6 Reasons You Need More Than Accounting Software For A Construction Business

This is because your estimating tool will gather the time, materials, subcontractors, and equipment management costs that will be required to complete the job. Specialized estimating software that operates as a stand-alone can provide a unique combination of speed, accuracy, and ease-of-use https://blackstarnews.com/detailed-guide-for-the-importance-of-construction-bookkeeping-for-streamlining-business-operations/ that can help you wins jobs at a quicker pace. They say collaboration is key, and that’s especially true when it comes to your construction tech stack. Imagine the time you could save if your accounting platform could work together with your favorite construction management software. This isn’t something most accounting systems offer, and it’s not something many contractors even know is possible.

About QuickBooks

Retainage may be a common part of working in construction, but it can absolutely eat your lunch if you don’t carefully manage it. It’s tough to do this though without retainage tracking being built into your accounting system. If retainage isn’t being applied to the correct retainage accounts on your balance sheet, you risk over or understating your books – and you risk losing track of what you’re owed.

Always Be Ready for Tax Time

A construction management software will have more of a focus on non-accounting features such as estimating, scheduling, and project management. A construction management software may sometimes lack a traditional accounting setup of accounts payable, accounts receivable, and a general ledger. This will require you to integrate with a secondary solution for accounting. Sage Intacct Construction is a great pick for contractors of all sizes needing cloud-based financial management. It offers basic accounting capabilities as well as more advanced features like real-time posting, streamlined bank reconciliation, and flexible journal entries. The software also handles multi-entity consolidation, making it a strong choice for construction companies with different locations.

• Running a successful business usually means that you are focused on looking after your customers, growing sales, and improving profitability.
• Use software to streamline your revenue reports, invoicing, and payroll processes to stay on top of your company’s finances.
• By offering so many features in one interface, Buildertrend minimizes wasted time, effort and energy that would otherwise be spent trying to bring a poorly optimized collection of apps to heel.
• Thanks to the software’s visual inventory system with high-resolution photos and customizable fields, items are easy to identify and organize in an overall more efficient way.

What you get from the Select Plan:

If you run your own construction company, you already know how much time and focus the job takes. Often, bookkeeping and accounting become an added stress, leaving you less time to run the business and raising the risk of mistakes with your accounts. Regarding accounting, Safe 300 breaks tasks down into assignments and work orders.

Integration with Other Software

Any general-purpose accounting software has been excluded, as it didn’t meet my core evaluation requirements. RedTeam provides you with accurate and up-to-date information on your projects. That means you’re making business decisions based on the best available data. Explore our top picks for general contractor software construction bookkeeping covering bid management, document control, and project management.