PROJECT ACCOUNTING Module is a Microsoft Dynamics 365 Finance , Supply Chain Management project management solution for lines of business that require a project implementation in their operations, such as system integrators, construction firms, a consulting businesses and travel planning agencies.
In addition to cost and profit management, PROJECT ACCOUNTING Module enables users to ascertain the balance of payments in real-time through centralized management of all pertinent information including business opportunities, project progress, budgets, as well as the start and an end of a project. In addition, the solution supports the percentage-of-completion method so that users can calculate revenue according to progress and record it an accrual basis.
Features of PROJECT ACCOUNTING Module
To complete a project successfully, accurate project planning, understanding the situation in real-time and close communication between project members are essential. PROJECT ACCOUNTING Module not only keeps track of costs but also supports smooth project performance throughout the entire process of planning, execution and analysis.
Centralized Project Management
A single project may involve many people from different divisions, and it is important for them to share accurate information to ensure effective project execution.
- Managing Opportunities at the Business Negotiation Stage (Before Receiving an Order)
- This feature allows a user to share the necessary information by managing sales opportunities and activities such as proposals and quotations.
In addition, by using Microsoft Dynamics CRM and Dynamics 365 Finance , Supply Chain Management concurrently, users can implement more delicate project management.
- Assignment of Workers
- With this feature, users can search and assign the appropriate workers for a project based on the necessary skills and experience.
- Setting Up Flexible Billing Rules
- Users can configure different billing rules for each project such as an advance receipt, split payments, payment based on time worked and the claiming of actual expenses.
- “Internal Project” Management
- In addition to external projects that generate revenue based on contracts with customers, the management of internal projects which are not related to customers is also supported.
For instance, users can manage progress, person-days and expenses for an internal project for new product development or improved business operations in real-time. Users can also calculate the costs for a project as fixed assets.
The larger a project is, the more essential it is to mitigate risks through continuous monitoring.
PROJECT ACCOUNTING Module supports project visualization by providing status information such as costs and progress in real-time.
- Project Costs and Person-days in Real Time
- Person-days spent during a project are calculated on a “Time Sheet.” This helps users ascertain the status of costs and person-days automatically and in real-time by associating the orders, purchases, production orders and expenses related to a project with a project code.
- Budget Balance / Profit and Loss Management
- This feature allows users to set up multiple working budget models for a project and compare them with costs. By setting up different estimated work-hours for each project, users can analyze a budget balance in terms of both time variance (quantity variance) and price variance (labor rate variance).
- Progress Visualization
- In addition to the status of budget usage, users can check project progress from three perspectives, Money, Task and Time, such as task completion status in a WBS or availability factor.
Moreover, by integrating Dynamics 365 Finance , Supply Chain Management with Microsoft Project Server, the feature can be utilized as an integrated project management foundations that includes schedule management, detailed resource management and document management.
Percentage of Completion Method
In addition to construction firms, accounting based on the percentage-of-completion method is applied to various industries.
Dynamics 365 Finance , Supply Chain Management supports the calculation of project progress based on working budgets and costs to ensure inclusion in sales accounting each year.
- 1.Calculation of Progress
- This feature calculates progress based on working budgets and costs or by working hours so that the sales amounts to be recorded can be automatically calculated.