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When you are engaging in the process of creating project accounting, you must first put in place project cost estimation.
Project cost estimating is the accounting function of assessing the potential costs of an upcoming project. This may include the cost of manpower, software licenses, internal and external resources as well as potential profits and long term savings.
Clearly, this kind of estimation is an important thing for businesses to do because it allows you to determine the potential for profit per project. This also helps management to guage accountability if a project comes in above or below budget and if the project is ultimately successful in it's revenue goals.
If this is the first step, and followed, it's right on the money!