Sage Intacct – Projects Overview

Watch our overview of the Sage Intacct Projects Module.

Sage Intacct Projects is a comprehensive module designed to help businesses track, manage, and analyse their projects, whether they are customer-facing or internal. This module is particularly useful for companies that provide services or manage complex projects that require detailed financial tracking and reporting.

With Sage Intacct Projects, you can seamlessly integrate project management with your accounting processes, allowing you to track project performance, manage budgets, and control costs in real-time. You can also link project-related activities directly to your financial records, improving visibility and accuracy across your operations.

Key Features of Sage Intacct Projects:

1. Project Management

• Project Tracking: Track and manage all aspects of your projects from start to finish, including milestones, tasks, budgets, and deadlines. You can create individual projects for customer engagements, internal projects, or even ongoing long-term initiatives.
• Task Management: Break your projects down into specific tasks with due dates, priorities, and assigned resources. This allows you to manage smaller components of a larger project more effectively.
• Resource Allocation: Assign resources (people, equipment, etc.) to specific tasks or projects, allowing you to manage and optimize workloads.

2. Project Budgets & Cost Tracking

• Budgeting: Set budgets for individual projects, including costs for labor, materials, and other expenses. You can then compare actual costs against the budget to track progress and identify potential issues.
• Cost Tracking: Track direct project costs such as labor, materials, and overhead. By linking expenses to specific projects, you ensure more accurate tracking of costs against your budget.
• Revenue Recognition: Automatically recognise revenue based on the method you choose, such as percentage of completion, milestone-based, or time and materials methods.
• Allocating Landing Costs: Allocate landing costs (freight, customs, etc.) to projects, ensuring that all associated costs are accurately reflected in project financials.

3. Time & Expense Tracking

• Time Tracking: Record and manage time spent on each project by employees or contractors. This is especially important for time and materials-based projects or service-oriented businesses.
• Expense Reporting: Employees or project managers can submit expenses for reimbursement, which are then linked to the specific project, helping you keep track of both billable and non-billable expenses.
• Timesheets: Create and manage timesheets that track the hours worked by employees or contractors for each project.

4. Invoicing and Billing

• Flexible Billing Options: Sage Intacct Projects supports various billing methods such as fixed-price, time and materials, and milestone-based billing. You can set up billing templates and automate invoicing based on project milestones, completed work, or actual hours worked.
• Project-Linked Invoices: Invoices are directly linked to projects, which allows for accurate billing and eliminates the need for manual reconciliation. You can also track progress against contracts and agreements to ensure timely and accurate invoicing.
• Revenue Allocation: Allocate revenue to specific projects and manage the recognition of that revenue according to your company’s accounting standards.

5. Real-Time Reporting & Dashboards

• Project Performance Reports: Sage Intacct Projects provides detailed reports on project status, including costs, revenue, time, and budget performance. You can easily track how your projects are performing and whether they are meeting financial goals.
• Customisable Dashboards: Create dashboards tailored to your business needs, displaying key metrics and project health at a glance. Dashboards help project managers, financial teams, and executives stay informed about project progress in real time.
• Project Profitability Analysis: Generate profitability reports that compare actual costs and revenue to determine the overall success and profitability of a project.

6. Integration with Other Sage Intacct Modules

• Financial Integration: Sage Intacct Projects integrates seamlessly with the General Ledger (GL), Accounts Payable (AP), and Accounts Receivable (AR) modules. This ensures that all financial transactions related to a project, such as costs, billing, and payments, are accurately reflected in your company’s financial records.
• Inventory Integration: If your project involves physical goods or inventory, Sage Intacct Projects integrates with the Inventory module, allowing you to track inventory usage, costs, and allocations to specific projects.

7. Collaboration & Communication

• Document Management: Attach relevant documents (contracts, quotes, receipts, invoices, etc.) to projects, allowing for easy access and sharing across your team.
• Project Collaboration: Share project information and collaborate on tasks, timelines, and deliverables. This improves visibility and ensures that everyone involved in the project has the necessary information.

Key Benefits of Using Sage Intacct Projects:

1. Centralised Project Data: All project-related information, such as costs, timelines, and billing, is consolidated in one place, making it easier to manage and track.
2. Improved Accuracy: By linking financial transactions to specific projects, Sage Intacct helps reduce errors and ensures that your project accounting is accurate and up-to-date.
3. Better Budget Control: The ability to set budgets and track actual expenses in real time helps ensure that projects remain on budget. You can adjust forecasts and take corrective actions if costs start to exceed expectations.
4. Increased Visibility: With real-time dashboards, customizable reports, and detailed financial analysis, stakeholders have better insight into project performance. This allows for faster decision-making and more efficient project management.
5. Efficient Billing: Automation of billing processes, including flexible invoicing options (fixed price, time and materials, milestone), ensures timely and accurate invoicing based on project progress.
6. Increased Profitability: By accurately tracking costs, revenue, and labor, you can identify opportunities to improve profitability and prevent cost overruns.