All business activities and functions require and make use of financial resources to operate. In order to make sure these resources are properly budgeted, allocated, and will cover potential scope changes, while still maintaining a certain level of profitability, there needs to be a process in place to manage these aspects of the business. This is where project management accounting comes in.
Project management accounting is a process of overseeing the accounting side of an organisation. Among other things, it involves estimating and creating budgets, studying and preparing reports on the expenses incurred by a particular activity or function against the revenue it is able to generate, and developing and implementing accounting practices. This discipline is vital to any organisation as it provides a means to effectively monitor activities and functions on a financial standpoint, maintain cash flow, and understand how a business operates.
This Project Management Accounting Certification delves into the essential aspects of project management accounting. It gives you insight into matters like cost accounting, portfolio management, and budgeting and financing. It also hits on the accounting side of project management, including cost estimation, budget allocation, and evaluation of project expenses and profitability.
The course is filled with valuable details that will help you understand project management accounting better, and effectively apply its methods and tools to keep tabs of business activities and functions from a financial position. When you choose to study this course, some of the essential topics you will tackle include: