Project Accounting vs Project Cost… Is there really a difference?

If you need a way to manage, track, and report on projects in Dynamics GP, then you may be doing some research on what solutions would be best for your business. The top two that should show up in your search are Project Cost and Project Accounting.

Project Accounting vs Project Cost… Is there really a difference?

Project Accounting allows you to keep track of revenue and expenses for a specific project, job, or other work subcategories of your company.  It also lets you group projects together and report on that grouping.  Reporting can include both actual and budget figures.

Project Cost is a tightly integrated project module for Microsoft Dynamics GP, with GP requisition integration, cash receipts processing, and Report Integration for Dynamics GP and DevExpress.

Both can manage and track your projects. Both work with GP. Both have reporting capabilities.

But there are some key differences when you compare Project Accounting vs Project Cost. Here are some important points to consider:

  • Tracking project details and WBS is an essential function of modern Project systems.
  • Project Accounting may have implementation costs associated with T&E entry.
  • Any cost accounting system without a good audit trail and reconciliation toolset is inviting increased maintenance problems as well as concerns with Sarbanes-Oxley compliance.
  • Audit problems, lack of Cost Pooling, and Allocations are critical issues for Government Contractors.
  • Most companies have some unique reporting needs.
  • Count the number of windows that need to be opened to bill a single timesheet transaction. Make sure your system is efficient.

Join Express Information Systems and Rockton for a webinar on May 6th at 11 am CST as we will dive into the key differences as well as a sneak-peek into Project Cost!

Looking into both solutions is important. Make sure you know the ins and outs so you can select the one that will meet your business needs.

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