Construction accounting software
It’s all about budgeting, purchase, and cost control
Budgeting and planning are crucial for managing your large and complex projects, often carried out over a longer period. It’s important to have a flexible enough system for forecasting that allows for multiple budget versions, as change orders and other unforeseen circumstances can significantly impact the original budget. Those change orders must be handled separately from the original contract. A project hierarchy that breaks down a project into smaller, more manageable components, such as tasks, and milestones allows for better organisation and control of the resources.
Purchasing and cost control is a key responsibility for the project manager, who needs to have a comprehensive overview on a single dashboard to identify risks and to get notifications when cost approaches budget commitment. Often there are several parties involved, with their own purchase commitments and remaining deliveries. This information must be easily compiled for ongoing forecasting reports.
Subcontract(or) management involves ensuring that they meet the specific requirements regarding insurance, certificates, and contractual arrangements. In some countries there’s an obligation to withhold taxes to subcontractors, which is to be paid directly to the Tax Authorities.
Despite invoicing at a fixed price, you need to keep track of your milestones, payment plans, and your project completion as Progress or Application billing is one commonly used method for invoicing.
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Copy detailed budgets and get unlimited budget versions to have clear visibility from the creation to the completion of your project. Your projects are often large and complex since they involve multiple components, such as materials, equipment, and workforce, and are carried out over a longer period. Change orders and other unforeseen circumstances make it necessary for you to create new budget and forecast versions to reflect these changes.
In addition, your projects also require a work breakdown structure (WBS) to allow for better visibility into the project’s performance.
Having a user-friendly interface or the ability to import an Excel sheet can help you quickly recalculate budgets as many times as needed. Manage and compare multiple budget versions to observe changes over time.
Obtain a comprehensive Gantt chart with added value information including deadlines, resource work assignments, as well as resource usage vs. budget. This provides a clear visual representation of the project’s schedule, progress, and resources, assisting you in the project planning and scheduling.
Easily generate and approve purchase orders directly from within the project based on your budget for any item, resource, or work needed, once the ideal supplier has been found. Skip the usual manual steps and keep it in one single system, in the blink of an eye. Be in control of your purchase & subcontract commitments, as well as remaining deliveries to ensure the quality and profitability of your construction projects.
Ensure subcontractor’s compliance in terms of insurance, certificates, and contractual arrangements. Keep track of change orders and use internal approvals for an efficient subcontract(or) management.
Easy calculation and form handling of the retention tax on work performed by your subcontractors in case you are obliged to withheld retention taxes.
Find, secure and maximise resources with specific skills & qualifications across your construction project portfolio. You should ensure that the resources have the required certifications and level of competence some of your projects may require.
Straightforward overview of both workload and availability for optimal resource utilisation. Get an insight into your talent pool resulting in increased profitability. Easily reallocate people to different projects when needed.
Collaborative resource planning with interactive drag & drop functionality. Only ONE resource planning displaying assignments per resource, always up-to-date, and reflecting your weekly planning. Make time reporting as easy as possible by updating timesheets with work assignments. Send those directly to your employees’ calendar as part of their daily working tools so that allocation is always updated, and they are aware of what’s next.
Easy and structured Fixed Price Invoicing based on Scheduled Billing, Milestone Billing, Retention Billing, Completion Billing, or Progress Billing. Regardless of the invoicing method you use, you need an easy and structured way to monitor progress and execute invoicing in a step-by-step process with full traceability. In addition, you should have a clear process in place for handling change orders separately from the original contract.
Streamline your probably most inefficient process and free up resources that could otherwise be spent on billable customer work.
Professional invoices for an easy and on-time accounts payable process. Use different invoice layouts and invoice specification templates to meet your customer’s requirements.
Run WIP calculation for what is not invoiced with a click of a button. Take advantage of various valuation methods and get a detailed WIP report for full audit trail of valuation in the financial accounting. Ensure that your finances are up to date.
Full access to detailed and trustful data from ONE source. Working with different systems or even with bridging Excel spreadsheets means that your data is spread all over. This makes it very difficult to have an overall view, identify risks, and take corrective measures if needed.
Full overview of all your budgeted, current, and committed costs on a single dashboard to easily compile ongoing forecast reports. Manage cost control and change through your construction project lifecycle. Identify risks by getting notifications when cost approaches budget commitment to take timely measures and to minimise possible loss.
Have a general overview, or more detailed insights on a single dashboard to adjust your construction projects throughout their project lifecycle.
