10 Best Project Management Accounting Software

Project management is the key to organizational success. Effectively managing projects ensures maximum resource utilization, optimal productivity, and achieving key business goals. However, according to research, without the right tools and processes in place, organizations end up wasting 12% of their resources due to poor project management.

To avoid such losses and ensure smooth project execution, investing in comprehensive project management software is critical. Using the best project management tool simplifies processes, improves teamwork, cuts expenses, and increases efficiency.

Project accounting software is tailor-made to assist businesses in tracking and reporting the financial aspects of individual projects. These tools give project managers and project accountants visibility on a project-by-project basis, which is especially beneficial for businesses with multiple departments or those juggling numerous projects simultaneously.

Our carefully curated list showcases a diverse range of project management accounting software, ensuring you’ll find something that suits your industry, budget, and unique project management needs.

Let’s get started!

Why Do Accounting Firms Also Need Project Management Software?

Effective project management is crucial for accounting firms to manage their workflow and deliver high-quality client services. Accounting firms deal with a lot of data and paperwork that require careful attention and management. This is where project management software comes in handy. Using project management software, accounting firms can streamline internal processes, improve communication, and better manage client projects. Below are a few other reasons accounting firms should adopt project management software immediately:

1. Efficient Client Projects Management

Accounting firms handle many client projects at once, especially during tax season. Project management tools help keep track of tasks, deadlines, and deliverables across all clients.

2. Improve Resource Planning

Project management software provides visibility into workloads so firms can properly allocate people and resources to client projects based on their skills and availability.

3. Enhance Collaboration

These tools make it easy for accounting teams across different areas like tax, audit, and consulting to work together on client projects through instant messaging, file sharing, task comments, and more.

4. Track Time & Bill Clients Accurately

Many project management solutions integrate with time tracking and billing software, allowing accounting firms to capture all hours worked on a client project and charge them appropriately.

5. Reduce Error & Rework

Project management software establishes a systematic process for how client work gets done. By following consistent procedures, accounting firms can minimize the potential for mistakes, do-overs, and wasted effort.

6. Improve Productivity & Profitability

When used to full advantage, project management software can help accounting firms tighten up processes, utilize resources more effectively, shorten project cycle times, and ensure that work remains on budget. All of these benefits translate directly to higher productivity and profit margins.

7. Enable Accurate Forecasting

The detailed project data collected in the system—including budgets, timelines, work estimates, and resources—can be leveraged more precisely to forecast workloads, revenue, costs, and revenue. This helps accounting firms plan for growth and set financial targets.

10 Best Project Accounting Software

When managing projects and accounting simultaneously, having the right software can make all the difference. Many project accounting software are available in the market, but how do you choose the best one for your needs? To help you compare project accounting software, we have compiled a list of the 10 best project accounting software you can consider:

1. Trello

Trello is a widely used project management tool known for its visually pleasing Kanban-style layout. Unlike other project management applications, Trello simplifies task management and team coordination.

It facilitates easy task management, project collaboration, and organization for teams. Trello’s rich features, including boards, labels, and lists, provide a visually engaging and intuitive platform for users at all proficiency levels. Its adaptability and effectiveness in collaborative project management set it apart from its competitors.

Key Features

• Time tracking
• Portfolio management
• Document management
• Collaboration tools
• File sharing & reports

Pricing

• Free – $0 free for the team
• Standard – $5 per user/month if billed annually
• Premium – $10 per user/month if billed annually
• Enterprise – $17.50 per user/month if billed annually

Pros and Cons

2. Asana

Asana is one of the top-tier project management software that offers a variety of customizable views to accommodate all team members. The free version has features, including unlimited storage, access to past project records, and in-platform messaging, making it an excellent long-term solution for small teams.

Asana offers a range of project views, from Kanban-style cards to calendar views of projects and deadlines, to a general workload overview. This flexibility allows for the inclusion of more stakeholders and provides team members with more options.

Key Features

• Custom fields
• Workflow builder
• Time-tracking
• Reporting across unlimited projects
• Custom templates

Pricing

• Basic: 0
• Premium: $10.99/month/user
• Business: $24.99/month/user

Pros and Cons

3. Forecast

Forecast is a comprehensive solution that aids professional service organizations in refining their operations and finances through intelligent project automation. It aims to enhance the predictability and profitability of projects by boosting productivity and planning with AI.

With features like auto-schedule, you can use machine learning to determine how long tasks will take, assign resources based on capacity, and forecast delivery dates. The platform supports flexible collaboration and accommodates various preferred work methods with real-time updates.

Key Features

• Financial portfolio reporting
• Retainer management
• Advanced project budgets
• Expense management
• Resource management

Pricing

• Lite – €27 seat/month
• Pro – Custom pricing
• Plus – Custom pricing

Pros and Cons

4. ClickUp

ClickUp is a project management software that helps individuals and small teams plan, assign, and monitor projects.

