Successful project management is the key to profitability in complex manufacturing. The Visibility ERP Project Accounting module together with fully integrated project management capabilities, provides the tools needed to manage all projects on time and within budget.
The Project Accounting module extends into every module of the system, providing the means to manage on a project basis. Additionally, it also enables each department to operate optimally with a mix of project and non-project work. Project structures within Visibility ERP create the opportunity to integrate with third party project management tools.
The project structure is a hierarchical definition of the contract or project. This structure allows for organization of projects into multiple branches and levels of subtasks. Those tasks belonging to the same activity or final product are grouped through the project structure.
The project accounting processes are governed by the project structure when accumulating costs throughout the levels of a project and are accomplished without the need for rollup. The reporting and inquiries into a project allow users to view budgets and actual costs incurred to date.
Work order and sales order transactions accumulate costs to Work in Process and Cost of Goods Sold ledger accounts. Cost Accounting delivers real-time standard to actual analysis. Cost Accounting provides a number of estimates to complete/estimate at complete cost analysis reports including:
Automated cost variance or cost recognition can be applied, resulting in the generation and posting of required journal entries to properly recognize accumulated cost.