Project and cost accounting
Manage projects of any size, including time capture, resource planning, project accounting and automated project invoicing. Maximize the management of your resources and budgets, assess real income, expenses, and time sheets against planned resource needs, time scale, and profitability. The information you need is presented through pre-defined queries and reports in both tabular and graphical formats.
Xledger’s project accounting consists of a set of flexible sub modules and areas that can be used in full, or in part, based on the organization’s needs and wants. Explore more below for functional detail within and across our core areas.
Projects can be defined and structured with up to 12 hierarchy levels. A project can have an unlimited number of sub projects for allocation and follow-up on any level. The project is the master for defining availability for timesheet entry, GL entry and invoicing rules.
Project participant hours can be entered on a daily basis with options for time-based entry or periodic entry per day, week or month. Apps for iOS, Android, and Windows phones give easy access and overview for time entry and approval from popular mobile devices. Flex time and work schedule give both managers and employees helpful overview. Logged hours can be automatically transferred to payroll. Time can be recorded against project, task and activity levels. Employees can access the system through any device and make time sheet entries, and managers can approve entered time at defined intervals. You can ensure that all billable hours and expenses are included in project billing, and you can report on your projects using actual book income, or based upon imputed hourly earnings and expenses. This ensures holistic overview of project accounts, even if wages and other costs are not recognized within the project.
Project expenses incurred by employees, such as out-of-pocket or travel expenses can be entered via expense reports into the expense ledger for full cost overview and potential billing to the customer. Expenses posted to the GL can be automatically migrated into project system for billing.
Project reporting and follow-up
There is a set of flexible inquiry screens and reports, including 360⁰ views on projects and/or employees that give department or project managers the needed tool to follow-up on progress and status for accountable projects.
Project needs/plans can be entered on daily, weekly, monthly or yearly intervals and then followed up with resource allocation. Allocation can be utilized for both human and non-human resources. Easy access of deviation reports on allocated and used hours gives an instant snapshot and overview for the manager to have control.
Project invoicing and revenue recognition
Hours, travel expenses, subcontracting expenses, product usage and more, can be invoiced directly to customers based on the project setup, price lists and price matrix or based on a fixed price rule. Revenue recognition on running projects is available even on non-direct billable projects.
Contractors or employees can have commissions calculated, posted and paid through the system based on sales order and sales history.
There is available a variety of cost elements and components for building the time expenses for project cost allocation. The cost allocation will be reflected in the GL based on the posting rules for the project.
Word order management
Xledger supports setup of unlimited number of work orders per project for billing on project level or work order level. With Xledger you have the ability to record and report based on project/grant dimensions. Xledger allows you to build custom reports so that line managers, project managers and others can easily access the data they need in the desired format. “Project” is the second most prominently used GL account dimension in Xledger. This user-defined dimension is typically used to capture financial information about changing operational events within a company, such as customers, events, and grants. When attached to GL account transactions, the project dimension can be reported upon separately in inquiries or PDF reports. There is a parent/child relationship within the project setup that allows the consolidation of many sub-projects’ financial results into one main project for reporting. This project dimension is available as a setup field in workflow, which allows for management review, correction, and approval of expenses prior to posting them to the GL.
Xledger’s multi-entity capabilities allow you to manage projects anywhere with resources across the organization and from related entities. You have the ability to pull resources from different sources in your extended organization. One pot of resources can be used for different projects.