The Benefits of the Right Construction Accounting Software

Construction AccountingSpend Less Time Crunching Numbers and More Time Building Your Construction Business.

The Problem

Any small construction firm that relies on manual accounting methods to maintain and build their business is at a distinct disadvantage to their more technically advanced competitors. The same holds true of mid-size companies that rely on a disjointed set of software packages – usually purchased over the span of a few years on an as-needed basis – that do not communicate with each other and were not specifically designed for the construction industry.

You may find yourself needing a new job-costing strategy because you and your team are unable to “think on your feet.” That is, it is difficult to quickly – and accurately - respond to changes in client bid requests... and a mistake can mean serious problems for your cash flow and for the ultimate viability of your company. Similarly, you may find yourself losing bids because you are unable to respond to clients in a timely manner.

The Solution

“Integrated construction accounting software” may seem like a mouthful but the effort it takes to say the phrase  is far more than offset by what it will save you in terms of crunching numbers both for internal purposes and for your clients. Here are just a few of the benefits:

  • Expedites billing and payment functions
  • Facilitates initial job costing and final estimation
  • Helps with the scheduling of both labor and equipment as well as the delivery of materials
  • Oversees work in progress and percentage of completion
  • Calculates industry standard metrics such as retainage, estimated vs. actual reporting and profitability
  • Provides top level financial reports

The Next Step

In short, if your business is growing and you are starting to feel a little overwhelmed by all the numbers – internal and external – that you have to generate every day, it is most likely time to take a look at some of the software specifically geared towards the construction industry - Quickbooks just isn't going to cut it anymore. You and your team will save time, effort and money as well as keep your clients a lot happier.

Other helpful resources related to construction accounting:

To view accounting software products specifically developed for the construction industry try our free Accounting Selector Tool. It will narrow down your search based on your criteria and help you make the right software decision for your business.