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Project Accounting Essay

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Research Project (Draft) The Importance of Project Accounting in Professional Services Organizations Submitted by: Star Cinderella C. Cruz BSIT 4-1 Submitted to: Prof. Rosicar Escober Abstract Why the Project Accounting is important for Professional Services Organizations? Information technology is present in most accounting offices these days via computers, printers and other equipment. People talk about how accounting is essential for Professional firms so that they may have a better understanding on their projects and be able to see what projects are profitable. This study has four objectives. First is identify what Project Accounting is. Second is to differentiate the Traditional Accounting to Project Accounting. Third, …show more content…

Most companies invest a lot of time and energy into the process of Project Accounting because of the importance of estimating the performance of the company in relation with its expenses and revenues. Helps to ensure that there is a certain level of profitability which is maintained in each function of the company. Helps to determine and understand the weakest links and give immediately a remedy. Project managers are able to calculate funding advances and actual versus estimated costs using project accounting. Revenues, costs, activities and labors are accurately tracked and measured and provides future benefits to the company. Future estimates can be changed based on past project performances. References Konczynski, T. (2010, October 27). Project Accounting: Why is it Important for Professional Service Firms? Read more at: Http://www.erpsoftwareblog.com/2010/10/project-accounting-why-is-it-important-for-professional-service-firms/ | ERP Software Blog. Retrieved September 3, 2014. Graham, J. (2012, July 14). The Importance of Project Accounting in Professional Services Organizations. Retrieved September 3,

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