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Explain Project Accounting

Project Accounting: It is sometimes termed to as job cost accounting and is the practice of making financial reports particularly designed to track financial growth of projects, which can then be utilized by managers to support project management.

Most of the companies invest resources to finish internal projects. Such projects comprise software implementation, merging computer systems and building latest facilities. Such companies frequently assign project managers, project accountants and additional employees to work on finishing the project. Such employees might work solely on the project or might add project responsibilities to their customary job. The project manager builds a work plan for the team and monitors the growth of each employee. Project accountant manages the financial information of the project.

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