The platform has different views for project tracking, such as a list view for tasks, a board view for workflows, and a Gantt view for project timelines. Its customization features let users change color, themes, and descriptions to make their workspaces their own, making it one of the market’s most popular project management software platforms.

Key Features

• Unlimited storage, integrations, & dashboards
• Resource management
• Agile reporting
• Kanban boards
• Sprint management

Pricing

• Free
• Unlimited Plan: $5/month per user
• Business Plan: $12/month per user
• Business Plus Plan: $19/month per user
• Enterprise Plan: Custom pricing

Pros and Cons

5. Basecamp

Basecamp is a popular project management and remote team communication app suitable for businesses of all sizes. It provides a comprehensive solution that seamlessly integrates project management and team communication.

Its automatic check-in feature keeps all team members informed about project progress, helping to identify issues and maintain alignment. Basecamp’s Business and Unlimited plans include client access and facilitating communication with external stakeholders.

Key Features

• To-do Lists
• File & document storage (5 TB)
• 24/7/365 priority support
• Project templates
• Kanban boards

Pricing

• Basecamp – $15/user per month.
• Basecamp Pro Unlimited – Unlimited users at just $299/month.

Pros and Cons

6. Runn

Runn is a groundbreaking project-based accounting software that offers a unique blend of comprehensive project overviews and in-depth reports on individual tasks and resources. With Runn, project financials can effortlessly access real-time information on their performance regarding budget and time.

The software provides quick view options that generate insightful reports on crucial metrics such as revenue, people cost, profit, and profit margin. Runn goes above and beyond by providing a customizable dashboard that presents key data points such as resource allocation, expenditure, and monthly breakdowns, empowering users with the information they need at a glance.

Key Features

• Unlimited users & projects
• Resource scheduling
• Project Planning & forecasting
• Timesheets & reporting
• API & integrations

Pricing

• Free – $0 for up to 5 people
• Pro – $8 per person
• Enterprise – Custom pricing

Pros and Cons

7. Wrike

Wrike is a dynamic and adaptable project management software designed for accounting firms. It facilitates workflow streamlining and timely project delivery. It offers industry-specific software with preconfigured templates for tasks, workflows, and communication. Its user-friendly dashboard features enterprise-grade tools for managing one-off projects and recurring tasks.

Key Features

• Advanced reporting & BI
• Unlimited projects and custom fields
• Cross-tagging
• Resource management
• 15 GB storage per user

Pricing

• Free
• Business: $9.80/month/user
• Team: $24.80/month/user
• Enterprise: Custom pricing
• Pinnacle: Custom pricing

Pros and Cons

8. BigTime

BigTime is an online solution for time and billing for professional service firms in accounting, state contracting, legal, and IT assistance. BigTime’s time tracking records all activities related to projects and outside the office via a mobile timesheet app.

Employees can enter expenses through the web portal or mobile devices and attach scanned receipts. The solution creates a digital expense report and sends it for approval when done.

Key Features

• Time tracking
• Rate management
• Project templates
• Multi-currency expense management
• Complex project-based accounting

Pricing

• Essentials – $20 per user/per month
• Advanced – $35 per user/per month
• Premier – $45 per user/per month
• Projector – $60 per user/per month

Pros and Cons

9. monday.com

monday.com offers versatile project management and accounting software, ideal for businesses seeking to automate their workflows and consolidate project, task, and resource management. Its strength lies in its adaptability, supporting various workflows such as customer relationship management, HR, etc.

monday.com caters to businesses of all sizes and industries, providing a visually engaging and intuitive interface. Its customization options allow for the effective management of cross-functional teams, making it suitable for startups and established businesses.

Key Features

• Timeline & calendar views
• Private boards
• Time-tracking columns
• Advanced security features
• Whiteboard collaboration

Pricing

• Free: $0
• Basic: $24 per month
• Standard: $29 per month
• Pro: $48 per month
• Enterprise: Custom pricing

Pros and Cons

10. Zoho Projects

Zoho Projects is a cloud-based project management tool for small to midsize businesses. It provides project scheduling and budgeting features, enabling project managers to outline tasks, assign them to team members, estimate costs, and monitor ongoing tasks.

The platform automates document-related processes like revision tracking, access control, and search and retrieval. It also includes a document management feature for sharing documents within the team and an issue management feature to help managers rectify project task errors.

Key Features

• Resource management
• Create baselines for your project
• Billing & invoicing
• Portfolio & project dashboard
• Budget forecasting

Pricing

• Free – $0.00 for 3 users and 2 projects
• Premium – $4.00 for unlimited projects and up to 50 users
• Enterprise – $9.00 for unlimited projects and unlimited users.

