Project Accounting Software is specially designed to assist companies in tracking and reporting on the finances of particular projects. Project managers and project accountants may now get insight on a per-project basis thanks to these capabilities, which is especially helpful for companies with many departments or numerous ongoing projects.
Billing and invoicing, time monitoring, project profitability insights, and many other aspects of project financial management are examples of tools for project-based accounting. There are many different project accounting solutions available on the market, each with unique advantages. Project management functions and accounting elements work together to simplify financial procedures, lower mistake rates, and guarantee that financial data is updated in real time with project progress.
Most Popular Project Accounting Software
1. Runn
Runn Project Accounting Software combines the greatest features of both worlds: it provides clear, concise overviews of all projects together with convenient access to in-depth reporting on specific tasks and resources.
Using Runn, the project finance manager may get up-to-date data on their performance regarding the budget and timeline. Quick view options make it simple to examine the effects of changes on the overall results and provide helpful data on revenue, people cost, profit, and profit margin.
Additionally, Runn includes daily billing charts, analytics for individual contributions, and a configurable dashboard with important information like resource allocation, cost, and monthly breakdowns. When required, reports may be readily exported to CSV.
Features:
- API.
- Access Controls/Permissions.
- Assignment Management.
- Automatic Time Capture.
- Availability Management.
- Billable & Non-Billable Hours.
- Billable Items Tracking.
- CRM.
- Capacity Management.
- Collaboration Tools.
- Commenting/Notes.
- Customizable Reports.
- Data Import/Export.
- Drag & Drop.
- Employee Database.
- Employee Management and many more.
Pricing:
- Free for 5 people team.
- Pro: From $10 per resource managed per month.
2. ClickUp
With the ability to handle projects, resources, goals, and documents, ClickUp is a comprehensive work organization tool. This platform provides an extensive feature set for project management. Project scopes may be defined, team members can be given tasks, and process progress can be monitored.
To keep things organized, you may group employees into teams and departments using its resource management features. To expedite the planning of your tasks and projects, templates are provided. You may use the program to monitor expenditures and budgets across your company.
To monitor projects and resources, you may create custom dashboards that provide the most crucial financial data as well as performance statistics. To make sure you don’t forget when payments are due, you may use the recurring tasks function to set up a reminder. Moreover, the program has automatic computations to assist you in maintaining current data.
Features:
- Progress Tracking.
- Project Management.
- Project Planning.
- Project Planning/Scheduling.
- Project Scheduling.
- Project Templates.
- Project Time Tracking.
- Project Tracking.
- Projections.
- Quotes/Estimates.
- Real-Time Editing.
- Real-Time Notifications.
- Real-Time Reporting.
- Real-Time Updates.
- Real-Time Chat.
- Recurring Issues.
- Recurring Tasks and many more.
Pricing:
- Free plan available.
- Unlimited: $5/user/month.
- Business: $9/user/month.
- Enterprise: Contact sales.
3. Forecast
Similar to Runn, Forecast is one of the Best Project Accounting Software and project management tools that consolidates finances, resources, and projects into a single location. This reduces non-billable project administration for agencies and other professional services companies by offering insights and information that facilitate prompt, well-informed decision-making.
With Forecast’s budget tool, project portfolio report, and comprehensive financial analytics suite, you can stay informed about each project’s actual cost, revenue, and profit in real time and close any gaps in your budget. The tool’s centralization of invoice administration might help streamline your billing procedure.
With Forecast, users can plan and manage projects with complete insight into financial data and operations, ensuring a more sustainable future.
Features:
- Milestone Tracking.
- Multiple Projects.
- Percent-Complete Tracking.
- Portfolio Management.
- Prioritization.
- Project Planning/Scheduling.
- Projections.
- Real-Time Updates.
- Reporting/Project Tracking.
- Resource Management.
- Risk Management.
- Status Tracking.
- Task Management.
- Task Progress Tracking and many more.
Pricing:
- Lite: €27/seat/month.
- Pro: €46/seat/month.
