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Managing project costs can be an administrative burden, whether you are billing for project work, managing a capital asset project, or tracking internal project costs. With this modern best practice, you can easily capture and account for project costs and commitments across the enterprise—regardless of the data sources. Using any device, you can record and approve expenditures following standard processes. Monitor spending trends and make necessary adjustments with analytics. Take advantage of the cloud to automate posting to accounting and resolve exceptions through secure social collaboration.
Standardize and automate cost collection for all project-related expenditures using transaction and budgetary controls. Record billable, capital, or internal project costs.
Compare budgets to actual costs. Analyze account activity and reconcile balances. Perform online adjustments to recalculate or transfer costs.
If budget changes occur midproject, analyze options and make adjustments to increase or decrease project spend as needed.
Apply buildup of indirect costs to expenditure items to report and account for the total project cost.
Generate and post enterprise-level accounting entries for costs, adjustments, allocations, and accruals.
If applicable, record capital asset costs for the project and calculate simple or compound capital interest.
If/when the project benefited from the costs, allocate overhead costs such as salaries and administrative overhead.