Accounting for Projects

Three Businesspeople

Projects differ to standard accounting in that they may last for anything from a few days or weeks to a number of years.

During this time budgets may also need to be revised many times.  It’s crucial that all costs are recorded and that revenues are recognised in the correct periods.

At SGK we have specialist knowledge to help you account for any project ensuring that you become aware of any overruns or losses as they arise giving you sufficient time to react.

Our Services Includes :

  • Preparation of Initial Project Budget and regular update
  • Cashflow management during the project
  • Implementation of Procedures to ensure all costs are collected and recorded
  • Continuous Review of Actual Costs versus Budget Costs
  • Stage Payments and Recognition of Revenue
  • Allocation of labour costs and calculation of labour and overhead allocation rates
  • Calculation of work in progress
  • Reports on the profitability and progress of each project
  • Strategic assistance with problem projects
  • Review of capital projects to provide cost / benefit analysis

Over the years we have built up strong procedures to monitor and control the profitability of projects and have consulted for a number of large projects in the construction, engineering, technology, film and marketing industries.