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What is Project Accounting?

Project accounting can help you track the progress of all the projects for operational viability & financial feasibilities. It follows all of the project's financial components, such as estimates, budgets, costs, bookings, billing, advance received, and everything in between. Project accounting is important for certain industries where work activity is performed on a work-to-work basis. It allows identifying the project's profitability, which further identifies areas of cost & revenue of the project that can reform. In the absence of project-based accounting software, project accounting can becomes tedious for business owners. An easy way to deal with your project accounting needs is to outsource project accounting services needs.

We at Whiz Consulting provide cloud-based project accounting services in India and helps businesses highly dependent on projects. Whether your business is based in Delhi, Mumbai, Bangalore, Pune, Hyderabad, and other cities in India, we can help you with your project accounting needs. Our experienced accountants help businesses and assist them with project accounting, achieving positive results for each project and business overall.

Sectors that use Project Accounting extensively:

Sectors in India where project accounting is widely used and is an essential feature of accounting are -

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

At Whiz Consulting, we provide project-based accounting for various industries. Also, our experts have been performing Project Accounting for an extended period and delivered successfully for all our clients.

Project Accounting Software We Use at Whiz Consulting

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

Feature of above accounting software's for tracking the project accounting:
  • Consolidate invoices, expenses and transactions of individual projects
  • Track all time and expenses
  • View outstanding and unbilled work
  • Estimation of tasks and tracking budget with ease
  • Produce profitability reports for each project that let the business check the margins and tracking the cost and revenue of each project
  • Avoid duplication of work while tracking the revenue and cost for a project simultaneously while accounting for a company as a whole.

Frequently Asked Questions (FAQs)

Project accounting monitors the financials of individual projects. It allows companies a closer look into their day-to-day financials of the ongoing projects, which allows them to identify areas of their finances that can be optimised. It also allows them to identify trouble areas that could impact margins in that project and the overall company's financial targets.
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 rigorously used in construction, real estate, event management, marketing agencies, IT, and similar industries.
Project accounting is an integral function for businesses working on multiple projects. It helps businesses manage costs, billing, and revenue for individual projects, allowing them to get the best result in each project. It allows troubleshooting any activity that will impact the final revenue of the project.
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