Accurate Costing and Cash Flow Management - A Project Accountants’ Dream
Percent of Completion and Completed Contract are common Accounting concepts in an Experiential Design and Fabrication world. Projects often have many elements. Accurate and up to date costing and timelines is critical to ensuring that everyone is making the most informed decisions possible...what better way to handle these challenges than to implement a unique ERP system.
If you have read our other blogs relating to our Orange Paper, you are already aware that implementing the Orange Factor, INDUSTRIOS Software, can have many benefits for firms trying to thrive in the Experiential Design and Fabrication industry. But wait! There’s still more...
In any given project, many factors can impact the overall cash flow. INDUSTRIOS can easily define, manage and display progress throughout a project, while allowing for adjustments for the variety of situations that may arise.Sudden cost adjustments midway through a project or changes in timelines that affect billing milestones, if not accounted for, could have a significant negative effect on the accuracy of the numbers being produced.
INDUSTRIOS also provides a reliable, central platform to communicate these details and establish and monitor billing milestones essential for accurate billing as the project proceeds. Giving the project financial team access to accurate, up to date information helps keep cash flow constant and get billings out to customers in a timely manner. By the end of the project they can rest assured that the final reconciliation and bill generated by INDUSTRIOS are accurate.
If you would like to read more about how INDUSTRIOS Software helps with Project Accounting in the Experiential Design Sector click here to be directed to the Orange Paper.