Pros and Cons

Must-Have Features of a Project Management Accounting Software

Project management accounting software is a tool that helps you manage the financial aspects of your projects. It helps you plan, track, and report on your project profitability, costs, etc. It also helps you collaborate with your team and stakeholders, visualize your data, and customize your workflows. Project management accounting software should have some essential features to help you achieve your goals, including:

1. Insightful Reporting and Data Analysis

Top-notch project management and accounting software should provide comprehensive reports on the progress and project performance. This feature allows for the extraction of valuable insights without the need to spend hours collecting and analyzing data. With these accounting reports, monitoring crucial metrics and scrutinizing processes for precision and relevance becomes easier.

2. Real-Time Data Visualization

Being a project manager necessitates constant awareness of your tasks. Numerous tools provide data visualization options, such as Gantt charts, Kanban boards Calendar, and List views. These options enable project managers to quickly understand the direction and progress of your project. This feature aids in maintaining focus and propelling your business forward.

3. Mobile App Access

The ideal project management accounting software offers access to its platform through Android and iOS devices. Having an Android app for project management is crucial to stay updated on the progress of ongoing tasks. Effective tracking of allocated resources and deadlines prevents critical details from being overlooked. The app provides real-time alerts and notifications, ensuring you remain informed no matter where you are.

4. Robust Collaboration Features

Collaboration is key, especially when dealing with accounts and financial data. Therefore, it is important to choose an accounting firm with project management software equipped with strong team collaboration capabilities. These capabilities should include features such as task comments, instant feedback, and file sharing with team members and stakeholders.

5. Easy Customization

Flexibility is essential in project management. While project reports and data visualization provide valuable insights into progress and performance, there may be instances where you need to adjust workflows for better results. This is where the customization abilities of a tool come into play. Being able to easily customize workflows and reschedule resources and timelines with a simple drag-and-drop action can greatly enhance your efficiency and adaptability.

6. Comprehensive Workflow Dashboard 

The workflow dashboard is the central hub in project management accounting software, offering a quick overview of critical project information. Scrolling through this dashboard allows you to access details such as project titles, client names, and start and due dates. This feature provides a bird’s-eye view of your firm’s projects, ensuring easy monitoring and management.

7. Automated Recurring Task Management 

Accounting project management software must include a recurring task feature that simplifies the process of regularly replicating projects completed for clients. Automating weekly, monthly, or quarterly project recreations reduces your planning and initiation time, allowing your team to allocate more time and effort toward delivering high-quality projects.

8. Time Tracking Functionality

Efficient project management requires accurately tracking time spent on various aspects of client projects. Traditional methods like paper or spreadsheets are prone to errors and consume valuable productivity time.

However, with the time tracking feature integrated into accounting project management software, you can effortlessly monitor your firm’s time allocation. This feature provides insights into how much time is dedicated to different clients, identifies areas where billing may be inadequate, and highlights potential time wastage by employees.

9. Integrations

Many project management accounting solutions can be integrated with other software, streamlining your workflow so you don’t have to switch between multiple applications repeatedly. Pick a solution that can integrate with the other programs used to run your business, like a customer relationship management (CRM) system. CRMs help maintain customer relationships through automated processes to facilitate customer engagement. CRM involves marketing, sales, customer service, and customer support.

Integrating your project management tool with a CRM provides a single source of truth for all customer and project data. Your teams get a holistic view of clients, accounts, and multiple projects in one place, boosting productivity, strengthening collaboration, and providing data-driven insights to improve decision-making.

10. Client Request Management 

Accounting teams often face challenges obtaining work-related information or client documents. Clients have their businesses to manage, making it easy for them to forget or delay sending the required information. The client request feature in accounting project management software addresses this issue by automating reminders and providing clear instructions for clients. This helps streamline communication and ensures the timely delivery of essential materials.

Wrapping Up

Many helpful project management and accounting software options are on the market today to suit various needs and budgets. The tools highlighted in this article cover the full spectrum, from simple to modern and free to enterprise-level subscription services.

Zoho Projects and Asana are two of the best free project management solutions for small businesses and individuals seeking an easy-to-use free option to streamline their accounting operations. They provide core features like resource management, file sharing, and reporting.

Larger enterprises may benefit most from products like Wrike. This tool is designed to handle global projects, resource allocation, financial reporting, and integration with other workplace systems.

Ultimately, the best project management and accounting software for you depends on your business size, needs, and budget. Take advantage of the free trials many of these companies offer to test what works before committing to a paid subscription. And be sure to evaluate new tools against your existing processes to ensure maximum efficiency, productivity, and ROI. With the right solution, you can gain complete transparency and control over your project planning, budgeting, billing, and forecasting.