Project Accounting Software

A holistic view of your finances

Plan project budgets, identify cash flow problems, and discover the profitability of your projects, taking into account the costs generated by employees, contractors, and overheads.

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Project Accounting: Plan, track and settle project budgets

Estimate the financial side of your project accurately. Create a budget for your project, and easily settle with clients using multiple currencies. Each cost or revenue point can be recurrent or one-off - and if the reality differs from your plan, it will be noted on the chart.

„My consultant is better then my own wife! He picks up the phone right after the second I call!”

Andy McCartney

Head of Product Design

  • Project budgeting workflow
  • Comparison between plans and actuals
  • Customizable settlement dates

Get spot-on reports thanks to categories

Divide costs and revenue into 5 distinct categories to get an accurate overview of your expenses: employee work, employee salaries, contractors work, project overhead, and organization overheads

Project Accounting that actually works as you expect.

„My consultant is better then my own wife! He picks up the phone right after the second I call!”

Andy McCartney

Head of Product Design

  • Different margin levels
  • Different cost & income categories
  • Project & organization overheads

Forecast project profitability

Forecast project margins and the overall profitability of your business. Create cash flow simulations and predictions depending on the kind of incoming projects (tentative or scheduled).

  • Financial simulations
  • Organization costs vs projects incomes
  • Cost allocation key

Project Accounting tailored to your business model

Budget your projects with ease thanks to customizable budgeting options. Do you settle with your clients in multiple currencies? Or maybe you use different billing models? Do not worry. Primetric can handle it.

„My consultant is better then my own wife! He picks up the phone right after the second I call!”

Andy McCartney

Head of Product Design

  • Multiple currencies support
  • One-time and recurring costs / incomes
  • T&M, Fixed Price and other budgeting models

One dashboard to rule them all

Create your favorite reports and add them to the dashboard. Update and share them with your team, and keep track of all the operations.

Project Accounting never has been so precise, yet easy at the same time.

  • Customizable Dashboards
  • Custom Reports
  • Export to XLSX
Testimonial | HSD
"Primetric is simply a game-changing solution. It saves us more than 200 000$ per year, and better forecasts the project's margin. What’s more, the support is extremely fast and helpful. The first feature that I requested was released after a few hours. Love them!"

Sarah Prouse

Service Delivery Director

Project Accounting Software - FAQ

What is Project Accounting software?
Project Accounting software is a platform that helps the company and the team track data on budget, incomes, outcomes and other transactions related to the project or all the company’s operations.
 
The system can be used for various purposes, including:

1. Monitoring the financial performance of one or more projects,
2. Looking for inefficiencies and potential profits,
3. Searching for spendings that can be reduced,
4. Calculating the profitability of existing and prospective projects. 
What types of companies should use Project Accounting software?
Project Accounting software is a must for any company that has to monitor the financial performance of a few projects at once.

In general, budgets and other financial details for such projects have to be calculated separately. Project accounting software is, therefore, the best way to gather and analyze these data comprehensively. 

However, Project Accounting software can also be used in companies having to complete many separate tasks at once and they need to have their budget monitored separately. With such software, this can be done in a simple and intuitive way. 

What are the steps needed to take to implement Project Accounting?
First and foremost, you need project accounting software to even start thinking about project accounting itself.

That is because combining the financial data from many different operations is simply impossible in spreadsheets or paper-based documents. 

Therefore, to implement project accounting in your organization, you need to start with defining key features that your business needs to thrive. Observe your processes, determine the most important accounting-related points and pick the right tool for the process accordingly.

Remember to look for project accounting software with as many features as possible - as your company scales, you will need more and more of them! 
How the project accounting process looks step by step?
1. Choose a tool and implement it in your company.
2. Export any financial data from other sources, if necessary.
3. Create a budget for separate projects, if you have not done this before. In other cases, try to maximize profit margins while exporting the budgets into the tool.
4. Track all the transactions in the project. To add to that, monitor all the billable hours your workers report.
5. Review the results on a regular basis. Use the reports provided by your tool of choice to monitor all the processes and find both inefficiencies and potential incomes.
Who is responsible for project accounting in the company?
In large companies, project accounting is usually a responsibility of project accountant or accounting department in general. Their work can be monitored and influenced by a project manager involved in a given project and by a CFO himself. 

However, smaller companies do not have such specialized positions. In their case, project accounting is usually a responsibility of the project manager or PMO.

Their actions are overseen by the financial manager (CFO) or CEO himself. This structure may differ depending on the organization. 

How to measure the efficiency of project accounting?
The success in project accounting can be measured differently depending on the situation.

It can be described as:

1. General revenue from one or many projects,
2. The profit margin from one project or as an average profit margin from many projects at once,
3. The amount of billable hours used to complete the project,
4. Key Cost Allocation formula
5. Margin of the 2nd, 3rd degree.

However, these metrics may vary should the project require some special operations. 

It’s so simple to get started, why wait? 

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