Accounting Software For Project Management Buyers Guide
Last updated: December 05, 2023
Unsure what is the best accounting project management software? You have two options:
1. Choose an accounting software which also includes features of project management.
2. Opt for a software which primarily caters to project management but is also suitable for project accounting.
This guide will dive into details of both kinds of software listed above. Whatever your preference, this guide will break it all down for you.
Here's what we'll cover:
What is accounting project management software?
Accounting project management software is specifically designed to help businesses manage their accounting and financial projects. It allows project managers to monitor project expenses, revenues, and financial aspects of a project.
This type of software typically includes features such as budget tracking, expense management, invoicing, billing, and reporting. With these features, project managers can easily keep track of project expenses and income, create invoices and bills, and generate reports on project financials.
Is Accounting Project Management Software Different from Regular Project Management Software?
Yes, they are both different. Regular project management software focuses on scheduling, planning, or task assignment. It may have some basic financial features, such as budget tracking, but it is not designed to handle the more complex financial aspects of a project, such as invoicing, billing, and revenue recognition.
Hence, accounting project management software is suitable for individuals who handle intricate accounting data (expenses, profits/loss), along with regular features of project management (time tracking, task management, project templates, inventory management) within the same software.
Accounting project management software is usually integrated with accounting software, such as QuickBooks to improve financial management. This integration allows you to easily access finances and ensures that the financial data is accurate and up-to-date.
Why do Accountants Need Project Management Software?
Following are some reasons consultants might need to install software for project management in your accounting firm:
- Reduce paperwork
Manually handling paperwork can be time-consuming. With project management tools, you can turn your office paperless, which also eliminates the chances of human errors. The tiniest error in project accounting can translate into big issues.
Along with digitizing data entry, management software can also create invoices and track time so you can manage financial data more accurately.
- Automate Account Payables or Receivables
Accountants need to track large volumes of money for multiple projects, which can often get complicated. A management and accounting software software enables you to automate account payables or receivables. This automation alleviates the burden of accountants and aligns data on a centralized platform.
- Advanced Reporting and Analytics
Generate accurate financial reports by tracking project expenses, revenues, and other financial data in real-time. This helps ensure that financial reports are up-to-date and can be easily shared with stakeholders. You can view financial data at a glance along with profit/loss statements.
- Improved communication
It allows accountants to collaborate with their team members, clients, and other stakeholders. It provides a centralized location for communication and information sharing, which can help avoid misunderstandings and delays.
- Better resource management
Accountants can handle resource management through time tracking, budgeting, and tracking expenses. It can also help identify potential resource constraints and suggest ways to optimize resource allocation.
Common Features Needed in Project Management Accounting Software
Invoicing & Billing
How to Decide Which Software is the Best for you?
We have developed five-point criteria to help you decide which software is best suited for you.
Here’s what you need to do:
See the checklist below and remember, the software with the most checks wins. Just weigh your chosen tool against these basic consulting project manager software benchmarks.
Project Management Software Evaluation List
Our list - *insert a hyperlink to the section below* will help you narrow down the best picks.
Moreover, use our search bar above to book a demo or get pricing (accurate, updated, custom plan figures for your workplace) so you can subscribe quickly.
Accounting Project Management Software Pricing
– management software pricing starts from
The subscription package depends on the features and number of users. You can check our detailed project management software pricing guide for more pricing information.
List of Best Accounting Project Management Software
There is a wide range of software available for project management for – providing professional services. However, finding the right one for your firm can be time-consuming and overwhelming.
We have narrowed down our top 5 picks to help you decide the most suitable software for your consulting projects.
Let’s dive into it!
You can view key features, pricing details, and the pros/cons of the 5 software below.
QuickBooks software is a project accounting software for growing businesses. You can track all transactional data and even organize expenses into specialized tax categories.
With QuickBooks, you can manage a large volume of receipts, or take pictures of receipts with QuickBooks mobile app. The software also supports multiple currencies and adjusts financial reports accordingly.
Take a look at how QuickBooks displays sales transactions and project costs:
Following are the monthly pricing plans:
- Simple Start for US$8/ month (originally $17 but currently on discount).
- The essentials plan costs US$13/month ($26 originally).
- Plus for US$18 ($36 originally).
All paid plans also offer a 30-day trial.
- Invoicing: Create professional invoices, and sales receipts and generate estimates with QuickBooks templates.
- Reports: Generate financial reports of all transactions and make informed decisions. This is how QuickBooks displays reports for project performance:
- Expenses: You can track your income or expenses and file taxes conveniently.
Pros and Cons
|Specially caters to task management requirements of accountants and bookkeepers.||Free version of the software is not available.|
|Online mobile app is also available which syncs with your devices.||Steep learning curve.|
|Multiple options for third-party integrations.||Can be expensive if the vendor is not offering promotional discounts at the time of your subscription.|
BQE Core provides specialized features under its Project Accounting category. The vendor promises an all-in-one accounting solution with advanced reporting capabilities. With BQE Core, you can manage your finances efficiently and automate recurring tasks.
