Advanced technology and software are beginning to be the norm in the construction industry. An industry that once was outdated is now ready for change. The use of software solutions, cloud computing and mobile app devices with accounting integration have and will continue to be important tools to help construction companies in managing their tasks.
Basic knowledge about accounting integration solutions
Accounting integration solutions are playing an important role in project management, and a proper accounting function is necessary for any successful project manager. Whether your projects are big or small, a large number of contractors, subcontractors and temporary contractors are likely involved. To ensure everything from job costs and billings to invoices sent to the accounting system are being properly tracked, saved and sent accordingly, a trusted and solid software solution is required.
Software solutions with an accounting integration function can be hugely cost saving and a valuable user-friendly tool. They usually come with several basic features and functions. A large number of contractors already use some kind of accounting/cost/payroll software, and this number is expected to be grow continuously over the next few years. These applications and software solutions are now preferred because of the potential to integrate them with other forms of construction-related software.
However, a number of companies still rely on spreadsheets for workflows such as job costs, project management, billings, estimating and accounting. According to one survey, 46,1 % of these companies are still using spreadsheets for construction management.
Connected with your accounting system
Through accounting integration, your software is linked with an accounting system or ERP. These flexible functions help you to share files, bills and invoices very easily, connecting your application to the accounting system in one environment. Data only needs to be entered once. Using reliable accounting ERP and project management software on a daily basis can vastly improve your construction project management and raise efficiency. Such solutions and applications are often web-based, and can therefore be easily accessed from any place and at any time.
Now your job cost data, billings and invoices can be sent directly to your accounting system once submitted. There is no need to wait for an accountant’s response, because all your information is already updated. This means much less time is spent on administrative tasks, and more is freed up to focus on the project itself and future plans; a win-win situation for both project managers and accountants.
Integration with great overview
As the project manager shares project data, billing information and invoices to the accounting system, this data will reach the accounting system or ERP via automated transaction. Project manager submission and confirmation data will be simultaneously uploaded for the accountant or ERP, And so the project manager, accountant and company executives can have immediate access to all information about ongoing processes and costs of any given project.
Data punctuality and safety
Each project involves a large amount of data from daily operations. Often enough, projects are based in one location while the accounting offices and headquarters are situated in another. In big countries like the U.S, the project and the construction company itself can be even in completely different states. This can lead to documentation delay , collaboration problems and data mismatches. High-performing and and reliable software with accounting integration ensures that all project details are recorded correctly, and without any delays or miscommunications.
In the construction business, collaboration is integral for long-term success. Visibility and improved communication will make everyone’s job easier. Project management software with accounting integration provides the transparency and accessibility that construction companies need on a daily basis. Accounting integration also reduces paperwork and ensures that crucial data is never lost.