Project Accounting

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Project accounting is a specific accounting method that provides a real-time way to track, record, and assess the costs of a particular project within overall company operations. Pdriven's platform consists of a specially designed technological ecosystem.  

For several reasons, financial accounting, the method typically used for company-wide operations, doesn't fit well with the realities of serving a specific project. Project accounting is a better fit for shorter timescales and the need to make decisions based on real-time bottom-line information. The process tracks budgets, estimates, costs, bookings, billings, and everything in between.

Pdriven offers industry-specific comprehensive functionality, complete visibility, and support. 

Here are three main features of project accounting: 

• The ledger opens and closes based on the life of a project. The beginning date of a project is the opening date of the ledger. When the project wraps up (i.e., deliverables sent to the client, and the fulfillment of contractual obligations), the books close.
• Costs are tied to the project. In project accounting, things like depreciation happen afterward as a part of the company's financial accounting. Here, the focus is on the deliverables and the costs associated with creating them inside the specific project.
• Generally speaking, cost comparisons between projects bear little fruit since projects tend to be of different sizes and scopes. The exception may be when projects are similar as a way of analyzing the spend between the two.

You run a busy and profitable professional practice, and your accounting has grown too large and too slow to be handled in-house. You know that because projects are short term, project-based cloud solutions are best, but you've needed a cloud solution since, like, yesterday. That's okay. Pdriven is ready to help. 

Projects fail most often because they go over budget and over time. It's critical that you accurately capture both costs and timetables. You need seamless, integrated cloud-based project solutions, not an internal workload that does not yield bottom line and profit results in real-time. Pdriven manages and analyses all your accounting software in the cloud, leaving you free to focus on your projects.