The Art Of Insightful Project Accounting With MYOB Advanced

If you run a project-based work business you might be wondering:

“How do I get better insights into the performance of each and every project?”.

From trades like architecture, design, and construction, to the non-profit and service sectors, businesses need a smart way to track work, budgets, and productivity at the project level, not just at the company level.

Why? Simple.

Because by tracking and reporting on every project individually you can drill down into where dollars are spent and get better insights into how each project is performing.

In this post, we are going to explore the Project Accounting functionality within the MYOB Advanced Cloud ERP software and the benefits for project-based businesses that choose MYOB Advanced.

What makes SMBs choose MYOB Advanced instead of the many other ERP systems available

Most ERP solutions are optimized for traditional financial accounting, where costs are analyzed by department and cost centre, and reconciled or compared by fiscal time periods. Traditional fiscal accounting is necessary for understanding the overall health and performance of a business, but it doesn’t offer the ability to look more specifically at the costs and profits of specific business projects, activities, and endeavours.

Unfortunately, many businesses aren’t using truly comprehensive ERP solutions, so the process of gathering and reconciling project-specific data from different accounting, time management, and project management tools is time-consuming, and often inaccurate. Obviously, no business can omit financial accounting, but many businesses can gain valuable insights from a deeper analysis of staff utilization, costs, schedules, and profits at the project level.

MYOB Advanced is a comprehensive ERP solution, with all the traditional accounting features necessary for compliance and reporting of the overall health of your company. But MYOB Advanced not only has best-in-class financial accounting features, it also has easy-to-use project accounting management modules.

Better insights with Project Accounting in MYOB Advanced

The MYOB Advanced project accounting module unlocks a whole new suite of capabilities for SMBs, including the ability to:

Manage project costs. By assigning employees, resources, or equipment to a project, you can get real time cost analysis of current expenditures, time tracking, subcontractor costs, materials, and more. Project cost management lets you always compare current costs to budgets and projections, preventing over-runs before they happen.
Manage project billing. With MYOB project accounting modules, you can easily prepare and send fixed price, cost plus, milestone specific, contract specific, or time & materials invoices. You can even set, adjust, or cap rates specific to a project, task, or customer.
Manage time and expenses. Using the MYOB mobile app, employees and managers can easily track time toward specific projects, assign and claim project-related expenses, and route everything appropriately for streamlined and efficient approval. By assigning time and expenses to the right project up front, you never have to sort it out afterward.

With this level of insight into your projects and initiatives, SMBs can:

Increase efficiency. Project-based accounting gives you insight into where your company is spending resources, and where profits are being created. You can see when deadlines or budgets are in jeopardy, and why, and reallocate resources accordingly. You have the insight to remove redundancy, schedule intelligently, and improve compliance throughout the company.
Improve cash flow. Using a project-based accounting system helps you quickly create accurate invoices, with integrated time tracking, hard costs, and verifiable reporting, increasing the likelihood that your clients will pay them on time, with fewer questions or errors.
Improve your marketing strategy. When you know what types of projects are the most profitable and best suited to your skills and talent resources, you can refine your marketing strategy towards those projects. Being able to win new clients with proven examples of comparable projects, teams, and budgets helps you get the right work for your company.

Unlocking insights for your project-based business

With MYOB Advanced Project Accounting, project-based businesses get access to efficient, streamlined, effective project accounting tools. Project-level accounting also offers valuable insights into a surprising range of processes and approaches to managing each project, giving businesses more accuracy, greater control, and a stronger future.