Project Accounting refers to the facilitation & integration of vital tasks in the management of a project. The major difference between this kind of application for accounting and the common traditional accounting is that it solely focuses more on any given project’s transactions while maintaining categorize your accounting information. Oracle EBS is a leader in providing solutions for project based industry. Advantages of Project Accounting include easy tracking of time, resources & key tasks affiliated to any particular project, leads to a healthier project account financial statements and tracking. It works favorably in larger companies where efficiency is a must have requirement, for easy tracking of various transactions across numerous departments within a company.
Accounting is a key requirement regardless of the kind of business you operate. Failing to keep accurate accounting records can easily be the end of your business. Every successful business owner knows the essence of keeping track of their financial reports, project expenses, and collection of all payments among others effectively documents in one cloud.
What is the easiest ways of simplifying Project Accounting?
Stay Organized: Project Accounting becomes very easy when your system is well organized. Things become easier and better when you are able to keep track of your entire project expense receipts in a consistent manner in one spreadsheet within the operations. Unfortunately, most small-scale investors lack consistency in regard to tracking and sorting project milestones. The good news is that one can take full advantage of the Oracle Projectsto stay organized. One can easily take stock of all the receipts and archive them for future references. Being well-organized also means being able to keep accurate records/receipts of all donations or contributions made by your business and managing all reports efficiently.
Take Advantage of Proven Accounting Tools: It is essential to make good use of budgeting and analytical system to build an accurate invoicing system for your business in less timewith enterprise level and departmental level planning process. The advantage of planning and budgeting is that it has made it easy for businesses to keep their accounting records well organized, secure and easily accessible. For this to happen successfully, you must ensure that you choose the most appropriate business accounting software for your company. In addition, you should use modern accounting tools to build an effective payroll system as a way of simplifying project accounting.
Invest in high quality, secure and compliant Software: Investing in reliable and high standard software is highly recommendable for anyone looking for an effective way of simplifying project accounting. Don’t hesitate to splurge on secure and compliant software to safeguard your business data’s safety and security. Remember to protect your Project Accounting software and servers with 265-bit SSL encryption for maximum security to prevent intruders and hackers from accessing your systems.
Maintain up to date Current P&L Statements: Keeping well-updated profit and loss accounts is imperative as a way of gauging your project profitability. It basically makes it easy for you to keep track of your project account as well as monitor the health of your business effectively at any given time.
Use Modern business applications for bringing precision: Linear approach to modern day business is not just enough. Recipe of success also contributes the attribute of latest business tools which not only help in achieving a structured approach but also bring precision into business decisions. Solutions like Oracle Planning and Budgeting which is a derivative of Hyperion(renowned application), Taleo of Talent onboarding & performance evaluation, Netra grant management etc.
How Oracle can help you in maintaining books accurately: Typical organizations like Telecom (EPC Tower), Realty & Infrastructure, Development Sector (NGO) etc. are prime examples who are benefitted by such application. Mapping critical information Like into single accounting structure categorized into various segments is not an easy. Scenarios like maintaining single book for FCRA & Non FCRA or creating sub ledger for every project to categorize each and every transaction can be referred as common pain areas which can be easily managed by Oracle EBS projects.