Construction Product Tour

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

It’s no longer enough to say that every construction company needs good contractor accounting software. Your accounting system should be the core IT platform for your entire company.

Why? Because in the face of day-to-day competitive challenges, your entire management team should have immediate access to complete project and business information—from any device. It’s impossible to gain this kind of access from a series of point solutions. Also, think of all the applications and data services your team members use each day just to get the job done. The best way to unify data from these systems is to designate one system as the hub and integrate all other systems to it. That hub should be a cloud-based construction accounting system.

The good news is that cloud ERP technology has evolved to the point that it can provide an ideal business hub for any growing construction firm. Acumatica Financial Management provides a feature-rich accounting suite that’s designed to provide complete construction accounting information, including revenue and cost budgets, commitments, pro forma invoices, and job costing. It’s fully integrated with Acumatica Customer Management, Distribution Management, Manufacturing Management for offsite construction, Field Services Management, and Project Accounting—and it can integrate easily with your other construction software.

One example is job costing. You manage multiple projects and businesses, and you need real time visibility into overall performance with fast access to the details for running projects and estimating new business. Acumatica job costing captures accurate costs with flexible cost structures, approval workflows and a mobile application for time reports, equipment time cards and field receipts and invoices. Its integrated with budgets, subcontracting, inventory, purchasing, equipment, billing, retention and accounts payable for actual costs, committed costs and cost to complete details.

With Acumatica Construction Edition, you maintain 24/7 real-time visibility into your business activities and performance through detailed reports and personalized dashboards that are tied to one centralized database. The system is easy to implement and configure—and it’s designed to be affordable for growing companies.

This infographic helps construction firms win more jobs with accurate estimates.
Construction Accounting

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.

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Core Financial Systems

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.

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Complementary Construction Management Software

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
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Core Business Systems and Technology

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.

Key Features

  • Revenue and Cost Budgets
  • Comprehensive Job Costing
  • Pro Forma and Quick Billing
  • Mobile Time and Expense Entry
  • Construction Payroll
  • Retainage and Joint Checks
  • Accurate Spreadsheet Imports
  • Excel Pivot Tables and PowerBI
  • Multi-Entity and Multi-Currency
  • Enterprise Financials with Document Management