Project Based AccountingAre you running a company and you have several projects within the company ?? Is it constantly a nightmare to generate reports for these projects ?? Chances are you can actually generate reports with the accounting system you are using but sadly, these reports include details for the entire organization and you cannot be able to tell exactly how each and every one of your projects is doing!
Are you also a funded company and your donors require you to send them periodic reports about how you are spending the money you have been given ?? Are you always running to your accountant for help as you have no idea how to generate reports that only show you details about money received from one specific donor ?? This in time has become both expensive and frustrating!
Uhasibu has a solution for you! We have a feature on the system called Project Based Accounting that you can be able to separately register your expenses and incomes at the project/ grant level! This means, you can be able to indicate that an expense or income only lies within the scope of a specific project/grant.
This means that you can also generate reports that specifically only show you details of a specific project/ grant!! And there, in one go, under the same accounting system you can able to run your day to day accounting activites while at the same time, manage your different projects/grants without any of your exisiting activites affecting the other.
These managements reports can be used to improve how managers generally plan company projects. They can also be used for :
- Financial planning and project based budgeting where managers can appropriately allocate funds to projects and be in a position to do better cash management andd determining funding and material requirements for their projects.
- Project level decision making as these reports provide a better look at the company operations thus pin poiting areas of improvement within a project.
- Employee performance monitoring and accountability where employees can now be held accountable to funds allocated to their projects.