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Posted on January 9, 2023 at 7:58 PM
Written by Plumb
Researching Construction Accounting Software and asking yourself if you need it - and if so - which software to choose - is one of the most important decisions you can make. The right tools can help you manage your construction projects efficiently, provide clarity of your finances, and ultimately should help improve profitability and overall job success. But finding the right software fit can be daunting, so we’d like to help demystify the process and give you an actionable plan to help make it both easier and more efficient.
What is working well and what needs to be improved? We suggest making a prioritized list of exactly what you need to know about the finances of your construction business.
There are options out there for all different budgets but understanding what you can afford to invest in your software tool before you start your research is a good place to start. Keep in mind that pricing will vary based on whether the software is cloud-based (usually a subscription model) or on-premise (usually a license fee) and can vary based on the amount of users you need, as well as the features you need. Many platforms will offer a free trial, and at the very least will provide a comprehensive free demo so you can fully understand what they offer for your budget.
If you go through the process of finding the “best” software, but you can’t use it due to systems requirements or because it doesn’t integrate with your other software tools, you’ll be back to square one. Ask all these questions upfront as you are speaking to different software providers.
If nobody understands how to use the software, then nobody will use it. You also need to make sure you know who will be using the software – will it be one person or multiple people? Are they tech and accounting savvy, or will they require a lot of handholding? This leads us to the next question.
Will you be able to hit the ground running with limited assistance, or does your team require help to get everything set-up? And will they need consistent customer support and access to someone who can answer questions or help to put out fires if they arise? Make sure you understand what each software provides in the form of training and support, and what additional charges are associated with these.
Some tools are a one-size-fits-all where others provide myriad options for customization and personalization. Being able to customize your software platform to suit your needs is a huge benefit, but might come with an additional price tag, so be sure to inquire about that.
We hope this list of questions helps you as you get started in your construction accounting software needs. And please remember, whether you need software implementation support, fully outsourced accounting, or an accounting team to save the day during a crisis, you can reach out to us to schedule a free consultation. We’d love to hear from you.
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