Project Cost Accounting

Project cost accounting is the process of tracking client and salary costs for each project.  It can also extend into sub-projects, phases, and tasks.

Standard Time tracks eight costs values for each project.  And, it goes down to the task and sub-project level to show those as well.  You simply make a few choices for each project, and Standard Time does the cost accounting on the fly.  In other words, your cost values are updated in real time.  The image below shows some of those numbers.  We'd be happy to explain them in a live demo, or you can download Standard Time to try it for yourself.

Project Cost Accounting

Client revenue
If you bill for employee hours, or you bill internal departments for your departmental work, you need to account for client costs.  Each project will have forecasts that represent your expected revenue.  And, they will have earned value that you gain as the project progresses.  The difference between those two is the remaining value (yet to be earned).

Client billing is normally based on employee skills and hourly work.  There are other ways to bill out projects, but this is the most common.  Project cost accounting covers all projects, regardless of their client billing methods, and rates per project.  You'll find all the common methods in Standard Time.  Download, and take a look!

Salary costs
In addition to client revenue, you have salary costs for the employees doing the work.  Ideally, you'd like to track these side-by-side.  In other words, you'd probably like to see salary costs right next to your client revenue so you can compare the two.  There will naturally be a margin of profit that you should track.  Increase this margin, and you make money.  Let it erode, and you face difficulties.

There's more..
Obviously, there's a lot more to discuss regarding cost accounting.  You should focus on your business needs, and let us match those needs with Standard Time.  A personal walk-though of the product is the best approach.  Click here to schedule one.