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.
We at Whiz Consulting specialise in doing project accounting and have wide experience running project-based accounting for various industries bases in Australia.
We use the following popular accounting software to manage the revenue and cost of a project: