What does 'project accounting' in Workday track?

'Project accounting' in Workday primarily focuses on tracking the financial performance and expenses related to specific projects. This aspect is critical as it allows organizations to monitor costs, revenues, and overall financial health tied to individual projects rather than providing just a general overview of the company's finances.

By maintaining detailed records of expenses and income associated with each project, businesses can conduct more precise budgeting, forecasting, and financial analysis. This granularity helps in ensuring that projects stay within financial constraints and assists in decision-making processes related to project viability and resource allocation.

As a result, while tracking employee work hours and project timelines are important for project management, they do not fall under the umbrella of project accounting's primary functions, which are tied to financial metrics and performance. Additionally, monitoring the overall company financial status is a broader focus that extends beyond the scope of project-specific accounting.