The construction business is pretty relentless. With more than 2.5 million construction firms in the United States, the market for acquiring new projects is pretty saturated for customers to choose from. So why would a potential client choose your construction company to take on a big project? Believe it or not, the answer lies in your construction accounting software.
Construction accounting software might not seem like it can make or break your company’s bank. But, the company will grow, and projects will become more in-depth. Therefore, your business will need a golden-thread application that is flexible and cloud-based for instant financial analysis.
Construction Accounting Software for Job Costing
Tracking essential job costs for any construction project is paramount for successfully completing a job. Therefore, construction workers and project managers need to be able to track inventory, timesheets, and other project details to keep a job site running smoothly. For instance, when the business is connected to a CRM like Salesforce, the entire business is connected through one platform. In doing this, the connectivity gives users the ability to seamlessly switch back and forth between applications without missing or duplicate data or having to log in and out of an application.
Never miss another deadline with a connected, cloud-based accounting system running the back office of your construction business. Project accounting and job costing features within your construction accounting software will drastically improve planning. The company’s ability to make purchases and track projects will enhance, as well. For instance, when a new project is acquired, the materials, the number of workers, and the financials needed for the job, can be ready at the click of a button. And, all of this data can be analyzed and reported on in a moments notice, giving you the confidence to finish the job on time and before any deadline.
Here are some other ways job costing software can help you:
- Track and expedite job progress
- Estimate job costs vs actual job costs
- View purchase orders
- Provide insight on mistakes or where problems could arise
Financial Reporting for Your Construction Accounting Software
After the job is complete, your back office or finance team takes a look at the finished project report and crunches the numbers. They look at things like expenses, man-hours, and vendor payments in their assessment of the total construction project. Was the job a success? Did the construction company meet the demands of the customer? These are just some of the questions that come about when the finance team begins their reporting.
When the finance team has financial reporting features like real-time profit and loss reports or revenue recognition, the financial reporting process becomes more efficient and insightful. Accountants or other financial colleagues will be able to tell if a construction project is over budget or missing a deadline with a construction accounting software that features real-time reporting functionalities.
Inventory Tracking for Your Construction Business
In the construction business, materials and vendors are a part of every project. Each and every construction employee has to know what materials, tools, and/or supplies are needed to do their job. Choosing a construction accounting software equipped with inventory tracking helps you fully manage the costs and status of your gear right next to the other project variables. Instead of going back-and-forth different systems to plan projects, the details of essential equipment are instantly accessible, allowing you to allocate resources more efficiently. This also keeps the entire scope of the project consolidated to give you real-time amounts and data to make the best, most cost-effective decisions.
Choose Accounting Seed for Your Construction Accounting Software
In conclusion, no matter where the job site takes you Accounting Seed has your financials covered. We combine operational and financial visibility to your accounting process to help your construction business grow to new heights. We eliminate wasted time spent on manual data entry by streamlining the financial lifecycle through automation. This way you can focus more on just satisfying your customers with amazing projects!
Above all, Accounting Seed’s cloud-based system lets you analyze every financial detail through our comprehensive project accounting feature set. In addition, you can manage them all in a single interface. Our labor costing and expense management features let you track project expenses to remain within budgets and estimates. Recognize revenue your way to ensure financials are accurate throughout the project lifecycle.