As the construction world evolves with technology, it’s no surprise that the best construction accounting software should evolve, too. Companies must keep their financials, and the technology they use, accurate and up-to-date. Cloud-based ERP systems like Sage Intacct Construction have become the industry standard.
With customizable features, ease of use, and automation capabilities, Sage Intacct Construction saves time and provides more efficient business operations. However, that’s not all you need to consider when comparing accounting software options.
Follow along as we dive deeper into signs you need construction accounting software and why Sage Intacct Construction is the leading choice.
Signs You Need Construction Software
Construction is an industry that revolves around:
- Large volumes of data
- Extensive financial analysis
- Complicated workflows
- Complex project financials
With so much going on, ensuring that your accounting processes are efficient, accurate, and reliable is crucial. However, many construction companies cling to outdated accounting software. This usually causes more problems than it solves.
So, before comparing the best accounting software for construction, there’s one thing you need to do first. You have to analyze your existing system!
If you’re experiencing the following signs, it might be time to switch to a cloud-based accounting ERP.
Recent Growth
Every construction business dreams of expanding steadily over time. But with growth comes more complexity, more customers, more projects, and more data.
If you’re struggling to keep up with managing invoices, expenses, cash flow, and job costs, it may be time to switch to an accounting solution that is:
- Scalable
- Flexible
- Cloud-based
Powerful and modern construction accounting software should offer a complete and customizable financial management system that can grow with your business.
Legacy Solution
If you’re still using accounting software developed decades ago, chances are it’s not meeting your current needs. Legacy, generic solutions like QuickBooks, NetSuite, and Viewpoint lack the customization abilities that modern cloud-based ERPs offer. Their features and functionality are limited to basic accounting tasks and may not be able to handle the complexity of construction accounting.
Sage Intacct Construction is not that. It’s designed specifically for the construction industry. This makes tracking job costs, project profitability, and financial performance easier as it’s an industry-specific solution.
Lack of Adoption
Are your employees reluctant to use your current accounting software? Do they find it challenging to navigate due to complicated workflows and limited support? That’s a big issue, as a lack of user adoption can lead to:
- Data discrepancies
- Costly errors
- Delays
A modern cloud-based ERP makes it easier for employees to perform daily accounting tasks. This reduces the risk of data entry errors and time-consuming manual processes.
Lack of Insights
Does your current accounting software provide the insights you need to make informed financial decisions? Are you able to access real-time data anytime and from anywhere?
Software like Sage Intacct Construction provides robust reporting and analysis tools that provide a real-time view of your financial performance. This allows you to make informed decisions at the right time.
Poor Performance Reporting
You should ask yourself if you struggle to generate timely and accurate financial reports. Do you spend hours compiling data manually from spreadsheets, paper invoices, and receipts?
The best construction accounting software provides a range of standard reports and dashboards for everything you need to thrive. This includes:
- Job costing
- Revenue recognition
- Revenue forecasting
- Report writers
- So much more
With real-time data, you can make informed decisions that drive business growth.
Cloud-Based ERP Systems
Is it time to make the switch? Upgrading your construction software can seem like an overwhelming project. However, when you switch to cloud-based financial ERP software, you enjoy various benefits you’re likely not getting from your current software company.
What is cloud-based ERP software? ERP stands for enterprise resource planning. This software integrates financial data and processes across an entire organization.
By using a cloud-based ERP solution like Sage Intacct Construction, your construction business can save time and automate processes while improving accuracy and efficiency. Talk about a win-win all around!
One major benefit of cloud-based ERP software is that you can access it anywhere. This allows your team to work remotely and collaborate in real-time. You can also manage your finances and business operations from a single platform.
With Sage Intacct Construction ERP software, your construction business can:
- Streamline financial management processes
- Reduce manual data entry
- Get better insights into financial data
This powerful ERP solution provides:
- Customization abilities
- Ease of use
- Automation possibilities
The result? You save time, increase efficiency, and remain competitive.
If you want to improve your financial management processes, adopting the right cloud-based ERP software like Sage Intacct Construction could be the perfect solution for your business.
Tips for Choosing Accounting Software
Choosing the right construction accounting software can significantly impact your business’s success. Here are some tips to help you choose the right accounting software for your construction business.
Accessibility
Good accounting software should enable seamless navigation from reports to transactions and consolidate data for a complete view of your business.
For example, Sage Intacct Construction software offers:
- Real-time financial insights
- Customizable dashboards
- Advanced automation capabilities
These features allow you to easily analyze your data at a granular level. They also make it easier to access vital information that helps drive your business forward.
Versatility
Customizable accounting software is essential in managing your construction business effectively. It should be versatile, allowing you to do the following based on your specific requirements:
- Manage budgets
- Track project costs
- Analyze financial data
This flexibility ensures that your accounting needs are always met, no matter how unique.
Reliability
You need the software and the data it produces to be reliable. This is especially important when handling payroll processing. It should allow you to engage in union, entity, and job-type-specific payroll processing.
Ultimately, with comprehensive payroll reporting, you can analyze and track payroll costs and ensure that your payroll processes are always accurate.
Flexibility
Finally, look for a flexible solution. You want to ensure all financial and project data is safe, secure, and easily accessible through your software’s cloud-based platform. You never have to worry about losing critical data or running out of storage space.
Get the Best Construction Accounting Software
Ready to try the best construction accounting software? You’ve heard lots about Sage construction accounting software already. Now, book a free demo with Bangert to see it in action.