The term “project accounting” sounds simple enough. It’s essentially the practice of accounting on the basis of individual projects. In practice, though, it’s so much more. If you do it correctly—and have the right tools—project accounting will transform your firm.
Almost all AEC businesses work on a project basis, so project accounting is both viable and profitable for all sorts of firms. We’ll see why, but first we should expand on our definition.
Differences Between Project Accounting and Standard Accounting