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I don't understand the problem this solves. It appears this is for a business to track project expenses? Don't businesses use actual accounting software to trac

I don't understand the problem this solves. It appears this is for a business to track project expenses? Don't businesses use actual accounting software to track expenses, etc.? How does this reflect or compete with that? I don't think this makes any sense for personal finance.

throwaway11460 3y ago
Actual accounting software doesn't care about projects. You get a $10k invoice - now the question is what projects is it related to, what amounts...
- sdf4j 3y ago
  that’s not true. Serious accounting software let you assign an invoice to a project, program, cost center, groups… you can even do that on at the invoice item level.
- ska 3y ago
  Actual accounting software is double entry. You’ll move that invoice through AP, and the balancing transactions will be split by project/type/etc by a combination of accounts and perhaps labels/tags.
- steve1977 3y ago
  Actual accounting software can certainly care about that. This is called operational or cost accounting (vs financial accounting, which would be accounts payable etc.)
datavirtue 3y ago
My guess is that they were trying to address the collaboration aspect of budgeting. It is usually a fairly large group planning effort where the budget starts out looking a certain way and is iterated on rather quickly (hopefully, and herein lies the problem) as input is reconciled and ideas are explored. However, this product seems to use a planning and collaboration methodology to track actual money movement. Something that might work for personal use but has little-to-no place in a company.
- deleted 3y ago
  [deleted]
Closi 3y ago
While invoices will get tracked to a cost-center in the accounting package, usually project managers won't access this directly and will have their own spreadsheets to the side to manage plan vs actual (i.e. they may also need to think about spending, and will update the sheet as their estimated costs change, do baselines etc).

throwaway11460 3y ago

Actual accounting software doesn't care about projects. You get a $10k invoice - now the question is what projects is it related to, what amounts...

sdf4j 3y ago
that’s not true. Serious accounting software let you assign an invoice to a project, program, cost center, groups… you can even do that on at the invoice item level.
ska 3y ago
Actual accounting software is double entry. You’ll move that invoice through AP, and the balancing transactions will be split by project/type/etc by a combination of accounts and perhaps labels/tags.
steve1977 3y ago
Actual accounting software can certainly care about that. This is called operational or cost accounting (vs financial accounting, which would be accounts payable etc.)

datavirtue 3y ago

My guess is that they were trying to address the collaboration aspect of budgeting. It is usually a fairly large group planning effort where the budget starts out looking a certain way and is iterated on rather quickly (hopefully, and herein lies the problem) as input is reconciled and ideas are explored. However, this product seems to use a planning and collaboration methodology to track actual money movement. Something that might work for personal use but has little-to-no place in a company.

deleted 3y ago
[deleted]

Closi 3y ago

While invoices will get tracked to a cost-center in the accounting package, usually project managers won't access this directly and will have their own spreadsheets to the side to manage plan vs actual (i.e. they may also need to think about spending, and will update the sheet as their estimated costs change, do baselines etc).