Understanding the Cloud Advantage: Construction Software in the Cloud

What are the Features of Cloud-Based Construction Accounting Software? 

The construction industry is massive, and like any industry, it comes with complex tasks and demands. This is where a cloud-based software solution can be incredibly beneficial with automating time-consuming tasks.

So, what does modern cloud-based accounting software have to offer? Let’s dive into some below:  

Project Management 

Modern cloud-based construction software should offer comprehensive project management capabilities, empowering your team to monitor construction project financial data in real time. By integrating with project management tools, like the integration between Sage Intacct Construction and Procore, this capability allows the transfer of real-time project and financial data, significantly reducing the need for manual data entry.

Cost Tracking and Budgeting 

Besides more insights into project management, tracking the costs of your supplies and monitoring your budget is critical to keeping your business afloat, especially during times of financial stress or recessions. Cloud construction software comes equipped with powerful cost-tracking tools that help construction companies with tasks like:

• Monitoring expenses
• Accurate job costing
• Managing budgets
• Generating accurate cost reports
• Preventing budget overruns

Automated Allocations 

Cloud-based construction management software allows you to easily allocate assets, costs, and transactions across all projects and departments. Sage Intacct Construction, introduces a seamless way to allocate these costs across various projects and departments. With automation, this functionality ensures precise distribution, eliminates manual effort, and enhances accuracy in financial tracking. With just a few clicks, you can easily manage expenses and gain a clear financial overview, optimizing resource utilization and project profitability.

Subcontractor Management 

For companies who may be utilizing subcontracting services, construction cloud-based software aids in streamlining subcontractor management, including:

• Contract handling
• Performance evaluation
• Payment and payroll processing
• Promoting effective collaboration with external teams

Safety and Compliance 

As someone in the construction industry, you know how important safety and compliance are. Say goodbye to the headaches and stress of monitoring compliance manually! With cloud-based construction software, you’ll be able to deploy safety monitoring and compliance features that ensure adherence to regulations and help foster a safe working environment for all.

Advantages of Cloud-Based Construction Software 

Now that you’ve gotten a bit more familiar with some of the features that typically come with construction-centered cloud software, let’s take a deeper look at the advantages of deploying it. Here are some compelling reasons to consider making the switch:

Scalability 

With the help of cloud-based software, your construction company can effortlessly scale operations up or down in response to changing project demands or upon project completion. A dependable system should be able to manage multiple entities, ensuring that as your company seeks expansion, the cloud seamlessly accommodates. This innate scalability empowers your construction enterprise to adapt to evolving market dynamics while maintaining optimal performance and project delivery.

Cost Savings 

While the investment in cloud software may seem big, you’re investing in a system that will help reduce extra expenses such as:

• On-premises hardware
• Maintenance
• IT staff

With a cloud-based solution, your business will be able to lower staffing and operational costs, as well as improve overall communication, which can aid in reducing expensive mistakes.

Improved Collaboration 

Another huge benefit to cloud-based tools is that they can help facilitate seamless collaboration among your team members. This is true not only for your on-site workers but also for those who work remotely. Everyone can access and update project information in real-time, leading to improved collaboration and better decision-making.

Automatic Software Updates 

Cloud-based software is typically updated automatically by the provider, ensuring that your construction company always has access to the latest features and security patches without additional effort.

Integration and Compatibility 

Need to import or export data or other crucial files? Transferring data is easy with cloud software as most integrate simply with other popular tools and software that you might already be using. For instance, Sage Intacct integrates with Sage Estimating, Sage Field Operations, GCPay, and more. As a result, you’ll be able to create seamless workflows and prevent data silos thanks to the powerful organizational tools available.

Sage Intacct Construction: Cloud Accounting Software 

If you’re a construction company looking to simplify your workflows and have more visibility into your financial data, deploying cloud-based software can truly transform your business!

With 40 years of working with construction software and witnessing the technological evolution, from on-premise systems to cloud-native software, we know what it takes to deploy solutions for the construction industry.