Is Your Construction Accounting Software Costing You Money?
When home builders think about their favorite tools, they typically don’t think about their accounting software. Like your other tools, having the right accounting software package, one designed specifically for construction professionals, can help you make more money. Many construction companies start out with a general accounting software solution. It’s not made specifically for the construction industry, but it gets the job done. As the company grows, owners need more information to help them make good business decisions. This is the time when many companies begin to feel they spend more time getting the system to work than they do getting useful information out of it.
It’s not uncommon to outgrow your first (or second) accounting software system, but how do you know if you really need a new system or not? Here are 5 questions to help determine you determine if you need to upgrade your construction accounting software.
- Do you spend time keying the same data into different software systems (estimating, accounting, spreadsheets, etc.)?
- Once you win a job, how long does it take to create a job budget, purchase orders, a job schedule, and subcontracts?
- Do you struggle to keep bonding / WIP reports up to date?
- How quickly can you produce real-time, detailed, accurate job cost reports? How confident are you making key business decisions based on those reports?
- How much effort goes into tracking change orders? Is this a manual process handled outside of the accounting system?
If your answers to the questions above indicate that your software is costing rather than saving you time, it may be time to look for a construction specific software program. If you already have construction specific software, we may be able to help you get more out of it so you can spend more time completing projects.