milestones or budgets. Any reports we run take weeks and are immediately out of date.

Out of Date Project Status

Our billable income does not match up with invoiced and we are losing valuable revenue.

Billable Income not Matching

We use an unruly amalgamation of spreadsheets and accounting systems to try to understand project planning and finances.

Multiple Systems

Our weekly Project meetings are spent, calculator in hand, trying to figure out budget verses actual.

Lengthy Project Meetings

Our Project Managers spend more time entering data into spreadsheets than managing projects.

Spreadsheet Overload

We need to be in the office to access Project information and financials.

Can’t Work on the Go

We constantly worry about the accuracy of our figures and project profit margins are more gut feel than clear fact.

Project Profitability Concerns

We have limited visibility of total project financials including budgets, estimates, costs and billing.

Limited Project Finances

We struggle to track what has been invoiced or whether this has been done in a timely or accurate manner.

Haphazard Invoicing

Our staff submit expenses late and without receipts.

Inaccurate Expenses

Billable hours are submitted in a random manner as and when staff have the time.

Unruly TimesheetsSecuring full control of the lifecycle of your engineering projects, from bidding to cash, including time tracking, resource planning, project accounting and invoicing is essential to any project-based engineering business.

Here are 14 indicators to help you assess your current level of financial project control.

How many do you recognise?

Why should you act?

Engineering businesses who adopt integrated Finance & Project Accounting have one thing in common - they are looking for tighter control of both their finances and projects.

With projects at the core of their businesses Project Accounting automates the process of tracking project budgets, costs and revenues across every stage.

Project Managers benefit from improved control as they have real-time access to their projects status and progress.

Business Owners benefit from the confidence they have from increased insight into their business profitability of the work they are delivering.

If you are still using a hotchpotch of outdated accounting systems and spreadsheets you are in major danger of falling behind the competition.

How did you Score?

If you can relate to these signs then you should consider integrated Finance & Project Accounting software to automate project processes and give you invaluable insight into project profitability.

If you already using project accounting software, and still recognise these signs, then your system may not be giving you what your business needs -a full view of your projects financial performance.

www.xledger.co.uk