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Creative Project Accounting

First published Aug 06

Neville Turbit - Project Perfect
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Overview

Project accounting is one of the least exciting parts of project management. It is also usually a minefield of issues relating to reconciliations and administration.

  • Projects span financial years and the accounts fail to handle consolidation.
  • Budgets are modified as variations are approved.
  • The figures don’t allow the project manager to differentiate to the level of detail required.

Get Organised with Project Administirator Software

This white paper is an attempt to think outside the box and look at some non-standard accounting practices that might make project accounting more effective. If someone would like to take some of these ideas, and incorporate them into an accounting package please do so. Just let me know so that I can buy and use the package afterwards.

Key Points:

  • Granularity of Project Accounts

  • Release of Funds for Projects

  • Project Funding Approval Body

  • Another Approval Approach

  • Example Project Budget Approval Approach

  • Benefits

  • Consolidated Reporting

  • Real versus Actual Project Expenditure

  • Benefit Reporting

  • Summary

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