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What is a Management Dashboard?
The term Management Dashboard defines a wide range of data reporting and visualization tools or dashboards that allow using various performance & efficiency measures to report on an enterprise’s ability to organize and coordinate its activities in accordance with certain policies and in achievement of pre-determined objectives. What is a Management Dashboard?
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Money Management Action Plan

In this Money Management Action Plan you can read a range of tips and suggestions that will help you manage your money in an effective manner.

Money Management Action Plan
Home » Glossary » What is Project Accounting?
What is Project Accounting?  

What is Project Accounting?


Project Accounting refers to a specific project management practice that identifies, monitors, and summarizes costs incurred in a project to provide an overview of the project’s financial state and cost performance. It is a mechanism of connecting the financial system of an organization with project activities in which the organization is involved. Project accounting aims to ensure that project costs are estimated and accounted as part of the corporate expenses.

 Project accounting is a standalone process that is performed in a certain project environment to track financial progress of particular projects. It helps project managers to accurately assess activity expenses, develop project budgets, and ensure that costs are fully covered by allocated financial resources. A project manager is enabled to quickly detect and address any cost overruns and revise budgets appropriately.

 For organizations, the process establishes a mechanism of unifying corporate finance management with project cost management. It helps accurately assess ROI of individual/portfolio projects, calculate funding advances, estimate revenues, and determine project benefits. Project accounting also provides valued information necessary for making project investment decisions.

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