Before you start scheduling online demos and research the best construction accounting software on the market, here is a list of the top features that construction accounting software should include in order to be the most effective.
Job cost accounting is one of the most important features that your construction accounting software should do. The purpose of job costing is to provide accounting of contract performance and assist in managing projects. Contractors and real estate developers rely on many details of the project, from analyzing revenue to tracking of costs of time and materials, labor, and overhead expenses. It’s this relevant information of contract activity that leads to making better business decisions for each job. For this reason alone, that is why many construction companies move off of QuickBooks and install construction-specific accounting software, such as Sage 100 Contractor.
The proper use of change orders and change order management is important to job costing. In order to keep your project budgets up-to-date, you will need to enter changes to scope of work (change orders) to help analyze where you excel and where you need improvement. A construction-specific accounting software should be able to easily create, send, receive, track and manage the status and approval of your change order requests.
If you are on the search for the best construction accounting software then an upgraded system can be overwhelming to consider. Make sure that one of the features when choosing a new software is that it comes with a user-friendly interface and customizable dashboard. Logical accounting workflows and organized modules are helpful when using new software. Sage 100 Contractor starts with Estimating and Scheduling then the details seamlessly flow into Accounting and Project Management. It’s this integration that makes it a top choice for contractors who are used to using different systems for estimating and accounting.