SELF-TEST: Should Your Company Manage by Project?

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A lot of companies we meet answer “no” when we ask if they have projects to manage, but once we dig a little deeper, it turns out they’ve been doing it all along. Project management is at the core of certain industries, for example professional services, but many other organizations need this type of structure and may benefit from a project accounting solution.

Here is a test to see if using a project accounting module may be right for your organization:

  1. You are using additional segments in your chart of accounts to segment different types of activities.
  2. You need to know the costs of certain activities or initiatives.
  3. Employees work on different initiatives and you want to split their time across multiple budgets.
  4. You have a subsidy or budget and need to follow how much money is left.
  5. You want to know costs for a group of activities, including time and other expenditures.
  6. You spend a lot of time trying to separate time and costs to have a better understanding of which of your operations are profitable.
  7. You do R&D and need additional data to report back to the government for subsidy purposes.
  8. You have multiple cost centers and need to know the profitability of each of them.
  9. You require advanced analytical capabilities but have a hard time finding and gathering the data you want to analyze.
  10. You are in one of the following industries: Not-for-profit, Information technology, Energy.

If you answered “yes” to any of these questions, it may be a good idea to look into whether a project accounting solution can help your organization. A common misconception is that you need to be invoicing in order to use a project accounting solution, but this isn’t the case: instead of looking at profitability, you might use it to look at budget tracking on multiple variables, for example. A project accounting solution can save your organization a lot of time when analyzing your costs and avoiding cost overruns.

If you recognize your firm in one of these scenarios, learn more about JOVACO Project to see if it may be right for your organization.


About JOVACO Solutions

JOVACO Solutions is a leading ERP and CRM solution provider operating in Quebec for over 35 years. As a specialist of Microsoft Dynamics business management solutions, we offer a wide range of products and services to meet all the needs of professional services firms and project-based organizations. We also offer specialized project management tools and timesheet add-ons fully integrated to Microsoft Dynamics solutions. Visit our website or contact us for more information.

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