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Almost every development happening in this world is considered as a Project. Then let it be development of a building, a filter house or any other tangible asset. The development of these projects sometimes can be at a small scale and sometimes at very large scale. When they are small there are not many difficulties in tracking the progress and the development phase. But when the project is big in magnitude and scale, it becomes essential to track their progress along with the cost movement happening through the timeline.
Project job costing is one of the very concerned and unique area where a different kind of method is used to track the progress of the project along with its cost and other vital factors. The two major parts of this topic is revenue and expense tracking which forms the primary and important part of Project Job Costing.
Considering the revenue part first, billing in project job costing is different when compared to the billing of standard sales as here it does not depend on the standard payment terms. In this case, the concept of milestone comes into picture where the billing has to be done based on certain agreed milestones or tasks.
Say for example, in case of a building we can bill the customer based on the developments of floors. If 2 floors are constructed then ‘X’ amount is due, if 4 are constructed then ‘Y’ amount is due and so on. Thus maintaining such a configuration is quite a challenging task but when it comes to Sage 300 ERP for Project Job Costing from Sage Software Solutions Pvt Ltd, it has that flexibility which allows us to break the project into number of milestone and sub milestones.
With this it really becomes easy to track the progress of the project easily based on the milestone and sub milestone defined. The billing also needs to be handled in the same way which helps to clearly define when the payments will be due.
The second part is project wise expense booking as almost everyone will be interested to know the project wise expense being done. Project Job Costing ERP is here to allow us to maintain the expenses project wise and thus, the project wise expenses can be tracked and then extracted. This concept will help derive the profitability against each project.
Apart from these two points, the project wise material allocation is also handled easily in Sage 300 ERP which will help us with the reports stating what are the materials consumed under a particular project. Along with the above three important features of Project Job Costing, there are many more features that will help an organization to map the process related to the projects easily in Sage 300 ERP.
Thus, if there is a domain dealing in Project Job Costing then Sage 300 ERP should be the choice to make. As it has all the provisions which allows us to configure all the possible ways which can get us all the required information very easily. For more details, or write to email@example.com for a free consultation.