Thursday, December 20, 2007

Why We are All So Bad at Project Accounting

What project accounting is and why it’s important

Project accounting is a critical concept for today’s business world, yet most businesspeople do not know their project accounting data. This includes firms that outsource the accounting of others and it results in cost ignorance. Most modern firms have very little understanding of which customers are profitable for them, and which ones are huge losers. R&D projects which should have been cancelled long ago linger on. IT departments languish amid derisive commentary from their peers.

Proper project accounting is one of the many things in life that sounds really easy but, for various reasons – psychological, sociological, political – can often be really hard.

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