How Contractor Accounting Software Enhances Your Company
Leveraging accounting software designed for contractors can help make a world of difference in the way you do business.
To say that you should use construction tech for your business is an understatement. Every business should use automated software to manage operations.
However, this requirement exists especially in the complex field of contracting. In fact, your IT platform should be the core of your operation.
Every day, you face challenges. Your entire team should have access to comprehensive and real-time information. What’s more, they should have the ability to access that information using any device.
To learn more about why contractor accounting software is critical for success in the construction industry, keep reading.
Imagine a Better Way to Keep Costs in Control
Today, cloud-based enterprise resource planning (ERP) software has evolved into the perfect management hub. Industry-specific software is essential for any contracting company.
For example, Acumatica’s financial management is a feature-packed accounting suite. It’s engineered to give you complete construction accounting data.
You can use this cloud ERP system to know the state of revenue at any time. You’d also use it to track cost budgets and commitments. With Acumatica, you can also keep a close eye on pro forma invoices and job costing.
Furthermore, it integrates fully with other powerful Acumatica Construction Edition modules. These modules include Acumatica Customer Management and Distribution Management. It also integrates with Acumatica Field Services Management and other Acumatica offerings. This ensures that your software is tailored specifically to your company’s unique needs.
More than likely, you’re managing multiple projects at a time. Accordingly, for project accounting, you need real-time visibility into the overall performance of your company. You also need fast access to the details of ongoing projects as well as upcoming estimates.
Acumatica job costing enables you to capture accurate costs with flexible cost structures. It does the same for capturing approval workflows.
Even from a mobile device, you can access real-time reports and field receipts. You can also use it to review invoices and equipment time cards.
Furthermore, Acumatica integrates with budgets, subcontracting information, inventory, and other vital information. Acumatica Cloud ERP helps you stay on top of myriad details that are all equally critical.
Keeping Things On Point
Undoubtedly, keeping things in line is a complex task that you grapple with every day. For example, you’re probably managing multiple projects at the same time. However, you must also keep a close eye on finances and contract management.
As an example, you need to manage accounts payable on top of all your other responsibilities. Also, everyone needs to have access to data.
This information may come from invoices, specifications, status reports, and purchase orders. With accurate, real-time information, team members can make on-time and accurate payments.
Moreover, you want to close your books as quickly as possible at the end of the month. However, it’s important that every piece of information is as precise as possible. Fortunately, you can achieve these outcomes.
Acumatica Construction Edition is a time-saving automation and workflow tool. It will help you to streamline your contractor accounting processes and increase productivity.
For example, you can take advantage of Acumatica’s customizable templates. You can use them to launch projects with a standardized approach to budgeting and contracts. You can also use the software to create consistency across billing and accounting functions.
At the end of the month, you can close processes with fewer errors using the software. What’s more, you can do it faster.
Acumatica ERP supports standard accounting practices. For example, if you’re a home builder, you can use the percentage of completion accounting method. Alternatively, if you’re a production home builder, you can use the completed contract accounting method.
Using Construction Accounting Software to Your Advantage
As a contractor, you might complete your projects internally. Alternatively, you might hire subcontractors.
Either way, you’ll need to access timely project management and accounting information. Real-time data will help you to make informed strategic decisions that will move your company forward.
Acumatica is easy to use. It will help you to stay connected with your team. Moreover, it will improve visibility and profitability across all your ongoing projects.
Furthermore, you can provide all stakeholders with the same information using Acumatica ERP. The software will help you to increase collaboration among team members. It will also help you to improve data accuracy across your organization.
Acumatica will empower you with real-time, role-based visibility. With it, you’ll always know the state of your business, and you can do so just from logging into the Acumatica mobile app.
You’d access the information you need using Acumatica’s self-service dashboard. It will give you detailed insights into your business performance. Furthermore, you can use the dashboard to drill down into any detail that you desire.
Expand Your Capabilities With Contractor Accounting Software
You can take your contracting firm to the next level. An industry-specific cloud ERP, such as Acumatica, will empower you to grow.
Contractor-specific software runs leaner compared to generic ERP applications. What’s more, it’s more effective than general software offerings.
Contractor specific ERPs provide you with key functions. They also provide you with personalization designed specifically for your industry.
The needs of companies regarding ERPs vary greatly across industries. A contractor-specific ERP, however, will help you outperform your competitors. More importantly, it will help you to build a clear roadmap to success.
Start Doing More Today
Now you know more about Acumatica and how it benefits contractors and construction companies. While Acumatica Construction Edition is the best accounting software for contractors, what you need now is a skilled partner that can help you deploy a cloud ERP solution quickly.
Don’t wait to make your transition to the cloud because you can bet your competitors are already on their way there.