Why Your Construction Accounting System Should Be the Core IT Platform for Your Company

As a contractor, your management task is complex. You must not only manage many individual projects, but also keep a close eye on the financial health of your business. For example, throughout your accounts payable processes, everyone must be able to see invoices, specifications, purchase orders, and status reports so that they can make payments accurately and on time. And at the end of each month, you strive to close the books as quickly and accurately as possible.

Acumatica ERP delivers timesaving automation and workflow to streamline construction accounting processes. Using customizable templates, you can launch projects with a consistent approach to contracts, budgeting, billing, and accounting. By automating closing processes, you can handle month-end activities with fewer errors. The system supports the percentage of completion accounting method commonly used by custom homebuilders as well as the completed contract accounting method used by production homebuilders.

Construction companies need to provide their management with the highest levels of visibility and control. That’s why it’s not enough to run the business on a standalone accounting system. You need enterprise-level financial capabilities—so make sure you choose a construction accounting system that’s built on an enterprise financial system. 

Acumatica Financial Management enables you to integrate your financials across multiple legal entities. You can create independent balance sheets and separate tax reporting while also handling consolidation, payments, and cash management for your whole company. Project accounting and fixed asset management are built into the system. And sophisticated reporting, dashboards, and data analysis features make it easy to create and update financial and operating reports for your business.

Your construction accounting system can’t be a standalone application. If you really want to optimize your entire business, make sure your solution integrates with other software and makes it easy to work with partners. That way, you can navigate today’s many models for managing construction projects—including design-bid-build, design-build, build-operate-transfer, and public-private partnership—with ease.

Acumatica delivers a broad range of construction management functionality through a user interface that’s the same on every device. Project management information is always available to your entire project team on phones, tablets, and PCs. With Acumatica, you can use a mobile app to perform specialized construction tasks such as processing expense receipts or checking reports on committed costs per job.

In addition to providing core construction functionality that handles subcontracts, requisitions, change orders, and compliance, Acumatica integrates with a wide range of partners, including:

• Procore
• Smartsheet
• Hyphen
• Microsoft Office 365
• Adobe Sign
• DocuSign

Today’s managers expect their business software to look and act like the websites they use in their daily life, such as Facebook, Expedia, and Amazon. But they’re not willing to sacrifice core functionality just to get a system that looks good and is easy to use. Your ideal construction management system should be built on the latest web technology so that it can deliver the best of all worlds.

Acumatica offers the modern ERP capabilities—such as purchasing, distribution, CRM, and field service—that construction companies require. It’s built with technology capabilities that include:

• Global search.
• Embedded data analysis features based on Microsoft Excel and Power BI.
• Spreadsheet imports based on business rules.
• Ability to customize without programming.
• Multi-cloud integration.

And because Acumatica ERP is available as software as a service, you can access your computer servers, software, security, privacy, and management for a single subscription fee that’s based on your resource consumption—not your number of users.