Microsoft Dynamics 365 enables accurate project accounting
Your projects have a significant impact on your revenue and profitability. With a project management solution with powerful accounting capabilities, you can seamlessly connect overall company financials with project activities. Unlock visibility into and control over your projects in real-time from opportunity identification to project delivery, invoicing, and revenue recognition.
Accurate project accounting and billing to boost profitability
Standard accounting typically deals with the accounting for the company as a whole but does not give you the granular detail you need to monitor the finances of individual projects. The absence of a proper tool for tracking and managing the financials of a project negatively impacts your ability to recognize every dollar in revenue and accurately account on a project-by-project basis. You could be absorbing project expenses and inaccurately estimating future projects. A proper project accounting solution built on Microsoft Dynamics 365 and delivered by Rand Group is designed specifically to address the challenges faced by a project-based company so you can review resource consumption and earned revenue in real-time, monitor project profitability, and accelerate invoicing and billing to improve cash flow.
A project accounting solution enables you to better capture time and expenses, analyze the financial performance of individual projects, improve project estimating and quoting, manage different project types, and improve your overall cash flow. Rand Group is your partner to implement a powerful project accounting solution and integrate it with your existing Microsoft ERP such as Dynamics 365 Supply Chain Management or Business Central.
Enhance project estimating and quoting
Leverage accurate, historical data and reports for more accurate and efficient project budgeting. With job costing capabilities, project-based companies are able to reduce costs, improve project performance, and lay a foundation for future growth.
Improve cash flow by invoicing customers quickly
Ensure more efficient invoicing and billing operations by eliminating manual processes. Use group transactions and add details for optimal review and reconciliation to invoice customers quickly. Scheduling capabilities ensure consistent invoicing with fewer errors.
Recognize revenue accurately and on time
Support your company’s compliance with accounting standards and practices such as the International Financial Reporting Standards (IFRS) and report financial results in a timely manner. Automate revenue calculations and allocations and easily recognize multiple revenue scenarios on a project-by-project basis.
Flexible billing configurations
Many factors lead to a billing cycle bottleneck and reduced cash flow such as late time entry, adjustment, long or complex review processes, and complicated manual invoices. With a powerful project accounting solution, you can create rule-based accounting profiles that are tailored to your project types. Multiple pricing models make it possible to bill customers in a variety of ways, ranging from a simple flat-rate each billing cycle to complex volume or tiered scenarios with minimum and maximum thresholds. Additionally, pricing can be customer-specific, volume-based, or a combination of different pricing models to maximize revenue.
Improved visibility into financial performance
Unlock easy access to accurate, real-time financial data that is critical to project and organizational success. With built-in reports, charts, and dashboards, you can proactively view real-time cash flow, identify financial patterns, analyze trends, and improve business planning. Easily monitor your most important profit margin KPIs so project delivery teams can improve performance.
With a project accounting solution from Rand Group, you have the ability to drill down into key project information such as:
- Consumption
- Ledger postings
- Credit to revenue
- Forecasts
- Cash flow projections
Extend your project accounting with other powerful project management solutions
Rand Group offers numerous solutions that support your project management operations. Our software engineers and industry experience will help you select a solution that best fits your needs, then implement and tailor the solution based on your unique processes.
Resource Utilization
With a resource utilization solution, project managers are empowered to optimize staffing and utilization while ensuring that qualified resources are working on the right projects. Reporting forecasting capabilities provide vital insights into project performance and future staffing needs.
Timesheet Management
Leverage a timesheet management solution to increase billable hours and boost employee productivity. Easily automate and simplify the time tracking cycle, including reporting, submission, and approval, while integrating with project accounting and invoicing.
Dynamics 365 Project Operations
Dynamics 365 Project Operations is an enhanced project management solution for project-centric businesses. This powerful tool connects the entire project cycle from sales to financials to optimize resources and drive project success.
Related Insights
Overcome financial management challenges and improve your cash flow
Overcome financial management challenges and improve cash flow with Dynamics 365 built by Microsoft and customized by Rand Group to meet the unique needs of your professional services firm. From flexible billing configurations and simplified invoicing to greater visibility into financial performance, you can unlock your organization’s full potential and maximize profitability.
Win more bids, improve deal management, and accelerate project delivery
Dynamics 365 can help your professional services firm deliver exceptional customer experiences that will accelerate sales and drive success across all your projects. With simplified pricing, estimates, quotes, forecasting, contract management, and project management tools, Dynamics 365 will ensure you win more deals and deliver on expected customer outcomes.
Maximize billable hours with Dynamics 365 Project Operations
Maximizing the number of billable hours per employee is critical to maintaining cash flow and increasing profits for professional services organizations. From intelligent resource scheduling to seamless time and expense tracking, Dynamics 365 Project Operations is a powerful tool that can be leveraged to maximize billable hours.
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