Project accounting is accounting performed on a project-by-project basis, tracking various individual components of the project. This ensures that your project stays on budget, tells you what you should be billing, and informs the project’s overall profitability. It can be used in a wide range of fields and businesses, including construction, government contract work and medical services to name a few.
Compared to standard accounting, project accounting is much more focused and gives you a closer look at day-to-day finances, including budgets, costs, estimates, bookings, billings, and more. From there, you can determine trouble areas that could negatively impact margins and can find ways to optimize cash.
Read More Here,,,