Project Accounting

At most companies, project accounting is the responsibility of the managers overseeing projects. Employees sign in and out on timesheets, and the costs of required equipment and supplies are documented on invoices. Accounting becomes difficult, however, when employees or contractors are not working on-site, and when there is no distinction between which supplies and equipment are used for certain projects.

Regardless of where projects are completed or how supplies are ordered, accounting usually requires a lot of manual data entry. Duplicate data entry costs time and incurs errors. Employees and contractors log their time, and managers must convert their hours into spreadsheets or use accounting software. Invoices must also be copied. In both cases, the company is replicating work. Employees enter their time. Then the manager reenters the same information. Supplies are ordered and invoices are produced, and then the manager copies that information into an electronic medium.

The Unanet Solution to Project Accounting

Here at Unanet, our professional services automation software eliminates the need to transfer data from paper to the computer. Rather than signing in on timesheets or emailing hours worked from a remote location, employees can log onto the Unanet interface and enter their hours. Instead of retyping information, managers can simply view the hours people have worked and approve them. After that, no work is required. When ordering supplies, all information is captured in Unanet.

In addition to saving each project manager the burden of administrative accounting work, Unanet eases the burden on upper-level managers. Because all project managers use the same Unanet database, all accounting information is stored in a central location. Instead of saving 20 spreadsheets compiled by 20 managers and then merging the information, an executive can view accounting on a macro level simply by logging onto Unanet. At a single glance, you can see which managers are operating within their budgets, and which are not.