Sage Intacct: How It Simplifies Project Financial Management
Did you know, according to the Associated General Contractors of America, the construction industry in the United States creates almost $1.3 trillion worth of structures annually?
If you’re a construction leader or project manager, then you know how much money can be made while taking on a construction project. You also know that it takes a lot of work to handle the money coming in, going out, and being used for equipment.
Moreover, when it comes to managing your construction project efficiently, the right project financial management software can help you.
Instead of having to worry about the daily stressors of construction financial management, certain programs can help you stay organized, be more aware of your finances, and focus on running your construction business smoothly.
Sage Intacct Construction is one of the top project financial management software products out there for construction financial management. To learn more about how this product can take the pain out of project financial management, read on.
Account for Multiple Locations and Entities
Many construction companies are now based in multiple locations. Sometimes, they are split up into separate entities. In construction management, project planning financially can be challenging as a result. After all, you have to manage the finances of many different entities.
Sage Intacct is perfect for dealing with multiple locations and entities. This is because it has been designed to make multi-entity accounting a streamlined process. For each location or entity, you can create user profiles. This way, users only have access to the transactions and entities related to their job.
Sage Intacct also makes it easy to share the same information to all the locations and entities at the same time. You can share account charts, and lists of items, customers, and vendors with every single entity at once. This simplifies the processes of cross-entity reporting and new entity creation. What’s more, is that you can access all the different companies simultaneously.
Additionally, Sage Intacct automates all your company’s transactions. It even tracks the intercompany balances and automates the entries that are due from and due to. This makes your accounting audible, accurate, efficient, and transparent.
Streamline Your Consolidations
When you have multiple locations and entities, or you’re carrying out several construction projects, it can be complicated to combine all your data at the end of the month, quarter, or year. This is where Sage Intacct for financial management comes in.
If you don’t have the right type of software, it takes a long time to combine your data and it can also lead to errors. With Sage Intacct, you can consolidate everything with just one click. This will make your procedures more accurate, more transparent, and faster.
You’ll also get a detailed journal entry report, which means you won’t have any issues if you go through an audit.
Finally, you gain real-time financial and operational reporting through role-based dashboards. As a result, you’ll get accurate views that are up-to-date whenever you need them.
Centralize Your Payables
When you’re carrying out a large number of construction projects, centralization can be challenging. If you don’t have the right software for it, you need to manually put in all the data to centralize it. This takes up time—and money.
With Sage Intacct, payable functions are centralized across your construction company, accounting for all the different projects you’re completing.
In addition to tracking your financials, Sage Intacct tracks your operational ratios and metrics. For example, you can track how much you’ll make with each construction project and what capacity you have for new projects.
You can also compare how much money different teams and entities are making. As a result, you can improve your company’s performance over time.
Allocate Your Expenses
When you’re running a construction company, there are many types of expenses you have to allocate. Whether this is new equipment you’ve bought, machinery you’re renting, or contractors you have to hire for an additional job, it takes time to account for these costs. When you don’t have the right software, transactions have to be carefully recorded into general ledgers.
Usually, you have a separate general ledger for each entity in your company. It’s a long, arduous process. With Sage Intacct, allocating your expenses is easy. It’s easy for you to allocate all your transactions across multiple dimensions, locations, and teams.
This is all done from one place while you’re entering the data.
Simplify Your Billing and Revenue Recognition Process
Sage Intacct can also help you simplify your billing and revenue recognition process. This software can help you automatically capture billable and non-billable transactions. Additionally, it improves forecast accuracy by decoupling billing from revenue recognition. This makes project financial management easier than before.
Finally, Sage Intacct was built specifically for construction. It will help you build your company so that your team can build more efficiently.
Need More Information?
Now that you’ve learned about the different ways that Sage Intacct can help you with your construction project financial management, it’s time to see if your company is ready to take the next step to the cloud.