Effectiveness of Accounting Software in Project Management

 

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

 

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