Construction businesses face complex accounting issues due to the nature of their business. As a construction company owner, you are familiar with how much time is spent trying to balance your profits and expenses. Fortunately, construction company accounting platforms, like Acumatica, can help you streamline your financial management.
A Versatile Accounting Planning Application
Construction company tax planning depends on accountants having up-to-date information on project costs. This includes projects that have been completed and projects that are in progress. Acumatica makes the life of construction accountants easier by providing real-time reports of actual product costs, including estimates and scope changes.
Using Acumatica, you can add or remove subcontractor services, employee times, non-stock items, raw materials, inventory items, and more. This feature lets you predict and track future revenues based on how each project is progressing. You can also create complex pricing models using Acumatica ERP.
Making Billing & Bookkeeping Easier
The ability to bill with confidence is a must for any successful construction company. Construction company bookkeeping and billing can be complicated because billing styles can vary based on contracts. One contract may have a fixed price, and while another may be cost plus, where the end price of the project is based on the materials and labor needed. Acumatica allows you to track this information separately for each customer.
You can use Acumatica to monitor and bill for time and materials. You can also vary rates for different customers, employees, types of jobs, or specific projects. These features allow you to maximize your billings and bookkeeping flexibility while helping you keep track of billing terms laid out in your contracts with customers.
Automated billing lets you define building parameters and automatically generate invoices at the right time. This helps you reduce human errors and improve your construction company’s cash flow.
Helping Accounting Teams Manage Time & Expense
Improve the accuracy of your expense and time reports with Acumatica. Your contractors and employees can easily report their time on Acumatica using a browser or mobile app. This feature lets you track reports and direct your expenses through an approval process. Once approval is given, customer invoices can be produced, and contract statuses can be updated.
The time and expense features of this platform create a complete audit trail for all your business transactions. Any errors made can be fixed through adjusting entries. When an adjustment is made, the ID of the user who entered the adjustment or transaction is recorded, making it easier to follow up on any questions during an audit for construction company tax planning.
Access Anywhere, Anytime
Construction companies like yours can benefit from using Acumatica as a tool for your construction company accounting. One of the features of Acumatica that makes it perfect for your construction company is its browser accessibility. You can access all your information from your construction company bookkeeping through any internet-enabled device. Since this is a cloud-based ERP, your construction company accountant does not need to worry about updating the software. The automation likewise reduces your IT maintenance costs.
It lets you create and send invoices, view reports, approve timesheets, and more from the comfort of your mobile device. Contractors and employees can enter time worked, expenses, materials, etc. using the mobile app. They can attach photos of receipts and have reports approved by management via mobile devices.
Our team of construction company financial advisers helps customers by providing our expertise as construction company financial advisers. Part of the service we provide as construction company financial advisers is helping our clients learn how to get the most from the accounting platform they are using. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.