You can ensure success with your projects if you have accurate, real-time information about what it’s costing and the profit it is generating. With project accounting integrated into a cloud-based finance system, managing project financials is simplified.
Invoices, timesheets and expense claims, and milestone information can be tracked for that project, as can the revenue it is bringing in. That gives you a clear and up-to-date picture of how things are going and whether any action needs to be taken to get a project back on track before it is too late.
Cloud-based project accounting gives companies a competitive advantage. It enables broader teams to work much more closely together; finance is able to be more informed at the project level, while project resources can be more involved at the financial level.
Many organisations are funded by a host of grants, donations, and legacies which need to be ring-fenced for their intended use. Project accounting using iplicit’s cloud finance software enables organisations like these to easily handle this kind of complexity, without the need for rekeying information and manual spreadsheet work.
For one iplicit customer, Blackpool Grand Theatre, a project is likely to be a theatrical production. Its finance and business manager, Mark Preston, says: “Probably 80% of invoices are for the shows, for things like newspaper adverts, magazines, radio, and videos.
“Before, we’d agree a marketing plan with the producer, then somebody would go through all the invoices on the spreadsheet, and then when the invoices came in, match them up with the spreadsheet and put the invoice number in.”
iplicit's project accounting and job costing features made the situation much simpler.
“It’s now all in one place, instead of us having hundreds of spreadsheets all over the place and never being sure whether the spreadsheets are up to date or whether the invoices have arrived,” he adds.
Sometimes, a project might involve more than one entity in an organisation.
For a theatre, for example, the measure of a production’s success might include the bar and ice cream sales of a catering subsidiary as well as the box office revenue collected by a charitable trust. In situations like this, iplicit allows costs and revenues from multiple connected entities to be tracked against the same project.
ON-DEMAND WEBINAR: Project accounting in the Cloud
Watch our webinar showing how cloud software can cut out countless hours of tedious manual work and put you in proper control of your organisation’s projects.
The webinar will show how true-cloud technology can handle processes that previously required laborious keying-in of data and creating spreadsheets.
- The different use cases for project accounting
- A demo of iplicit’s project accounting functionality:
- Project overview: milestones, documentation incl. commitments, budgets
- Project timesheets, expenses, and disbursements
- Project analysis – live and real-time