Project Based budget and reports

Hello,
we are IT consultancy firm. we want to adopt open erpnext for accounting department. i have two questions
is it possible to set the budget for each project and proceed accordingly ?
also is it possible generate standard reports (profit loss, balance sheed etc) for each individual project?

You can manage budgeting for projects by setting up cost centres against each project. check this help article https://manual.erpnext.com/contents/projects/project
Im not sure if the profit loss/ balance sheet report are available by default but you can always create your own reports. check this link. https://kb.erpnext.com/kb/report/making-custom-reports-in-erpnext

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Check this too: https://manual.erpnext.com/contents/accounts/budgeting

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