Project accounting is the practice of creating financial reports specifically designed to track the financial progress of projects, which can then be used by managers to aid project management. Financial statements (or financial reports) are a record of a business financial flows and levels. ... A project is a temporary endeavor undertaken to create a unique product or service. ... Project management is the discipline of defining and achieving targets while optimizing the use of resources (time, money, people, space, etc). ...

Standard accounting is primarily aimed at monitoring financial progress of organizational elements (geographical or functional departments, divisions and the enterprise as a whole) over defined time periods (typically weeks, months, quarters and years). Accountancy (British English) or accounting (American English) is the process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated. ... Departmentalization refers to the process of grouping activities into departments. ... A week is a unit of time longer than a day and shorter than a month. ... In Egyptian mythology, Month is an alternate spelling for Menthu. ... A quarter is: One of four equal parts of a single thing (sometimes referred to as a fourth in US English). ... A year is the time between two recurrences of an event related to the orbit of the Earth around the Sun. ...

Projects differ in that they frequently cross organizational boundaries, may last for anything from a few days or weeks to a number of years, during which time budgets may also be revised many times. They may also be one of a number of projects that make up a larger overall project or program. Budget generally refers to a list of all planned expenses and revenues. ... A program or programme (in management) has at least two senses: A collection of projects that are directed toward a common goal, e. ...

Consequently, in a project management environment costs and revenues are also allocated to projects, which may be subdivided into a work breakdown structure, and grouped together into project hierarchies. Project accounting permits reporting at any such level that has been defined, and often allows comparison with historical as well as current budgets. In economics, business, and accounting, a cost is a price paid, or otherwise associated with, a commercial event or economic transaction. ... For the tax agency in the UK of the same name , see HM Revenue and Customs. ... In project management, a work breakdown structure (WBS) is an exhaustive, hierarchical (from general to specific) tree structure of deliverables and tasks that need to be performed to complete a project. ... A hierarchy (in Greek hieros, sacred, and arkho, rule) is a system of ranking and organizing things or people. ...

It is usually necessary for employees to fill out a timesheet in order to generate the data to allocate project costs. This article needs to be cleaned up to conform to a higher standard of quality. ...

See Also

• Accounting
  • List of accounting topics
  • Accounting software
• Project management
• Business process improvement
• Project manager

Accountancy (British English) or accounting (American English) is the process of maintaining, auditing, and processing financial information for business purposes. ... This is a list of topics which are relevant to Accountancy. ... Accounting software is computer software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, payroll and trial balance. ... Project management is the discipline of defining and achieving targets while optimizing the use of resources (time, money, people, space, etc). ... Business Process Improvement (BPI) is a systematic approach to help any organization make significant changes in the way it does business. ... A project manager is the person who has the overall responsibility for the successful planning and execution of any project. ...

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External links

• International Project Management Association
• The Project Management Institute
• Project Management Software for Expert Teams