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Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
Agile costs,but who’s counting?
Dina Gofman & Lourdes Duggineni
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
Wikipedia
Project accounting (sometimes referred to as job cost accounting)
is the practice of creating financial reports specifically designed to
track the financial progress of projects, which can then be used by
managers to aid project management.
“ “THIS IS TERRIBLE!!
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
Project Accounting AustraliaProject Accounting is:
A specialised form of accounting that corresponds to the ever-
evolving needs of project delivery, which helps adequately track,
report and analyse financial results and implications. “ “DRY, BUT TO THE POINT.
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
Dina Gofman
Co-founder
ProjectAccounting.com.au
Lourdes Duggineni
Co-founder
Project Accounting AustraliaFounders
ProjectAccounting.com.au
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
Project methodology01
02
03
Why Project Accountants?
Management & financial accounting
skills (& sometimes BA skills)
Non-cyclical nature of projects
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
versus
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
KEY TAKEAWAYS
01
02
03
04
Better understanding of the critical role of accounting
in project management.
Correlation between Sprint estimation and financial
reporting.
Pitfalls & successes in a large scale agile roll-out.
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
Product Owner
02
Project Accounting = Success
Accountant
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
Pre-Sprint 0
Your relationship with project accounting:
Scrum Ecosystem
01
02
03
Sprint Planning
Retrospectives
Project Sponsor
SCRUM Master
SCRUM Team
Product Owner
PrioritisationBeneficiary
Delivery
PMO
Project
Accountant
Executive
Board
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
Profit & Loss Statement:
Add Contents Title
= Profit/Loss
Balance Sheet:
= Owners’ Equity + Profit/Loss
Revenue
Expenses
Assets
General TermsProject Accounting 101
minus
Liabilities
minus
CAPEX OPEX
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
How will you account
for SCRUM?
01 02 03 04 05
Lean
can
vas
Ca
pit
ali
sa
tio
n
De
pre
cia
tio
n / A
mo
rt.
Va
lue
cre
ate
d
RO
I / N
PV
PRE-SPRINT 0Considetrations before you start your project
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
When was the initiative
you are passionate
about denied funding?
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
This is what we planned:
ASSETEXPENSE
Idea generation
Analysis
Exploration
Inception
Sprint 0
Backlog of requirements
Delivery
Feature 1 Feature 2 Feature 3
Design
Develop
Test
Implement
ASSET
Design
Develop
Test
Implement
Design
Develop
Test
Implement
ASSETASSET
$10K $10K $10K $10K $10K
CAPEX BUDGET = $40K P&L BUDGET = $10K
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
This is what happened:
ASSETEXPENSE
Idea generation
Analysis
Exploration
Inception
Sprint 0
Backlog of requirements
Delivery
Feature 1 (SUCCESS) Feature 2 (FAIL) Feature 3 (SUCCESS)
Design
Develop
Test
Implement
ASSET
Design
Develop
Test
Rework
Design
Develop
Test
Implement
ASSETEXPENSE
$10K $10K $10K $10K$10K
CAPEX SPEND = $30K P&L SPEND = $20K
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
Sprint estimation and
financial reporting
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
Old School vs New School
01
02
03
04
Budgets vs MVPs
Month-end vs Sprints
Story Points = $$
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
Agile (Relative) EstimationSCRUM Ways of Working
Sprint 1
2 Points
= 4 minutes
= $4
Sprint 2
3 Points
= 5-7 minutes
= $5-7
Average = $6
Total Project Estimate = 5 Points = 10 minutes = $10 worth of labour
+ Cost of fruit & equipment (non-labour cost) of $5
+ Cost of refrigeration (OPEX) of $2
= $17
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
Profit & Loss Statement:
Add Contents Title
= Loss of $2
Balance Sheet:
= Owners’ Equity $17 – Loss $2
Revenue
Expenses $2
Assets $15
Budgets vs Relative EstimationFruit Salad
minus
Liabilities
minus
CAPEX OPEX
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
Time tracking
Project portfolio budget
Steering Group
PMOSystems
PA Methodology ModulesBudgets vs MVPs
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
When do
you look at
the
instructions?
A
B
C
04D
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
Time tracking
Project portfolio budget
Steering Group
PMOSystems
PA Methodology Modules
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
Common
pitfalls &
successes in
large scale
agile roll-outs
Case Study of
Australia’s
largest insurer
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
Cost management
Benefits realisation
Portfolio prioritisation
01
02
03
The Key is to LearnDon’t wait until it’s too late
Project Accounting Australia © 2017. All rights reserved.
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Consulting, Training &
Stationary
Loss of visibility of
scope, spend and risk
Concept of cross-
functionality
Time tracking
Levers to STOP, START &
CONTINUE
Governance
Supporting tools
TIME and MONEY
Key LearningsThe Insurer’s Scrum Journey
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
Time tracking
Project portfolio budget
Lean Governance
Orchestration
Project AccountingSystems
SuccessesResults of the Transformation
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
Thank you!
For further info, send a SMS with
YOUR NAME
to
0411 202 307
ProjectAccounting.com.au
Project Accounting Australia © 2017. All rights reserved.
@ProjectAcc_AU
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Business Solutions
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