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What is Project Accounting?

As the name suggests, project accounting is simply accounting on a project-by-project basis. It focuses on all the financial components of a project. Components such as estimates, budgets, costings, bookkeeping, billing, and everything in between, are being tracked. Project accounting is essential for specific industries where work activity is performed on a work-to-work basis. In addition, it identifies each project's profitability, which further helps determines parts of cost & revenue that can be optimised.

Whiz Consulting provides project accounting services in Australia that aims to help all businesses highly dependent on projects. Project accounting process can become tedious for businesses with a high number of projects. Our experienced accountant will provide the proper assistance and guidance for project accounting, helping to achieve a positive outcome of each project resulting in overall business growth.

Areas Where Project Accounting is Used

We at Whiz Consulting specialise in doing project accounting and have wide experience running project-based accounting for various industries bases in Australia.

Real Estate Project
Construction Project
IT Project
Exhibition or Event
Healthcare
Energy

Tools for Project Accounting

We use the following popular accounting software to manage the revenue and cost of a project:

Feature of above project accounting software's for tracking the project accounting:
  • Connect invoices, expenses and transactions of each project
  • Constant tracking of expenses
  • View outstanding and unbilled work
  • Add task estimates and track budget with ease
  • Running the profitability reports for each project to check the margins and tracking the cost and revenue of each project
  • No duplication of work, tracking the revenue and cost for a project happen simultaneously with accounting for a company as a whole.

Frequently Asked Questions (FAQs)

Project accounting is concerned with the financials of an individual project. It allows companies to identify areas of their finances that can be optimised by monitoring day-to-day financials helping them identify trouble areas that could impact margins. While traditional accounting deals with the entire accounting for a company as a whole, usually within a fixed period (i.e. quarterly or annually). It takes into account every project that an organisation undertakes as a part of its standard accounting.
Project accountants manage the financial activities that befall through a project's lifecycle. From operating budget and forecasting to reviewing the project performance of a product, everything related to accounting for a project has to be undertaken by a project accountant.
Project Accounting focuses on accounting for projects. It helps a business to track and analyse the financial movement of individual projects. Having this information allows businesses to understand every projects' future profitability and its feasibility. Therefore, it is highly used for businesses that work on a project basis, such as real estate, construction, IT, event management, and other similar businesses.

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