Effectiveness of Accounting Software in Project Management


 


            The advancement of technology has brought countless blessings in


 


everyday life. Life became more convenient and easy in a lot of ways, from


 


household setting to academic researches. Workplace has also been touched by


 


the new discoveries adapting the latest technologies and software in


 


accomplishing more specific type of job. Today’s generation is immeasurably


 


blessed by the discovery of new technologies and they have their life ahead of


 


them waiting with bigger and better discoveries.


 


            Indeed, scientists and experts seem to have endless researches


 


dissecting the best possible discoveries that will help mankind in life. And one


 


assistance technology can give to people is helping easily achieve a common


 


goal.


 


            Every organization and enterprise has a goal. It is either to influence other


 


people with ideologies or to sell products to the larger market. Whatever it would


 


be, they need a systematic method for more integrated way of attaining the aims


 


of the group. Project management is the discipline of planning, organizing and


 


managing resources to accomplish specific goals and objectives. It is usually


 


temporary in a sense of one project at a time, constructing a building or creating


 


a new major computer system. Unlike in ordinary business operations which are


 


repetitive and permanent like produce a product or service, the goals under this


 


system is time-bounded in nature. Project management develops the necessary


 


plan which includes defining the goals and objective, identifying the possible


 


ways in attaining the goals, distributing tasks for each member, gathering


 


resources needed and determining the allotted budget and time for the whole


 


project.


 


            The modern project management has marked its beginning in the 1950s,


 


but it’s important to note that informal project management has been around


 


since the early civilization. As a discipline, it developed from various fields such


 


as construction, engineering, telecommunications and defense. Project


 


management has enabled leaders to clearly plan massive projects managing


 


efficiently the funds, materials, labor and time frame designated. However,


 


project management could still be improved using the latest advancements in


 


technology.


 


            Accounting software has been seen as a useful tool in helping the


 


integration of project management. Accounting software is a computer software


 


that records and processes transactions such as maintaining account balances,


 


payroll, inventory, fixed assets and trial balances. Shortly saying, it prepares


 


financial statements and reports. The software usually contains numerous


 


modules like spreadsheet and word processor. Even some high-end systems


 


have sales analysis and time billing. It is definitely ingenious digitalizing the once


 


manual and tedious process of accounting.


 


            Accounting software’s effectiveness and efficiency has been highly


 


regarded by firms and businesses over the past decades. Aside from its


 


convenience, installation and maintenance costs are not steep and even small


 


enterprises could afford it.


 


            Collaborative system between project management and accounting


 


software has been developed over the years for better utilization of both


 


methods. The combined integrated system is designed in supporting multiple


 


users of different sections of the projected plan. It covers scheduling, budget


 


management, resource allocation, communication and documentation. This


 


system is efficient in dealing with the complexity of large projects.


 


            With the wide spectrum of usage the project management and accounting


 


offers, there would be likely high success rate in accomplishing projects goals


 


with outstanding results aligned with the budget and time. With the software


 


tools, the managers can track actual expenses on materials, labors and


 


miscellaneous expenses. On that note, constantly aware of the costs would get


 


the attention of the management on not going into the marginal costs. Thus, the


 


allocated budget would be estimated and not having additional expenses.


 


            Moreover, tracking the project would notify the administration how the


 


project develops and be able to identify issues within the goal. Changes would be


 


quickly implemented if needed. Immediacy is important to keep the project


 


workflows and not waste any opportunities.  It is all about adjusting to the


 


situation. With the assistance of accounting software to the project management,


 


employees, managers, contractors, partners and clients will be constantly in line


 


with the project goals and objectives. Utilizing the software completely will lead to


 


better outcome and success.


 


            The specialization in the terms of technology has created a massive


 


hysteria, invading every aspect of our lives. Even in managing human resources


 


and the job projects, technology has found its way. Developments and


 


discoveries will not stop until there would still be something to know about. But, if


 


it would be for better living, there is no harm in trying.


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


References:


 


Vitez, Osmond, What is the definition of accounting software?


 


Reh, John, Project Management 101


Haughey, Duncan, Project Management Methodology Explained

www.allbusiness.com


 



Credit:ivythesis.typepad.com



0 comments:

Post a Comment

 
Top