Project-based organizations face a range of additional accounting and financial reporting requirements, not just from within but also from an increasingly onerous regulatory framework. Internally, project accounting will frequently cross organizational and geographic boundaries, with matrix management placing a further demand for flexible project reporting. Additional complexity is introduced with projects lasting for anything from a few days or weeks to a number of years, during which time budgets may also be revised many times. On top of such internal considerations, regulatory compliance and the need for transparent revenue recognition place a further strain on project accounting.
The challenge is to meet these diverse requirements from a single system, with minimal administrative overhead and maximum flexibility. Epicor Project Accounting enables Project-based organizations to regain control and remove redundant administrative processes and related costs, creating greater efficiencies which flow straight to the bottom line.
Providing Solutions to Meet Your Business Goals
- Support detailed project planning and flexible Financial accounting with a single point of data entry, powerful posting code capabilities and data evolution through the project lifecycle from bid to cash
- Obtain full visibility of total project costs however they are incurred – time, expense, and materials including committed and accrued costs, journals and disbursements
- Demonstrate consistent and transparent revenue recognition through the revenue recognition rules, workbench, and reporting
- In an international environment, take advantage of strong deep multi-company, multi-currency support throughout every aspect of the solution
- Build complete flexibility into the work breakdown structure (WBS) with multiple billing methods, currency and customer capabilities with over-rides on selected phases and tasks if necessary
- Track compare and report budgets, forecasts, and estimates to complete (ETC) through multiple revisions