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