No-Account Projects

Curt Finch is the CEO of Journyx.

  Stakeholder Management   ProjectsAtWork  

Tracking time and resources is indispensable to project success, but most people would prefer to avoid the process all together. It doesn’t help that some accounting systems are unnecessarily complex. Here are three common misconceptions that can compromise the value of your project accounting efforts.

Project accounting presents real value for companies that focus on deliverables. People put information into a system, and managers, team leads, and executives can then review that information to make sure a project is going according to plan.

However, we often forget that any project accounting system is, at its core, a human system. Automation, while highly useful, can not replace the human element. Therefore, it is important to manage expectations and responsibilities to make sure that the system provides the value that you need to optimize your projects.

The following are three commonly held beliefs about project accounting that can sidetrack your project success.

1.  They’ll get it eventually

To put it simply: if your project accounting system is too complex, people won’t understand it. And worse, they won’t use it. On the flip side of that coin, if the software is too simple, it won’t provide significant value for your business.

To solve this issue, you want a system that is easy to use on the front end but has the …

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