What to look for: These core functions make all the difference
These functions are some of the features that will set a good project accounting system apart from a mediocre one.
- Project budgeting
- Change orders
- WiP (Work in Progress)
- Flexible Billing – change rates, hold time, choose when to bill time & expense
- Flexible revenue recognition
- Create the reports that matter to you
- Project allocator – an if/then rules engine that intelligently flows your project costs and revenues into your GL
But wait, there’s more! An ERP can include many more functions…
- Build to order
- Build to sell
- Inventory & Purchasing
- Resource Planning
- Service Contract
- Service Dispatch
- Contract Management
- Equipment Management
- Integrated CRM
- and more? …possibly.
Just as you are unique, so is each ERP system.
Each ERP system has it’s own strengths and weaknesses, and available modules. To help you navigate this:
- Be clear on your priorities and then match them against what’s available and configurable.
- Your final decision should include prioritizing a list of requirements.
- Ensure that each problem you solve is actually going to add value to your organization in the long run.
Tip: Don’t fall into the trap of thinking that every possible feature will be used or needed. Just because it’s possible in a new system, it doesn’t mean it’s going to improve your processes, increase efficiency or add to your bottom line.