Project Management
Project management is a client-focused process that significantly increases the probability of providing the desired results to the client. It can help an accounting firm plan its resources more effectively and ensure that work is delivered to clients in a timely manner. The project management methodology enables an accounting firm to manage its engagements prospectively, not retrospectively, such as through time sheets. When properly implemented, project management can provide your firm with a competitive differentiation by defining the success of your firm the same way your clients do—through results. This article explains the important tools and objectives underlying project management.
What is a Project?
Most accounting engagements clearly qualify as projects. According to the Project Management Institute (PMI), a project is “a temporary endeavor undertaken to create a unique product, service, or result.” Further refining two words in this definition provides tremendous insight into project management. Those words are temporary and unique.
To understand a project as temporary is to understand that it must have a clearly defined end. For CPAs, this would mean a set of client-specific deliverables, such as a tax return, a compilation or review, a cash flow projection or an audit.
Identifying Projects
Project identification is the initial phase in the project management process, where potential projects are recognized and defined based on organizational needs, opportunities, or challenges. It involves identifying problems, goals, or opportunities that warrant attention and align with the organization’s strategic objectives. Project identification encompasses gathering information, conducting feasibility studies, and evaluating potential solutions to determine the viability and relevance of proposed projects.
This phase lays the foundation for project planning and resource allocation, guiding stakeholders in selecting projects that align with organizational priorities and have the potential to deliver value and impact. Effective project identification ensures that resources are directed towards initiatives that contribute to organizational success and address key objectives.
Managing the financial aspects of a project or business can be a complex task, requiring expert guidance and strategic planning. Our Project and Business finance services cater to the diverse financial needs of clients in Chandigarh, including debt syndication, private equity, and venture capital funding.
With a deep understanding of the market dynamics and financial requirements, our team of chartered accountants and finance experts work closely with clients to develop tailored financing solutions that align with their business goals.
Feasibility Study
A feasibility study is simply an assessment of the practicality of a proposed project plan or method. This is done by analyzing technical, economic, legal, operational and time feasibility factors. Just as the name implies, you’re asking, “Is this feasible?” For example, do you have or can you create the technology that accomplishes what you propose? Do you have the people, tools and resources necessary? And, will the project get you the ROI you expect?
What’s the Importance of a Feasibility Study?
A project feasibility study should be done during the project management life cycle after the business case has been completed. So, that’s the “what” and the “when” but how about the “why?” Why is it important to conduct a feasibility study?
An effective feasibility study points a project in the right direction by helping decision-makers have a holistic view of the potential benefits, disadvantages, barriers and constraints that could affect its outcome. The main purpose of a feasibility study is to determine whether the project can be not only viable but also beneficial from a technical, financial, legal and market standpoint.
Steps in a Feasibility Study
- Conduct preliminary analyses.
- Prepare a projected income statement. What are the possible revenues that the project can generate?
- Conduct a market survey. Does the project create a good or service that is in demand in the market? What price are consumers willing to pay for the good or service?
- Plan the organizational structure of the new project. What are the staffing requirements? How many workers are needed? What other resources are needed?
- Prepare an opening day balance of projected expenses and revenue
- Review and analyze the points of vulnerability that are internal to the project and that can be controlled or eliminated.
- Decide whether to go on with the plan/project.
Allotment Of Land
The allotment of land in India is a significant process that involves allocating land for various purposes such as agriculture, housing, industry, and infrastructure development. This process is governed by a combination of national and state-specific laws, policies, and regulations. Here are key points that outline how land allotment works in India:
Legal Framework and Policies
Land Acquisition Act, 1894 (Repealed): The original framework for land acquisition, which has been replaced by more recent legislation.
The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013: This act governs the process of land acquisition in India, ensuring fair compensation, and providing rehabilitation and resettlement to those affected.
State Policies: Individual states have their own policies and regulations for land allotment, reflecting local needs and governance structures.
Types of Land Allotment
Agricultural Land: Allocated for farming activities, often managed through state agricultural departments. Residential Land: Managed by local municipal bodies and development authorities, this involves allocation for housing purposes. Industrial Land: Allocated by state industrial development corporations to promote industrial growth and development. Infrastructure Development: Government bodies allocate land for public infrastructure projects such as roads, railways, and public facilities.
Approvals From Authorities
You use the Approval Authority program to set up approvers or distribution lists for each level that you specified in the Approval Authority constants. The system enables you to set up approvers and distribution lists for only the levels that you activated in the Approval Authority Constants program. If you do not activate any of the approval authority constants, the system generates an error when you access the Manage Distribution List form.
Manage Single Recipient
The approval authority program contains a processing option, Form Display, that enables you to determine whether you assign single approvers or distribution lists to each level of authority. If you enter 1 in the processing option, the system displays the Manage Single Recipient form, and you can assign only single approvers to each level. You cannot assign distribution lists by using this form.
In addition to entering a single approver for the level of authority, you also enter an approval limit. This amount indicates the minimum amount for a requisition that requires approval. The system evaluates the amount that you enter as a greater-than or equal-to amount. Therefore, if you enter 100.00 USD as the approval limit, the system requires approval on all requisitions with an amount greater than or equal to 100.00 USD.