--- title: Project Accounting Guide for Professional Services description: Download this Project Accounting Guide and learn how to take the complexity out of Professional Services Project accounting. image: https://cloud-erp.aqurus.ca/hubfs/Project%20plan%20with%20pen.jpeg --- 1 min read # Project Accounting Guide for Professional Services [![Picture of Murray Quibell](https://cloud-erp.aqurus.ca/hubfs/Imported_Blog_Media/Aqurus-president-Murray-Quibell-131x150-1.jpeg) Murray Quibell ](https://cloud-erp.aqurus.ca/cloud-erp/author/murray-quibell) Nov 2, 2020 1:00:19 AM ![Project Accounting Guide for Professional Services](https://cloud-erp.aqurus.ca/hubfs/Project%20plan%20with%20pen.jpeg)   ##### Take the Complexity out of Professional Services Accounting    Let’s begin by stating the obvious. Project accounting is complicated. Project-based businesses need to satisfy a slew of accounting requirements while also meeting the needs of project managers and their customers.   Companies need tools that offer a high level of control from an accounting perspective plus the flexibility required to manage projects of all kinds while delivering critical insights to those who need them in real-time. The right business management solution must, therefore, create a bridge for users across the following differences: **TIMING ** Project accounting is tied to the start and end dates of the project, which may cross fiscal years. Financial accounting is based on the company’s annual reporting periods. **REPORTING ** Project reporting focuses on schedule, costs, and resources. In financial reporting, the focus is on the three bottom lines – net income, operating cash flow, and net assets return. **RULES ** Project billing can be calculated in various ways (at the discretion of the project manager) using rules applied at the task level. The resulting bills are then fed back to the accounts receivable module for posting to the general ledger, which follows strict accounting rules. **BASIS OF COMPARISON ** While individual projects can vary greatly, financial statements are designed for comparability across organizations based on a standard set of rules and financial measures. Individual projects may each have their own set of metrics, which makes meaningful comparisons harder to obtain. **STAKEHOLDER NEEDS ** Project managers are focused on managing project budgets and timelines while accountants are tasked with ensuring the business’s overall success in meeting their financial goals. Accountants must manage these goals while staying in compliance with various external regulatory and reporting requirements. Clearly, it is a daunting task to select a Project Accounting solution that meets the needs of both accountants and project managers while also serving the business’ current and evolving needs. We’ve provided a feature guide below to help you decide if your current Project Accounting solution fits the bill.   [Download Guide](https://cloud-erp.aqurus.ca/cloud-erp/project-accounting-suite-datasheet)   ### Learn 4 Reasons Companies Choose Acumatica [![Project Profitability Made Simple](https://cloud-erp.aqurus.ca/hubfs/Back%20view%20image%20of%20businessman%20drawing%20graphics%20on%20wall.jpeg) ](https://cloud-erp.aqurus.ca/cloud-erp/project-profitability-made-simple) #### [Project Profitability Made Simple](https://cloud-erp.aqurus.ca/cloud-erp/project-profitability-made-simple) ![Picture of Murray Quibell](https://cloud-erp.aqurus.ca/hs-fs/hubfs/Imported_Blog_Media/Aqurus-president-Murray-Quibell-131x150-1.jpeg?width=30&name=Aqurus-president-Murray-Quibell-131x150-1.jpeg) [Murray Quibell](https://cloud-erp.aqurus.ca/cloud-erp/author/murray-quibell) : Oct 15, 2020 4:55:35 AM This new eBook provides six ways to enhance your project accounting—and your bottom line. [Read More](https://cloud-erp.aqurus.ca/cloud-erp/project-profitability-made-simple) [![Acumatica ERP Project Accounting Tools: Time & Expense Management](https://cloud-erp.aqurus.ca/hubfs/Closeup%20of%20young%20man%20in%20glasses%20with%20beard%20making%20blueprints%20on%20computer.jpeg) ](https://cloud-erp.aqurus.ca/cloud-erp/acumatica-erp-project-accounting-tools-time-expense-management) #### [Acumatica ERP Project Accounting Tools: Time & Expense Management](https://cloud-erp.aqurus.ca/cloud-erp/acumatica-erp-project-accounting-tools-time-expense-management) ![Picture of Murray Quibell](https://cloud-erp.aqurus.ca/hs-fs/hubfs/Imported_Blog_Media/Aqurus-president-Murray-Quibell-131x150-1.jpeg?width=30&name=Aqurus-president-Murray-Quibell-131x150-1.jpeg) [Murray Quibell](https://cloud-erp.aqurus.ca/cloud-erp/author/murray-quibell) : Jul 22, 2019 12:00:38 AM Over the past few weeks, we’ve been discussing Acumatica’s Project Accounting suite and the different features of the software (Project Cost Tracking... [Read More](https://cloud-erp.aqurus.ca/cloud-erp/acumatica-erp-project-accounting-tools-time-expense-management) [![Project Accounting Overview – Acumatica Cloud ERP](https://cloud-erp.aqurus.ca/hubfs/workorder-schedule.png) ](https://cloud-erp.aqurus.ca/cloud-erp/project-accounting-overview-acumatica-cloud-erp) #### [Project Accounting Overview – Acumatica Cloud ERP](https://cloud-erp.aqurus.ca/cloud-erp/project-accounting-overview-acumatica-cloud-erp) ![Picture of Murray Quibell](https://cloud-erp.aqurus.ca/hs-fs/hubfs/Imported_Blog_Media/Aqurus-president-Murray-Quibell-131x150-1.jpeg?width=30&name=Aqurus-president-Murray-Quibell-131x150-1.jpeg) [Murray Quibell](https://cloud-erp.aqurus.ca/cloud-erp/author/murray-quibell) : Oct 15, 2015 12:42:42 PM This video provides a demonstration and overview of project accounting and job costing in Acumatica Cloud ERP. The video includes an example project... 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