Project accounting - What is project accounting?

Definition: Project accounting is the facilitation and integration of key tasks in the management of a large project.

With Project accounting, you can keep track of the hours, related costs and other key tasks related to a specific project.

The hours and related costs that are accrued regarding a project are used as a foundation for e.g. invoicing of the project, or in some cases as cost management regarding tasks on fixed prices.

Project accounting with E-conomic

When using Project accounting in E-conomic, the project hours worked are entered into the system directly by the registrant and costs on the project or the case are booked directly via the creditor invoice or the financial appendix on the project.

This way, when the project supervisor needs to invoice the client or calculate the total costs, Project accounting makes it easy to create an invoice where all of the project hours and costs are included, or can provide insight about whether or not the project is profitable.

E-conomic keeps you informed

Keeping electronic records in a system like E-conomic throughout a project allows you to view statistics on your on going or completed work for that project at any time. This way, the total knock-on effect of any departures from the original project plan can be assessed in key areas (budgeting and scheduling, for example) as the project evolves. See our guidelines or help videos about how to run run projects in E-conomic or find out more about the E-conomic Accounting System.