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Effective project accounting enables professional services firms and corporate IT departments to achieve operational excellence through the unique ability to control people, projects and budgets with exceptional flexibility.
VersAccount’s Project Accounting capabilities let you track, view and report on all billable and non-billable time and expenses related to a project.
Real-time tracking provides insight into your current projects so that you can see if projects are on track for a gain or loss and where the bottlenecks and unaccounted costs are. In addition, as project scope evolves, make changes to the estimated budget in order to increase forecast accuracy throughout the project
The Project Accounting feature also allows project managers to implement best practices to drive project profitability. Project managers can track actual vs. estimated costs through forecast completion, which helps prevent cost overruns while ensuring that all revenue generating activities result in customer invoices Meeting audit and compliance requirements is easy because all expense and revenue information can be easily accessed by project including sales orders, purchase order, invoices, and payments.
Project status is available in real-time including resource allocation, billable and non-billable time over a number of periods. This makes it possible to easily establish project baselines, forecast resource requirements, and creating future budget plans. Create unlimited sub-projects. Rollup sub-project costs and revenues to parent projects for a quick view of overall performance.
And One click vendor payment makes automating and tracking project expenses quick and easy. Accounting can be easy!
Finally, because VersAccounts is a cloud-based and mobile enabled solution, users can make time and expense entries and project status inquiries from anywhere in the world with an internet connection. Our global access provides remote workers with the ability to quickly and accurately enter their time and expenses without having to worry about sending and processing additional paperwork.
Accurately track employee and contractor time spent on projects. Assign project specific rates, standard costs and billing rates to human capital resources and then allow them to update and submit their time sheets from any mobile or desktop browser. The Time Tracking feature ensures that employees and contractors can only bill against projects that they are assigned to and during set project dates.
Streamline and simplify the expense reporting process for your organization. VersAccount’s integrated expense management feature allows you to specify different expense types, departments and locations, add optional notes and explanations and scan and attach electronic documents to expense report to maintain compliance and meet internal and external audit requirements.
Processing payments with VersAccounts expense management feature is as simple as paying a bill. In fact issuing payments for approved expense reports is the same as issuing an accounts payable bill, printing a check or issuing an online payment.
Designed with both the employer and employee in mind, VersAccount’s expense management allows you to issue and track cash advances to employees before they create an expense report or apply advance payments to expense reports after your employee’s incur expenses and submit their expense reports.
"Project Accounting" is part of the VersAccounts Cloud ERP line of products, developed by VersAccounts.
VersAccounts Cloud ERP is a horizontal product. It offers functionality designed for usage across a wide variety of industries and business types.