If you’re a business in the construction industry, there are many benefits that come with investing in a specialised accounting software system to improve the smooth running and cost management of your projects. Keep your workers and clients happy with centralised information and data as well as a reduced amount of admin. Here are our 10 advantages of investing in construction accounting software and their solutions.
1- Aids Efficiency
Overall, implementing a well thought out construction accounting software system, you are able to improve the running efficiency of your projects. Delays that you may experience between areas such as sales and invoicing will be greatly reduced. Further, this industry specific software enables budgets and costs to be monitored and will help you to finish a project on time.
2- Paperwork is Reduced
CIS verification and cost value reconciliation are both essential processes that construction services have to go through in order to function. Usually one would have to write out spreadsheets or pay for an add on in their software to overcome this paperwork, however, with an accounting software system that is specialised for construction, admin time will be greatly reduced thanks to the software having the required features fully integrated. This allows for more time to be spent on other areas of a project such as productivity.
3- Information Is Centralised
There are several different people involved in a construction project, architects, plumbers, masons, project managers, sponsors etc. All of these people have a detailed list of to do’s in order for the project to be successful under a specific timeframe. A construction accounting software allows for all the information regarding the job to be in one place where managers are able to see an overview of the tasks, as well as the individual workers, has the capability to dive deeper and see more detailed tasks. This information is available whenever anyone involved with the project wants to view to improve productivity, and reduce the number of errors or disputes between those involved. Everyone can see changes made to projects at the same time.
4- Cost Control
An accounting software system allows for close monitoring and planning of budgets within a project, this helps responsible managers and accountants understand what can be spent where with limited the risk of overspending. Even more so, it can help to see where costs may not be needed, and so could help to reduce costs or spread costs into other areas of a project.
It is important to understand that the amount of time spent and cost at which you can deliver a project is directly linked to the likelihood of potential clients wanting to work with you in the future. If you are able to manage and execute a job that has many different components successfully, you will appear credible to potential clients. This will aid the growth and development of your business, as well as the people working together harmoniously on projects to achieve a common goal.
6- Quick Learning
Most small businesses simply do not have the time or budgets to learn extensive software. With most accounting software systems, the learning curve is short and simple, allowing operators to use the system effectively and with minimal errors. Here at EasyBuild, we provide you with customer support and training to suit your every need.
When using construction accounting software you have to update and maintain current, quality data. This allows you to keep a close eye on your finances at all times, making it easier to identify issues with customers such as a late payment that can create a gap in the cash flow.
The overall quality of work will be greatly improved by a mixture of the reasons above. Efficient, controlled, credible and immediate data and finances can have a tremendous effect on the workforce, helping them to work productively and speed up the project’s timeframe whilst also providing successful services to customers.
9- Happy Clients
Not only does construction accounting software prove to be undoubtedly credible in the eyes of current and future clients, it also allows for construction businesses to provide customers with estimated budgets, timeframes and plans on any project from past experience.
With EasyBuild’s software specifically designed with your construction business in mind, you are able to store all your contacts, contact notes and clients in one place and you are able to find particular firms or contacts at any time in the contact management system.
Whether small or large, important data ending up in the wrong hands can be detrimental to business success and longevity. Accounting software systems are password protected and all the data stored in them are secure and safe.
These benefits of a construction accounting software may have left you feeling unsatisfied with your current system, if so, here at EasyBuild we can help.