If you’re a builder, you want to build. You don’t want to do accounting. Unfortunately, we often hear tales of woe from GCs and subcontractors who encountered a billing problem and are using a subpar construction accounting software. They question what can be done.
To end these headaches, look for software to help you stay organized. Small construction businesses—where you might be both the boss and the bookkeeper—often rely heavily on accounting software. The right software can help you get your billing cycle under control, save money, save time and accurately and effectively manage financials.
There are several choices for accounting software, including programs made for businesses of all sizes. QuickBooks, and others that are more task- and industry-specific, such as Sage Intacct and Acumatica Construction Edition, are some of the solutions many in the construction industry look to.
We’ve borrowed some helpful advice from Software Connect to give you some pointers. We won’t try to recommend one specific program—they all have their pros and cons—but these questions can help you make an informed decision:
1. Will my information move smoothly between different programs?
RedTeam recognizes that integration is important. Removing the need to enter the same financial data in multiple systems makes your job a lot easier. Integrations between accounting software and construction management solutions vary in the type of data mapped between systems. However, the best integration options allow for real-time financial data to be shared across platforms without the need for double entry.
2. Can I find what I need quickly?
Look for software with a robust search function and customized reports to make every step of the billing cycle easy. This will allow you to analyze and adjust as needed.
3. Can I set different access levels for multiple users?
It’s important to find a software program that lets you decide who can access specific parts of the software. This ability lets your team stay organized and removes unnecessary errors.
4. What can I automate?
The more your accounting software can do for you, the more efficient your billing system will become. For example, look for software that provides calculation tools, document conversion, and updates that occur systemwide when you make changes.
5. Can I use it without reading the manual?
Powerful software is a waste of money if nobody can figure out how to use it. Look for a user-friendly interface and easy access to comprehensive help functions.
6. Can I set up different tools for various projects?
Unique jobs will require different elements, such as cost variations and negotiations. Your construction accounting software should be flexible enough to handle these changes.
7. Will I look professional?
Software that can generate clear reports makes it easier for you and your team to communicate and will help you present the right image. Look for reporting templates and customization tools in both your accounting software and in the integrated construction management solution that’ll enhance your professionalism.
Of course, the best advice sometimes comes from your colleagues, so ask for personal recommendations. Use the questions above when considering the best construction accounting software for your construction business.
Visit RedTeam’s integrations page to learn more about our best-in-class construction integrations and managing your projects by integrating your other tools with our construction management and field management solutions.