What is Construction Accounting Software?
Easily convert un-billed activity slips and timesheets to an invoice or statement with a click of a button and send to your client. Manage custom billing rates by activity, employee, or client.
Keep track of your progress on specific jobs, including all income and expenses, and see your job profitability. Manage reimbursable job expenses and mark them up to cover your costs and overhead. Make it easy for your clients to pay their bills online using a credit card with Web Pay. Email invoices or statements with a pay now link to your own customized secure payment page that allows them to view and pay their open invoices.
Bill your clients for a percentage of the original quote or a quantity, rate, or amount for each line item. AccountEdge will track the amounts previously billed.
In fact, Jonas Construction Software has more than 40 modules designed to help construction companies manage both the accounting and operational aspects of the construction business. The package offered by Tally Systems is designed for construction companies that need a takeoff system for generating the estimates of the items needed for a project based on the blueprints.
QuickMeasure OnScreen is a good choice for small construction companies that do their estimations in Microsoft Excel but want an affordable software system to streamline operations and reduce takeoff times. QuickMeaure OnScreen data can be transferred to most job estimation software packages as well, which is another advantage of this takeoff software.
WinEx Master is a specialized construction accounting software for firms that need software to manage their excavation takeoff needs. The software is capable of creating a digital plan takeoff, which includes the ability to create both two-dimensional 2D and three-dimensional 3D takeoffs. So, in addition to core accounting, they require service dispatch, scheduling, service contract management and spare parts inventory management. These contractors also self-perform work, so they have specific labor-related needs. A well-established set of vendors offer financial software for contractors.
They perform unit billing, and need a system designed to bill this way. They also have substantial requirements around equipment management, fixed asset accounting, materials management and dispatching and tracking work crews. A specialized set of vendors serve this market well. Construction accounting systems provide great benefit, if implemented and adopted correctly.
Construction Accounting Software
These benefits include:. Improved visibility. Modern systems will provide better insight into the profitability of individual jobs, and the company as a whole.
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This results from more accurate collection of data—fewer errors—as well as better reporting tools to explore the data in the system. Job costing alone will provide a tremendous improvement in reporting relative to generic accounting systems. Better estimates. By gaining a better handle on job costs across projects, the firm will be better informed when developing estimates in the future. Job cost reports from historical jobs will help identify material and labor cost trends, unanticipated costs and areas where jobs tend to go over budget.
All this leads to greater cost control. Estimators can incorporate these factors into their bids going forward. Fewer errors and less double entry of data. When contractors have inadequate systems in place, they typically resort to creating a range of spreadsheets to track job costs and other information not handled by the accounting system. This results in double entry of data, errors in the spreadsheets and lost information. When all of this information is handled in a single accounting and job costing system, there is a substantial reduction in errors.
The primary issues that tend to surface with new construction accounting software result from poor selection and implementation processes. Many buyers see technology as a quick fix to their challenges. In reality, even the best accounting package for construction industry is not a panacea. Only a combination of the right solution, a well-executed implementation and adoption process will fix their problems.
When selecting a new system, contractors need to reconsider their business process first, and then find the application provider that will most closely map to those processes or automate a new, more effective set of processes. They also need to get a wide set of users involved in the selection process so that each user feels invested in the new program and will adopt it when it goes live. Finally, contractors need to invest in proper training so that new users get up to speed on the system quickly and realize early benefits from the new system. These market trends should be considered when evaluating a new accounting and job costing system.
Technology modernization. When we talk to buyers who are upgrading from an existing system, they typically tell us that legacy technology is at the root of their challenges. This tends to be a bigger challenge for large contractors, but all buyers should consider the platform technology of each product. Business intelligence. Construction accounting systems have evolved from simply recording transactions to providing key insight into the performance of the firm, project by project.
Business intelligence refers to the more sophisticated analytics available in leading systems. Users should be able to run ad hoc reports and slice and dice data from the system to answer critical questions about the business. Increasing suite breadth. Leading systems offer project management, project scheduling, estimating, bid management and service management.
Top 10 Construction Accounting Software
Vendors continue to expand the breadth of their system through development and acquisition. Buyers should weight integrated suites versus best-of-breed applications. Note that we do not mention software as a service SaaS as a trend in this market. While we are proponents of the SaaS model, we have not seen credible SaaS accounting software for construction business applications yet. We believe that the SaaS model will eventually make its way into construction accounting, but for now that is not the case.
The vendor landscape is highly fragmented and can be confusing. However, we can simplify the market by mapping the top available solutions to our four buyer types.
Top 6 Construction Accounting Software for Mac
More Construction Software. About us. Sort by: CoConstruct CoConstruct is a project, financial, and client management system for custom home builders and remodelers. Mac Win Linux. Cloud, On premise.
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