for Project Accounting
A project accounting solution should be at the heart of any project-based company, regardless of whether its primary business need is to track costs or to manage overall profitability. JOVACO Suite provides all the tools you need to manage your projects from a single solution that can be integrated to your financial system. Its modules are flexible enough to accommodate any project structure and capture the information you need to get a better understanding of your business. With the full integration to Microsoft Dynamics solutions, all your information is centralized while transactions are entered into one system and pushed to the others, avoiding repeated manual entries and reducing the risk of errors.
Take advantage of Microsoft Dynamics GP’s robust financial platform and complement the functionalities available natively with the modules you can choose from JOVACO Suite. Manage the costs and revenue of your projects from your accounting solution to create project profitability reports that are more precise. This way, you ensure that your projects are delivered on time, on budget and within scope.
Why manage your projects with JOVACO Suite?
Obtain real-time visibility on your projects
You do not have to wait anymore for your accounting team to compile information on your behalf in order to evaluate your projects. Your project data is updated in real time as time and costs are entered into the system. Moreover, the integration to Microsoft Dynamics GP ensures that information is up to date and available across your entire system.
Have more precise project profitability reports
All information can be allocated to a project, allowing you to capture the actual costs and revenue associated to expenses charged by your suppliers as well as invoices sent to clients. This way, you ensure that your reports are more precise, for better insights into your future costs and revenue.
Manage projects with both simple and complex structures
Create projects with an unlimited number of levels and cost categories, and use various invoicing methods to meet all the different project combinations possible. You need only one solution to manage the entirety of your projects, whether their structure is simple or complex, ensuring that you can deliver them all on time.
Accelerate your invoicing cycle
All activity details are integrated within a single system, eliminating the need to enter information twice when it is time to invoice clients by automating the allocation of time to projects. Personalized invoice templates allow you to meet the different requirements of your clients by combining various invoice types and by billing projects either partially or in their entirety.
Reduce double and repeated manual entries
Since the solution is completely integrated to Microsoft Dynamics GP, all information entered into your financial system can be allocated to a project, which eliminates the need to enter information twice. This decreases the number of double entries, manual entries and the risk of errors, while increasing the efficiency and productivity of your resources.
Optimize the utilization of your resources and teams
Automate markups between departments and companies to take full advantage of the talent found throughout your organization. Promote interdepartmental resource lending by allocating costs to the lending department. This way, you can better manage the workload of your employees and ensure that your teams are working at full capacity at all times.
Key product features
Real-time management of all your projects
A solution specifically designed for project management allows you to create projects with an unlimited number of levels and cost categories. It makes it possible for you to manage all your projects from one application: internal and client projects with both simple and complex structures. This way, you can keep a real-time view on the progress of all your projects as well as on their costs and revenue.
Multi-company and multicurrency functionalities
This project accounting solution supports complex project structures that can include several currencies and resources working for different companies. This reduces the number of adjustments required and allows you to leverage work groups that belong to other companies within your organization. You can also view data and invoice your clients in the currency of your choice, be it transactional or functional.
Full integration to Microsoft Dynamics GP
JOVACO Suite is fully integrated to other Microsoft Dynamics GP modules, such as Purchase Order Processing, Accounts Receivable, Accounts Payable, Human Resources, Payroll and General Ledger. This facilitates the allocation of costs and revenue to your projects from other modules. Everyone across your organization then has access to financial and project data that is accurate and updated in real time.
More than 20 predefined reports for optimal visibility
Generate reports in real time to evaluate the progress and profitability of your projects. The role-based security allows you to empower your resources by giving them access to the project levels that are relevant to their tasks and responsibilities. The members of your project teams can enjoy optimal visibility on the projects that fall under their responsibility and can better evaluate how various activities will impact the profitability of their part of the project.
Better assessment of resource productivity and billable levels
Create projects with different productivity codes to better track your resources’ activities. Within the same project, you can label different activity types as productive or billable time, and thus better evaluate the performance of your employees, teams and departments. You also gain better insight into the productivity of your resources and teams by project or by level in order to optimize their utilization.
Various invoicing methods for the same project or invoice
Combine various invoice types (lump sum, time and material, actuals to date) within the same invoice or project to meet the various requirements of your clients. Invoice projects partially or in their entirety and generate invoices across multiple projects or companies to meet all possible scenarios. As invoicing requirements can change throughout a single project, you can define different formats for each phase.
Benefits for all members of your organization
A project accounting solution integrated to your financial system offers a global view of all your organization’s projects as well as the analytical capabilities required to monitor the health of specific projects and the profitability by department or cost centre. As such, JOVACO Suite provides optimal visibility on the performance of your projects and the productivity of your resources, departments or business units.
The integration between the financial system, the project control module, the professional invoicing module and the timesheet reduces the number of double entries, manual entries as well as the risk of coding errors. The accounting team has templates, customizable reports and all the necessary data at their disposal to complete tasks quickly, which shortens the invoicing cycle.
Project managers have real-time access to all the information they need as well as to a wide array of reports without having to request them from the financial team or any other department. They benefit from precise budget tracking and better comprehension of project evolution, allowing them to make informed business decisions and to react quickly in case of changes.
Specific reports make it possible for project team members to know at a glance whether timelines and budgets are respected. The integration between the timesheet and the resource planning and control module allows everyone to be up to date on tasks and priorities. Resources can enter their time directly into the right project, and instructions and comments can be included to improve communication.
Is a project accounting module right for you?
5 Ways a Project Accounting System Can Help You with Your ABCs
Activity-based costing, also called ABC, was conceptualized to more effectively track costs so that organizations can have a better understanding of the profitability associated to a project or given group of tasks. The challenge of managing your business using activity-based costing, however, is that if you are solely managing these cost groups by their respective GL accounts, it can quickly become too heavy to handle due to how granular the possibilities are when breaking down your specific activity accounts.
>> Learn more about activity-based accounting practices
Have You Outgrown Analytical Accounting in Microsoft Dynamics GP?
Analytical Accounting within Microsoft Dynamics GP has its place; it’s great for smaller organizations or for companies with a limited number of projects and whose needs are restricted to having a general idea of their different project costs. Other organizations use a hybrid between Analytical Accounting and detailed account segments to get the details that they need about their different projects. While it is possible to get information using this process, there may come a time when Analytical Accounting no longer meets your project analysis needs.
>> Learn more about potential signs that your company may need a project accounting module