Business management glossary/Project accounting

Project accounting

General

A way of tracking revenue, costs, and profitability for each individual project rather than only for the company as a whole. It ties time, expenses, and billing back to specific engagements so a services firm can see which projects actually make money.

Related terms

Professional Services Automation (PSA)Work in progress (WIP)Project profitabilityTime and materials (T&M) billingBurn rateRealization rate

On Flowtly

Time trackingAccounting firms

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