5 Ways Construction Management Software Will Enhance Your Accounting
From overseeing payroll to tracking invoices, seemingly infinite tasks involve your construction company’s accounting needs. Finding time to effectively manage all aspects of your company’s accounting as a contractor and project manager can be a trying, taxing chore.
That’s where professional construction management software can come in handy, offering various accounting tools, features, and functions tailored explicitly to construction companies of all sizes. In addition to making your life easier, construction accounting software is also intended to simplify all financial aspects of your clients and coworkers, from generating estimates to providing essential tax information.
Even if you’re seemingly satisfied with your company’s current accounting strategies and methods, understanding what you can expect from construction management software will give you a better sense of all the financial-advising advantages you could miss.
Here are five ways innovative construction management software will enhance your accounting duties.
1. Automatic Assistance
It’s hard enough to remember all of the workday’s random tasks and chores, let alone find the time to manually update, calculate, or manage all your accounting duties. That’s why construction management software can be extremely useful and convenient, allowing users to set up automatic accounting expenditure features that will automatically take action on all your accounting needs so that you can stay focused on your other tasks.
From expense tracking to payroll distribution to expense payment setup and more, simply setting up a recurring date or time will automatically take care of all your accounting chores.
2. Immediate Modifications
The most significant advantage of construction management software is its absolute oversight, allowing users to monitor and adjust expenses or accounting details in real time.
From your laptop or smartphone, you can pull up an up-to-date cash flow dashboard, so you can instantly track and edit all purchases, sales, bank statements, or other financial transactions. You can also now create, send, or track invoices right on the spot. Regarding real-time account management, construction project management software is as “real-time” as it gets.
3. Eliminate Errors
Plenty of construction managers simply prefer to manage their accounting manually. And while this is usually because we’re creatures of habit, manual account management will inevitably lead to the occasional human error here and there. If there were ever a reason to consider utilizing all the accounting advantages of construction management software, eliminating those occasional errors would be it!
One of the standard features of today’s construction management software is its innovative error-checking capabilities, which will help ensure all your spreadsheet formulas are entirely accurate and no critical information has been misplaced or forgotten. This allows for optimal bookkeeping capabilities and potentially avoids costly accounting errors that could jeopardize any projects or contracts.
4. Total Transfering
“If it ain’t broke, don’t fix it!” is a common approach to being weary of implementing new, innovative construction management software into everyday business operations. But what if you could quickly and efficiently transfer all your currently backed and stored financial data and records into your new accounting software?
Construction management software makes it extremely easy to smoothly transfer all of your previous financial information from any previously used spreadsheets, such as QuickBooks. With just a few clicks of the mouse, you can move decades of fiscal data, contracts, invoices, and more to your brand-new construction management accounting software.
5. Outstanding Oversight
When it comes down to it, the primary advantage of construction management software is the outstanding oversight of every facet of your accounting tasks. You’ll be able to monitor every little financial detail from a streamlined, all-in-one, customizable user dashboard that allows you to track and adjust all your accounting needs. You’ll even be able to access your accounting information on the go, with remote and mobile access to all financial records whenever you need to pull them up on-site.
Simply put, professional construction management software allows for more accurate insight into your accounting.
Manual Entry Accounting Errors to Watch Out For
We’ve all been there: one misplaced decimal point throws off your entire accounting operations, and now you’re forced to go back and scan through endless spreadsheets to solve your newfound problem.
Implementing reliable construction management software into your accounting operations can make managing finances much more accessible. However, it's still important to understand basic bookkeeping principles and common accounting mistakes to get the most out of your software and ensure everything is managed correctly.
Here are a few common accounting mistakes when manually entering financial data. Be sure to read our article about how to avoid common accounting software errors.
The easiest mistake to make when manually entering accounting information is simply forgetting to include a specific piece of data. Failing to enter one purchase, sale, or transaction can result in inaccurate banking statements and payroll reports.
If your accounting records don’t match bank statements, that’s a surefire sign you’ve omitted critical information from your financial records. By utilizing proper construction management software, you can automate all your accounting reports so you’ll never have to sort through a needle in a haystack to discover an unintentional omission again.
Multiple entries of reported income, invoices, or equipment purchases are among the most common errors attributed to manual accounting entry.
Any time you notice your checks and balances aren’t matching up, you can rest assured that a number was entered at least once more than it should’ve been, resulting in suspiciously abnormal accounting results. Construction management software automatically checks and corrects duplicated entries to ensure all your accounting information is accurate and up to date.
When manually entering financial information, more often than not, your numbers are accurate, but the category or function you’ve entered the number under is what’s inaccurate. Principle errors occur when you miscategorize a purchase, order, or sale and can take time to correct if detected promptly.
With construction management software, principle errors are automatically detected. Users can also instantly upload their accounting spreadsheets into their software database to scan for any financial statements or report inconsistencies.
Construction Accounting Software From Sage 100 Contractor
At Software Consultants, we aim to ensure that all our construction clients receive the ultimate project management resources possible. We specialize in training and implementing Sage 100 Contractor software into your business operations.
With its innovative accounting features, Sage 100 Contractor allows you to manage your finances like never before. Contact us today to learn precisely how Sage 100 Contractor is the ultimate construction management software available on the market!