In any industry, accounting teams need an efficient way to record and process financial transactions. Specifically in the construction industry, recording these transactions can get tricky. Using accounting software is a great way to keep track, so you and your team can accurately capture the financial picture for your construction business. With so many solutions out there, it’s easy to find one that works best for your business.
In general, accounting software for contractors have benefits like:
- Software Integration
- Sharing Information
- Leveraging Information
- Increasing Productivity
Successfully Integrate Your Softwares
Most accounting software allows you to integrate with the other programs your business utilizes . You want to verify your accounting software can successfully integrate with project management software so you can easily transfer project data from the accounting solution to operational teams.
Another great benefit of integration is the ability to keep data secure between platforms. You can have your client and project data secure and consistent across platforms. This helps for ease of access if you need to pull account information and helps streamline the process.
If you’re still doing these processes manually, consider this. It is much more difficult to ensure data doesn’t fall through the cracks if you’re not integrating platforms.
Share Information With Your Team
You can share information easily and quickly when you use accounting software. Information is streamlined in a cloud-based construction software. Members on your team like project managers and accountants can easily share information instantly. Sharing the right information, with the right stakeholders in the business allows your team to make better decisions with more accurate data.
Leverage Information to Even the Playing Field
All key stakeholders in your business like superintendents and project managers need to have access to the most up-to-date information to do their job effectively. There’s no better way to do that than to use accounting software. It ensures they can improve project oversight when they have access to the most recent information.
When key players have access to accurate information, they can make better decisions.
In construction, it’s important to be able to use software solutions both in the field and in the office to give everyone the tools they need to get the job done. You can significantly improve the process of project management, estimating, and bidding when all teams have the tools they need.
Mitigate Lost Paperwork Problems
If you’re not using accounting software, consider this: your paperwork can get lost through the cracks. Softwares allow you to keep digital records and a backup of data. One area of particular concern for many construction companies is keeping track of and tracking down invoices for their hired trucking. While this is only a small portion of the accounting team's job, it is a time-consuming portion of their work.
Can you imagine the hours you could save if your accounting had one weekly invoice for all hired trucking? There are solutions that can operate alongside your accounting software that do just that.
TRUX Helps Connect the Dots
TRUX is a software solution that allows contractors to find compliant trucks on an open marketplace. With TRUX, project management teams can track activities and job progress in real-time and accounting teams can download one single invoice for all hired trucking weekly. TRUX takes care of paying the haulers and provides your team all the information they need to appropriate cost out on a per job basis.
Plus, you can share information on your job costs with your project managers so you can see where you’re excelling and where you can improve in the future.
Interested in learning more? Schedule a call with someone from our team.