Here is an overview of the BQE Core Dashboard:
BQE Core Pricing
BQE Core pricing depends on the number of modules you opt for, along with the number of users. Pricing information of BQE Core is not available publicly but is available upon request.
BQE Core Features
- Budgets: Create customized budgets, allocate them for accounting projects, and track their progress on a single budgeting screen.
- Billing & Invoicing: Maximize your billing performance, get paid timely, and track cash flows.
- Reporting & Analytics: View detailed reports of profit & loss, balance sheet, and manage financial reporting of every project.
- Automate Tasks: Save valuable time by automating task management and eliminate manual errors as well.
Pros and Cons
|Mobile app is available.||Might be expensive for some users.|
|Highly scalable for accounting firms.||Some users report lags in data recording.|
NetSuite, developed by Oracle, has a separate Cloud Accounting Software. It is best known for handling your ledger, automating account receivables or payables, and tax management.
Its advanced analytics features, data security, financial management, and scalability make it a good choice for accountants aiming to manage projects more efficiently.
NetSuite pricing is not available publicly. However, you can contact our customer service via our helpline above. Our experts can guide you through a pricing plan that’s suitable according to your requirements.
- General Ledger: Track audit reports, and categorize account types and transactions.
- Tax Management: NetSuite manages GST, VAT, consumption tax, and general sales tax. Handle local/domestic or international taxes efficiently.
- Cash Management: Monitor all bank accounts closely and cash flows. You can also automate account receivables and payables to optimize payment management.
- Fixed Assets Management: Save the hassle of manual spreadsheets and track your depreciating and non-depreciating assets via NetSuite Assets List.
Pros and Cons
|Suitable for companies that want to gradually scale to larger organizations.||Might be too expensive for smaller accounting firms.|
|Supports a wide range of currencies & calculates exchange rates automatically.||Has a steep learning curve for individuals not acquainted with technology.|
|Provides advanced data security, crucial for accounting firms.|
BigTime is a cloud-based software that caters to the needs of accounting professionals. It enables clients to pay online, and saves costs and time while generating advanced financial reports. With BigTime, you can even predict your monthly revenue and stay up to date on all invoices.
- BigTime offers three pricing plans, billed annually:
- Express for $10 per user/month
- Pro for $30 per user/month
- Premier for $40 per user/month
- BigTime Wallet: Allow clients to pay online via debit card or Automated Clearing House (ACH). Users do not have to switch between invoicing and payment processing software.
- Billing & Invoicing: Generate invoices with your company logo/ colors and address. Detailed billing displays fixed fee and time along with predetermined rates.
- Reporting & Analytics: View chart-based insights into billing reports, invoicing data in graphs and expense approvals on your dashboard.
Pros and Cons
|Integration options include Quickbooks, Salesforce, Jira, HubSpot, Google and Sage.||Free version of BigTime is not available.|
|Easy to navigate and user-friendly.||Minimum of 5 users need to sign up for each pricing plan.|
|PCI-compliance keeps sensitive data safe.||Multilingual support is not available.|
Brokermint can help medium to large-sized companies with real estate and back-office consolidation. It is an accounting software that provides commission tracking and advanced analytics. With Brokermint, you can manage your cash flow and measure agents’ performance through multiple reports.
- Simple Start plan for $99 per user/month.
- Standard for $169 per user/month.
- Enterprise starts at $239/ month.
- Commission & Billing: Monitor commissions and expenses to track all financial updates. The commision section, along with financial breakdown, is displayed below:
- Monthly Agent Statements: Automate monthly emails with financial details to your agents and boost transparency. Agents can quickly overview pending payments which helps them pay on time.
- Agent Billing: Track account balance or pending invoices automatically without entering the data manually.
- Reporting & Analytics: Brokermint also provides reports for financial management and project accounting.
Pros and Cons
|Mobile app is available.||Free version of the software is unavailable.|
|Accounting module integrates with QuickBooks.||Specialized accounting solution for real-estate brokerages only which limits its use for other businesses.|
|ACH (Automated Clearing House) allows secure transactions.|
Frequently Asked Questions(FAQ)
What is project accounting software?
Project accounting software tracks all financial data of the organization. It can help you determine which projects are profitable and which are incurring losses to the company. Project accounting software also suggests how costs can be minimized.
You can check our software picks above to find the best project accounting software for you.
Is project management useful in accounting?
Yes, project management in accounting can be quite useful. Accountants have to deal with large figures of data, which can be quite overwhelming. They can check project status, automate invoices, track billing, and generate weekly/monthly reports through an efficient project management tool.
What software do management accountants use?
Management accountants use software that helps them with project accounting or financial inflows and outflows. These include:
- Oracle NetSuite
- BQE Core
- Zoho Books
What is the most popular software for project management?
The best project management tool would depend on your particular requirements. The most popular software providing professional services for this purpose are:
- Zoho Projects
Apart from these, there is multiple task management software that might be suitable for you. You can check our Top 10 Project Management Software for 2023 Guide.
Does Sage have project management?
Sage Intacct is a project accounting software that also automates project management processes. Sage, despite being used for project accounting and billing, also allows you to track project status with time-tracking capabilities.