In the Racs Finance application it is possible to register postings on the analytical axis of projects. This analytical axis contains the actual project id, which is to be recorded at the posting of a document, together with 10 possible analytical dimensions of the project id. This analytical axis is useful, but it has the limitation that you can only capture accounting mutations on these projects.
RACS Project Accounting software
In the RACS Project Accounting software you can set up analytical data completely flexible. You can also create a complete project follow-up, without direct accounting impact. This may include defining tasks that should be performed for a specific project as well as entering (internal/external) hours worked on these projects. The entering of working hours or -days is done in the RACS web module. RACS Web has an unlimited number of users and ensures that your employees (or externals) can enter their hours without access to RACS.
Defined tasks can then be charged internally and/or invoiced to customers. At the registration of external services a PO can be produced automatically. During the invoice matching this PO can be picked up for invoice control.
The follow up of contracts
The RACS Project Accounting Software can also be used for recording contracts that have to be followed up
Within the RACS Project Accounting Software a budget for a project can be set per year or per lifetime of the project. This can be done for several items, such as the purchase of services and the purchase of materials and cost of resources.
Interesting for project- and service driven companies
The RACS Project Accounting Software is interesting for companies that want to follow up the financial status of complex projects at all times. Often companies know the actual P/L of that project only well after the end of that project. The RACS Project Accounting Software prevents very unpleasant surprises.
Because both costs and revenues can be budgeted, you already have an idea of the financial result before the start of the project. During the project, you will be notified of any overruns of a budget.