Interactions with Accounting Finance

Another kind of interaction occurs when an accounting/finance group has responsibility for project cost accounting, and this group does not report to the PM. This is a very common situation, calling for an early understanding of what types of reports will be provided to the project management team.

The centerpiece of such reports is likely to be project cost reports, which define the costs expended to date, and during the last reporting period (e.g., month), by various categories of cost (e.g., direct labor, overhead, and general and administrative costs). The PM may designate the Project Controller as the point of contact in obtaining the required cost reports with the desired format and frequency. A smooth interaction in this regard that works effectively is considered critical to the success of the project. No project can be run efficiently without timely and accurate cost information.

Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

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