PwC175i

Project Accounting - Best Practices Objectives

Project Accounting

Objectives

Organisation

People

Processes

Controls

Measures

Information Systems



to record and maintain costs and time at a
project and task level



to maintain project assets & Work In
Progress



to bill / charge for jobs carried out



to assist in planning, scheduling and
controlling projects



to measure ongoing profitability and
technical effectiveness of projects and
enable corrective action to be taken



Bridge between financial
management & project
management



Establish project
structure and type



Create new project



Allocate budget



Track actual costs and
time



Review projects progress



Bill or capitalise costs



Close project



Monthly
reporting



Reconciliation to
other modules



Physical progress



Invoices being
paid



Key performance
indicators



Profitability of
project



Variance analysis
(cost, time &
materials)



Achievement of
technical objectives



On-line
timesheet input



Eliminate
rekeying of
data



Integrated
systems



Empower project
managers



To control
information and take
corrective action