Picture this scenario: End of the month arrives, and you are looking to consolidate your financial data and arrive at an accurate reflection of the month. You begin to analyze the information you have gathered for the month and notice that the numbers don’t match up. You think to yourself, how could this be? You personally entered the information manually into your accounting software. Is it possible that you made an error in copying the data from the project management solution? Did someone not understand what the foreman handwrote on the timesheet? Even if the source of the error is discovered, how much time and effort will be needed to sort through all of the information?
Therein lies the issue with utilizing multiple systems to attain accurate accounting. When uploading and entering information from various sources, not only is the data susceptible to errors due to duplicate data entry, but also a lot of valuable time is wasted in entering the same information numerous times. The solution to these issues is quite simple: an integrated accounting construction software. As you will see below, there are three main benefits to utilizing an integrated construction accounting software.
Single Source of Truth
Having an integrated solution throughout the different areas such as the field, office, and accounting, ensures full auditability and visibility into the business. Utilizing one software to handle all financial data reduces double entry and avoids costly error prone mistakes. All information entered into the system, whether it be from in-field technicians/project managers or internal associates, will be accounted for and easy to follow, in real time. This also helps to automate monotonous and manual processes such as data entry, imports/exports, and file reviews, which in turn will save you time and money.
Speaking of saving time and money, a construction accounting software can do just that. An Integrated solution gives you the ability to track job costs accurately and provides a single solution for all job data to be inputted and accessed so your employees can focus on what matters. This allows you to drill down into financial data and know at any time how your jobs are performing. With this information, you can confidently make real-time decisions to reduce costs and run more profitable jobs.
The third main benefit of utilizing a construction accounting software is that it allows you to perform a variety of functions all within one software. Manage complex payroll, whether certified, unionized or non-unionized, and ensure that everyone is paid when they should be to guarantee employee satisfaction. You will have the ability to centrally perform complex calculations and processes within the software, eliminating the need to utilize any third-party tools. Creating ad-hoc reports are done quick and easy, without having to rely on IT for reporting. Making the lives of your employees easier through an integrated accounting construction software, leads to better performance and improved workplace efficiencies overall.
If the above scenario sounds like you and the issues you are experiencing sound similar, then your current construction accounting software solution may not be working for you. Request a free demo today and see how Jonas Construction Software can satisfy your needs!