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How do I Choose the Best Project Accounting Software?

Article Details
  • Written By: H. Bliss
  • Edited By: W. Everett
  • Last Modified Date: 02 July 2018
  • Copyright Protected:
    2003-2018
    Conjecture Corporation
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Choosing the best project accounting software often requires that you examine the nature and needs of the project and the organization to determine what features you need. Project accounting software can be online or offline, and each situation can provide benefits and drawbacks to users of the software. Overall, you want the software to be effective, and you want to be able to use and understand it, so take extra care to get a usable software program that improves operations within your organization.

Project accounting software is often created for projects within a certain industry or type of business. Industries that use project accounting software include the construction industry, the shipping industry, and retail stores. Matching the features of the software program correctly with your business needs can be easy for common business types, but it can be more difficult for small businesses that operate under their own set of processes.

While project accounting software tailored to your specific industry can help you organize your company's operations, if you are running a niche company with only marginal similarities to a large industry, it may be best to opt for accounting software you can customize to your needs. In the end, you are looking for something that is effective and something that you and your employees can and will use, so you need to get information on the usability of a software program before committing to its use within your company.

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The type of project may dictate a need for short term or long term project accounting capabilities. Differences in the project may also cause one project to have need of a more detailed accounting system than another. A director using project accounting software to track transactions and estimate financial outcomes for a project like a stage production may need a more detailed accounting system than a parent recording fundraiser sales for the members of a youth sports team.

A basic, simple, and inexpensive form of project accounting software is the simple spreadsheet. If cost is a primary concern, spreadsheet programs come standard on most computer systems and can be download inexpensively or for free. A spreadsheet-savvy user can program a spreadsheet to organize accounting data for the project and make specific calculations relating the data. Spreadsheets can be used to create balance sheets and make custom forms that track expenses and record incoming money.

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