Why Project Accounting is Vital to the Success of Your Business

The era of manufacturing and farming is giving way to one of knowledge work. This is old news in the U.S. but, in our lifetime, the changes the developed world is currently undergoing will be experienced by the vast majority of humanity. Eventually, nearly everyone will be some sort of knowledge worker.

The knowledge worker-dependent businesses of today, though, are relatively new and for the first time since accounting was invented by Babylonian farmers thousands of years ago, nobody knows their costs. If you don’t know your costs, you don’t know where you’re profitable. And if you don’t know where you’re profitable, you can’t steer your company to success. Project Accounting is how we understand production costs in a knowledge economy.

This white paper discusses:
  • The biggest impediments to success in project accounting, and the remedies for them;
  • When you should decide to implement project accounting
  • A five-step process to reach time-tracking Nirvana;
  • The future of project accounting.

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