Our Project Accountants are responsible for tracking project financials, creating and submitting progress billings, creating sales invoices, and processing subcontractor payment applications. Once all required billing activity has been completed and submitted, they would like the ability to mark a project as Completed.
Currently, if a project is marked Completed before the back-office accounting team posts the final invoices or subcontractor payment applications, those transactions cannot be posted. As a result, Project Accountants must delay changing the project status or maintain separate tracking to revisit completed projects later and verify all transactions have been posted before marking the project complete.
Additionally, Project Accountants do not receive notification when the accounting team completes the posting process.
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Business Impact
Requires manual tracking of projects pending final posting. Creates additional administrative work and follow-up for Project Accountants. Increases risk of projects remaining open longer than necessary. Creates inefficiencies between project teams and back-office accounting functions. Potential Options: 1) Allow a project to be marked Completed even when invoices, subcontractor applications, or other transactions are still awaiting posting, provided those transactions have already been created and submitted for processing. This would allow Project Accountants to complete their workflow while enabling accounting personnel to complete posting activities afterward. 2) If business rules require posting to occur before a project can be marked Complete, provide an automated validation and notification feature:
This enhancement would reduce manual tracking, improve workflow efficiency between Project Accounting and Accounting teams, minimize administrative effort, and help ensure timely and accurate project closeout. |