- Plus: Contact Forecast.
4. Microsoft Project
Microsoft Project, which is widely regarded as the first project management tool, facilitates collaborative tracking of endeavors and is designed to function seamlessly with conventional project structures overseen by a professional project manager.
Teams may find it simple to include Microsoft Project into their project workflows if they are currently using other Microsoft Suite projects, particularly Teams, and Excel. Because of its smooth connection with Teams, this platform is a great option for accounting projects that are already underway on Teams or for businesses that primarily utilize Teams for collaboration.
The environment and well-known Office-based products minimize learning curves and may help those who aren’t very experienced with project management software get started right away.
Features:
- Communication Management.
- Customizable Templates.
- Data Visualization.
- File Sharing.
- For Small Businesses.
- Gantt/Timeline View.
- Issue Management.
- Kanban Board.
- Milestone Tracking.
- Multiple Projects.
- Percent-Complete Tracking.
- Portfolio Management.
- Prioritization.
- Project Management.
- Project Planning.
- Project Planning/Scheduling.
- Project Templates.
- Project Time Tracking and many more.
Pricing:
- Plan 1: $10/user/month.
- Plan 3: $30/user/month.
- Plan 5: $55/user/month.
- Project Standard 2019: $620 (one-time purchase).
- Project Professional 2019: $1030 (one-time purchase).
5. Paymo
Paymo is a Project Accounting Software that emphasizes teamwork. Users may receive all-in-one job management and project accounting software with its capabilities, which include time tracking, project management, and invoicing software.
The goal of Paymo is to establish a single source of truth. All project financial and scheduling aspects, including time, tasks, billing, reporting, scheduling, and more, may be managed in one location. Users no longer need to keep track of several logins and subscriptions since all project data is accessible in one location.
Easy access to past timesheets and project templates facilitates forecasting and helps shape future initiatives. Based on prior experiences, set reasonable expectations, and monitor them more closely in real-time.
Features:
- Prioritization.
- Productivity Tools.
- Progress Tracking.
- Project Billing.
- Project Costing.
- Project Management.
- Project Planning.
- Project Planning/Scheduling.
- Project Scheduling.
- Project Templates.
- Project Time Tracking.
- Project Tracking.
- Project Workflow.
- Real-Time Data.
- Real-Time Notifications.
- Real-Time Updates and many more.
Pricing:
- Free plan available.
- Starter: $5.95/user/month.
- Small Office: $11.95/user/month.
- Business: $24.95/user/month.
6. ProProfs Project
One of the many ProProfs products, ProProfs Project is designed to provide comprehensive project management capabilities in a single package. This program makes it simple to manage a range of accounting tasks.
Functionalities like milestone and cost-to-completion tracking assist teams and project managers in monitoring critical information and promptly determining if projects are moving along as planned or encountering obstacles. Teams may eliminate the requirement for manual effort updates by setting up proper client access for each project via a client portal.
ProProfs Project may be more affordable for mid-sized teams because of its fixed price model, which does not take user count into consideration. For further features and advantages, you may also link the tool with other ProProfs products, such as its Help Desk.
Features:
- API.
- Billing & Invoicing.
- Budget Management.
- Client Portal.
- Collaboration Tools.
- Cost-to-Completion Tracking.
- Expense Tracking.
- File Sharing.
- Gantt/Timeline View.
- Milestone Tracking.
- Percent-Complete Tracking.
- Prioritization.
- Project Planning/Scheduling.
- Projections.
- Reporting/Project Tracking.
- Resource Management.
- Status Tracking.
- Task Management.
- Time & Expense Tracking.
Pricing:
- Free trial available.
- Solopreneur: $19 per month.
- Team: $49 per month.
- Unlimited: $199 per month.
7. Meisterplan
Managing many projects from an interactive dashboard is simple with Meisterplan, a cloud-based one of the Best Project Accounting Software.
