Why Use An Integrated Accounting And Project Management System

“I don’t know how much cash is really mine!”

When your project management system (whether an Excel spreadsheet or a top-rated software) isn’t integrated with your accounting system, you never really know how much of the cash in your bank account represents profit  and how much should be earmarked for purchases. 

Implementing an integrated Accounting and Project Management system can solve that problem.

An Integrated Accounting and Project Management system means the project details that drive your financial accounts are all maintained in one system. There is no more scrambling to print reports or spreadsheets from your Project management tool to input (or have your accountant input) to your accounting system. All the details you enter relative to your project flow seamlessly to your accounts each time a financial transaction occurs in the system. For example, you create a client invoice in the system and a sale is recorded in your financial accounts. You mark a vendor as paid and that triggers costs being recorded in your financial accounts. When you need to run a report on your cash balance, all the ins and outs are reflected in real time. Everything is synchronized naturally - two systems aren’t talking to each other - you aren’t checking one system and wondering why it’s different from the other - there is no delay between information you enter for your project and the updating of your financial statements.

An Integrated System is item based. Every detail that you include on your proposals is in the system at the item level.  As these items work their way through the project management process, financial accounts are impacted along the way.

Integrated systems do require more of an understanding of how project management impacts financial activity. And, like any system, its ultimate usefulness is dependent upon the accuracy of the data entered. That’s where The Dove Agency comes in. We help our clients who subscribe to an integrated Accounting/Project Management system by providing bookkeeping, procurement, oversight, and business consulting services.

With an Integrated System and our services…you will always know exactly how much money is really yours!

Learn more at thedovegency.com or by contacting info@thedoveagency.com.