Projects and their budgets are inextricably linked, and Project Teams rely on Accounting to move money in, out, and around as project lifecycles progress. No matter if your project is large or small, if you’re outsourcing or doing the work in-house, or if your timeline is a few weeks or several years—you need Accounting to help you track and manage funds that have been approved, code expenses, implement charge backs, and investigate discrepancies that crop up along the way.
Why you need them: Your Accounting team is responsible for managing operating and capital expenses, and often handles things like cross-charging and linking expenses to their related contracts. They’re the foundation that ensures vendors are paid and money is available when it should be. Project Teams might also rely on Accounting for help in submitting budgets and working with providers to reconcile billing or other errors.
DO use Accounting’s codes when processing invoices and purchase orders. It’s better to follow the right convention early than have to spend time finding and fixing errors later.
DO work with Accounting when developing budgets. They’re often responsible for setting up new capital accounts and expense line items, and will be able to offer input on formatting your budget submission correctly.
DO contact Accounting as soon as a discrepancy appears. They can help you investigate errors and issue revised budget or account statements if necessary.
DON’T expect Accounting to do your administrative work. Provide accurate account codes when processing invoices and ensure any documentation is signed by an authorized person.
DON’T leave paperwork until the last minute. Accounting often has time cutoffs for issuing checks or setting up new vendor accounts, and may also have strict reporting deadlines for financial compliance. Find out what your team can do to provide the information they need on time.
PMAlliance uses a team of highly experienced and certified professionals to provide project management consulting, project management training and project office development services.
