In the construction industry, time is money. So, anything that can save you time is worth its weight in gold. The sooner a project is completed, the sooner the client can start using the space or facility and generate revenue. Construction companies must constantly strive to improve their project management and on-site coordination in order to save time and money. One way to do this is to use technology to track and manage every aspect of the construction process.
With technology and software continuously improving, why not take advantage of this for your business? This is where Sage Intacct Construction comes into play.
What is Sage Intacct Construction?
Sage Intacct Construction provides a comprehensive yet easy-to-use solution for managing the construction process. From pre-project budgeting and forecasting through project completion and closeout, construction managers and general contractors have real-time visibility into the data they need to make informed decisions and control costs.
Sage Intacct Construction is a cloud-based solution that integrates with payroll, field service, and project management systems, giving construction professionals a complete view of their business. With Sage Intacct Construction, general contractors can manage the financial aspects of their construction projects with ease, including change orders, progress billing, and project accounting. In short, Sage Intacct Construction is a comprehensive solution for managing the complete construction lifecycle.
It also offers many benefits for general contractors, including controlling costs, managing projects more efficiently, and making informed decisions. With Sage Intacct Construction, general contractors can streamline their construction accounting and financial management processes, saving time and money.
Here are some key features Sage Intacct Construction provides:
- Allocations Management
- Budgeting & Planning
- Cash Management
- Job Cost
- Reporting & Dashboards
- Time & Expense
- Project Costing & Billing
Now, let’s take a closer look at how Sage Intacct Construction can benefit general contractors.
1. Modernizing Your Business
As the construction industry has become more complex, the need for accounting software that can keep up with the demand has never been greater. Construction is a notoriously paperwork-heavy industry. From timecards to approved change orders, a lot of documentation is required to keep a construction project running smoothly. Most of this documentation was managed manually with paper records in the past. This is not only time-consuming, but it also creates a risk of losing important papers.
That’s why Sage Intacct Construction is such a valuable tool for general contractors. It’s a cloud-based solution that provides real-time insights into project costs, so you can make informed decisions about where to allocate resources. It also streamlines the invoicing process, so you can get paid faster. And because it’s cloud-based, you can access it from anywhere, at any time. If you’re looking for a way to modernize your business and stay ahead of the competition, Sage Intacct Construction is the perfect solution. Not to mention, Sage Intacct has open API which allows even further customization and integration to fit your business needs.
2. Streamline Your Construction Accounting
One of the key benefits of Sage Intacct Construction is that it helps general contractors better manage their cash flow. With real-time visibility into project financials, contractors can decide when to bill customers and when to pay suppliers. This can help contractors avoid costly interest charges and late fees.
The software is flexible and customizable, so you can tailor it to fit the unique needs of your business. You can manage multiple projects at once, track project costs, and generate accurate financial reports. Sage Intacct also integrates with other construction software, so you can manage all aspects of your business from one platform.
Contractors who use Sage Intacct can take advantage of its Accounts Payable module to track purchase orders and invoices. This module gives users the ability to match invoices to purchase orders and receipts and track invoices that have been paid. Contractors can also use the Accounts Payable module to set up vendor payment terms and to track vendor discounts.
This is an essential tool for any construction business looking to improve its financial management.
3. Create Efficiencies and Save Time
As a general contractor, you are constantly managing documents, drawings, and project communications. This can be a time-consuming and complicated process. Construction cloud accounting for general contractors can help you streamline this process. You can easily access and manage all your project documents in one place. This includes drawings, contracts, proposals, and more.
Sage Intacct Construction provides powerful project communication tools. You can easily share project updates, documents, and files with your team with these tools. Tracking project progress and milestones in one central place ensures that everyone is aware of the project’s status and what needs to be done next. This coordination and transparency can save time and money and help avoid costly mistakes.
4. Track Progress and Manage Orders
You need to track progress and manage orders to ensure that your projects are on track and that you are making a profit. Construction management software helps general contractors track progress and manage orders. This cloud-based software makes it easy to see where each job is at and what still needs to be done. It also allows you to track purchase orders and invoices. This makes it easy to stay on top of your finances and make sure you are getting paid for your work.
When a construction company uses Sage Intacct, it can track purchase orders and invoices in a central location. This allows the company to track every penny that is being spent on a project, so you can see exactly where your money is going. This can help you save money in the long run, as you can see where you may be spending too much and adjust accordingly. This information is valuable to the company because it can help them negotiate better payment terms in the future.
5. Get Real-Time Insights into Your Business
Receiving real-time insights and data-driven for general contractors is critical when decision-making. You want to build the best homes and offices possible and do it efficiently and cost-effectively. The software provides real-time visibility into project billing and financials so contractors can make informed decisions about where to allocate resources.
Users within construction management software can manage their construction business finances with confidence, knowing that they have access to the latest information and tools. As a result, general contractors can save time and money while improving their construction projects based on real-time insights.
6. Increase Profitability
There are numerous construction-specific financial management features that can help increase profitability for your business. Utilizing these features can help you manage projects more efficiently and save money in the long run.
Some important construction-specific financial management features to consider include job costing, project accounting, work in progress (WIP) reporting, and progress billing. Job costing allows you to track the actual costs of each job and compare them to your estimates. Project accounting gives you a clear financial picture of each project so you can make informed decisions about where to allocate resources.
WIP reporting ensures that you are billing for all the work that has been completed, and progress billing allows you to bill customers in phases as the project progresses. Utilizing these features can help you optimize your construction business for increased profitability.
7. Multi-Entity & Global Consolidations
What exactly is a global consolidation? In short, global consolidation is the process of combining the financial statements of multiple entities into one complete picture. This is generally done for companies with operations in multiple countries.
There are many benefits to global consolidation. For one, it gives companies a more holistic view of their overall financial performance. Additionally, it can help companies identify areas of opportunities and potential risk. Finally, global consolidation can also make it easier for companies to comply with Sarbanes-Oxley and other financial regulations.
Sage Intacct construction software can make the process easier. General contractors can take advantage of real-time visibility into the financial performance of all their projects, entities, and joint ventures. This allows them to make informed decisions about where to allocate resources and how to improve profitability. In addition, Sage Intacct’s Smart View functionality provides a consolidated view of all global transactions, making it easy to identify and correct errors. Overall, Sage Intacct construction software provides a powerful tool for managing multi-entity global consolidations.
Grow Your Business with Sage Intacct
There’s never been a more crucial time to position your organization than now. Integrating business processes through cloud accounting ERP improves efficiency and productivity.
To help with the software implementation process, no one is better to help you than Bangert! Get in contact with one of our experts now to learn more about how Sage Intacct can help your company.