OnTrackPM Project Finance and Accounting

OnTrack’s Financial and Portfolio Control Module can perform all the project financial transactions from procurement, receiving and invoice processing to payment and final bank reconciliations. OnTrack streamlines all the accounting transactions. Payment can be made directly out of a trust account or the processed data can be sent to ERP systems for payment.

OnTrack PM’s Financial and Portfolio Control features can perform all the project financial transactions from procurement, receiving and invoice processing to payment and final bank reconciliations. OnTrack PM streamlines all the accounting transactions. Payment can be made directly out of a trust account or the processed data can be sent to ERP systems for payment.

The OnTrack Solution

OnTrack brings all the participants together electronically and performs the three-way matching automatically. Much of the project accounting information is instantly available through entries made and verified at the procurement and receiving levels. The accounting department need only enter the invoice and cheque number with their respective dates. OnTrack verifies the three-way match. This automated process is dramatically faster, eliminates data-entry errors and gives the finance department instant access to needed information.

Benefits

• Much faster accounting
• No more errors related to data re-entry
• Automated three-way matching
• Simplified bank reconciliation
• All accounting participants are electronically linked
• Instant access to information for finance department

Functionality

• Automate your project accounting functions
• Administer trust accounts for clients
• Set business rules for payment
• Prepare funding claims based on approved invoices
• Use multiple bank accounts based on currencies
• Scan and attach invoices in PDF format
• Issue cheques or requests for payment
• Manage taxes
• Ensure full documentation for audits, reconciliations and closeout reports
• Reconcile transactions with bank statements
• Import incurred commitments and expenditures from third parties
• Document Management Linkage
• Electronic approvals throughout SCM cycle
• Full requisition/RFQ/RFP Bid & PO Contract award
• Multi currency POs
• Full material Management
• Expediting + Logistics
• Contract Terms
• Granular detail used on mega projects for over 30 years
• Approved Vendors Lists
• Field Ticketing (LEMs)
• Inspection
• Detailed Procurement Planning