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Dataflow - Press Releases

News: 20th November 2008

 

The dataflow Project Accounting, Management

and Costing System

- controlling costs and margins for project-based businesses -

Most Financial Accounting systems are designed for manufacturing or retailing businesses and the few Project Accounting systems that exist focus on service-based organisations and not on the specific needs of project-based companies who undertake sizeable, one-off projects and need to maintain tight gross margin control of contracts.

The Solution

The dataflow Project Costing module provides company-wide visibility to project profitability and early recognition of any potential problems. The system focuses on streamlining the entry and processing of all project-related transactions using flexible, user-defined project structures. This enables your business to effectively control projects from first contact through to completion, with a detailed view of the eventual profitability throughout the project together controls for the prudent recognition of revenue from those projects in your financial accounts.

The system immediately recognises all liabilities as soon as Purchase Orders are placed, Works Orders raised or Stock Allocated prior to actual expenditure. Overspend is identified early, giving you the control and visibility you need to measure project performance accurately and take any necessary action to avoid overspend.

dataflow Project Accounting offers various methods of valuing Work In Progress, providing measures to handle different types of contract within the same organisation. Darius Mogtader, Dataflow’s Managing Director, pointed out the benefits of having an integrated system for project based businesses. "Significant efficiency gains are made from using a system like dataflow. Many processes that are currently taking up valuable time are automated. Companies require access to accurate information and with dataflow we are able to offer project based businesses exactly this”.