Many companies undertake various projects for making delivery of products for internal consumption of the company or for its customers.

These companies does project accounting to keep a tight control over strategic direction, support resource effectively and ensure that projects are completed on time and within budget. Project accounting connects project activities with company financials, provides extensive reporting capabilities, help ensure accurate accounting and billing processes throughout project life cycle.

Microsoft Dynamics GP is one such which also provides project accounting support. By using this software, every employee is provided with easy access to key project information that helps to perform routine project and budget tasks quickly.

This software helps in creating contracts, budgets and projects with as much or as little detail as required. This helps in easy tracking of each project as regards its status and profitability, labor, equipment, materials, and employee expenses.

This software also provides complete control on General Ledger accounts while maintaining the details required for proper tracking and reporting of each project making the accounting method quite flexible.

The software enhances the billing efficiency by automatically updating project costs when any product or material is returned to a vendor, and also takes care of landed costs like freight and costs more accurately in bills and help in properly assessing the profitability of the project. The software helps in preparing timely and accurate bills by automating the billing process to meet the specific need of each project by providing different billing options and customizing invoice formats.

The software keeps proper track of project time and expenses for business portal by creating customer invoices and reimburse employees faster and more accurately

by managing project details via a central Web-based location. By using the Project Time & Expenses module for Business Portal, it would be possible to:

1Enable employees to enter their own project time and expense records online,

anytime from anywhere

2Review and approve timesheets and expense reports online.

3Track date, time, and the user who posts a transaction with a complete

audit trail.

1Update Microsoft Dynamics GP Payroll records with timecard entries.

There is another facility available with this software known as Personal Data Keeper (PDK) which submits time and expenses data whenever it is convenient for you whether you are online or offline.

Using a project accounting which is linked with accounting software helps in keeping much better control on the project to help completing it on time and within budget.