A resource allocation heatmap, which assists project managers in staffing projects without overstuffing or underutilizing team members, is one of its most notable features. This lowers costs and guarantees that all resources are handled effectively by enabling resource conflicts to be identified and resolved beforehand.
Meisterplan assists customers in building efficient project portfolios, emphasizing those that will have the most effects on enterprises. This enables users to reallocate resources to maximize their effectiveness and prioritize projects based on resource availability.
Feature:
- Prioritization.
- Project Planning.
- Project Planning/Scheduling.
- Project Templates.
- Project Tracking.
- Projections.
- Real-Time Data.
- Reporting/Analytics.
- Reporting/Project Tracking.
- Resource Allocation & Planning.
- Resource Management.
- Resource Scheduling.
- Search/Filter.
- Skills Tracking and many more.
Pricing:
- Free trial available.
- Basic: Starts from $640/month.
- Pro: Starts from $850/month.
- Premium: Starts from $2710/month.
8. Financial Cents
With Financial Cents, you may grow your projects and accounting workload without losing sight of the little things, like the amount of time spent on each task. Part of the reason Financial Cents ranks so well is because accountants are its main target demographic.
Certain elements are specifically tailored for usage in financial areas. Additionally, it facilitates thorough time and task monitoring for precise and fast invoicing procedures.
Accounting offices and financial teams looking to streamline operations, increase productivity, or grow their workload should use Financial Cents. With the help of collaboration technologies, teams may work together virtually or across office boundaries with ease. Everyone can quickly see the progress of a project using reliable tracking tools.
Features:
- Progress Tracking.
- Project Management.
- Project Time Tracking.
- Projections.
- Reminders.
- Reporting & Statistics.
- Reporting/Analytics.
- Reporting/Project Tracking.
- Search/Filter.
- Secure Data Storage.
- Staff Management.
- Status Tracking.
- Task Management.
- Task Progress Tracking.
- Task Scheduling and many more.
Pricing:
- Free trial available.
- Annual Plan: $23 per user per month.
- Monthly Plan: $29 per user per month.
Things To Consider Before Choosing Project Accounting Software For Your Organization
You undoubtedly want to know why a certain piece of software was selected as the greatest or most perfect for accounting project management when you’re selecting Project Accounting Software to assist your professional services. Following things you should consider before finalizing one:
User Interface: Professional teams are particularly concerned about a digital workspace’s overall usefulness. A functional user interface is thus crucial. You must consider the kinds of duties that accounting professionals would often do while conducting my review. Moreover, how effectively the platform’s architecture would facilitate certain activities. You should also take into account elements like:
- The amount of clicking and scrolling that was required.
- Choices for personalization.
- The overall aesthetic appeal of the instrument.
User-Friendly: Of course, aesthetic appeal alone is insufficient for an accounting project management system. Teams need real-time communication tools and alternatives for task assignment, tracking, and completion throughout the project planning phase.
Teams may begin working more quickly and more smoothly when such tools are straightforward to use. You should examine the following factors to determine whether a platform is user-friendly:
- The speed at which someone might pick it up.
- Choices for client assistance.
- Knowledge panels and seminars that are accessible.
Pricing: When thinking about any software solution, cost is probably a problem for any kind of organization, whether it is a bigger corporation, a start-up, or one that is expanding on its own. I looked into whether the organizations offering the best project management programs for accountants have pricing lists on their websites.
Since that statistic makes it simple to determine how much the solution may cost you every month, quarter, or year, I was especially interested in learning how much each solution costs per user each month.
FAQ
Q: What is project accounting’s primary goal?
A: The financial activities involved in operating a project, such as expenses, billing, and income, are the main emphasis of project accounting. This approach is used by experts like project managers and accountants to include important financial activities project-by-project and report their accomplishments to management.
Q: Can I use Project Accounting Software for free?
A: A few of the mentioned options offer a free plan. Others offer a free trial.
Q: Which software is best for tally?
A: TallyPrime is a comprehensive company management software solution that handles all of your needs, including cash flow management, inventory control, accounting, and invoicing, all of which contribute to increased business efficiency.