29th April 2014
Four reasons why you should invest in job costing software
Many of our customers switch to Integrity from generic software solutions, frustrated by the limitations of systems that aren’t designed for the construction sector.
There are still a surprising number of companies yet to upgrade from generic accounting software to construction-specific software systems that can provide them with specific job costing tools. Many remain unaware of the benefits such software can provide. Here at Integrity Software, our customers often come to us seeking a solution to their manual and often outdated software systems, and we’re pleased to be able to offer them our construction-specific job costing software, suitable and affordable for construction businesses of all different sizes. If you’re still considering whether or not to make the transition from generic to construction-specific job costing software, take a look at these four reasons why you should invest in the latter…
1. Real time visibility of job profitability
Your job costing software can enable you to gain a true financial picture of costs on your contracts by comparing committed costs with original budgets, helping you to understand which contracts are likely to be more profitable than others and why that might be the case. Not only will you be able to ignore the least profitable jobs, but you can use the data you accumulate to determine why other jobs have been costing you so much money in the past, allowing you to steer clear of them in future.
2. Spot trends and respond
Should changes be made to a current job or should something go wrong, it is important that you are able to respond to such difficulties quickly and efficiently – difficult to do without intelligent job costing software. With construction-specific job costing software you will be able to pull together the necessary accounts and documents to see whether or not you can afford to make the necessary changes and determine how far behind they are likely to put you in terms of scheduling. If any adjustments are required to be made, then the sooner you identify them and respond to them, the better for your business.
3. Improve contract management
In order to run a successful business you must be able to manage your team effectively, ensuring that all work is completed on schedule and that things are progressing as expected. Job costing software permits you to monitor and measure subcontractor performance and evaluate work in progress. If a contract manager does not have full visibility of a jobs’ status at all time, they all likely to fail to see where changes could be made to increase productivity, but with construction-specific job costing software they can see whether they are on schedule and determine whether certain changes should be made.
4. More accurate estimations
Without the appropriate software, estimating whether or not a job will be profitable can be near impossible. Before taking on any job, a company should be able to determine costs and profit margins to see if it is worth their time and money based on historical results of similar work. Being able to make accurate predictions when it comes to future contracts is valuable in the managing of a current job and when trying to determine whether upcoming jobs are worth your while. With your construction accounting software in place you can create instant reports that are both timely and accurate, giving you all the information you need.