21st October 2013
How construction accounts software differs from generic software
Construction accounts management software offers functionality that generic solutions can’t match. Find out what you could be missing here...
The vast majority of UK construction firms will already utilise some form of accounts management software, with most businesspeople quick to recognise the benefits of easy-to-use, automated processes. Many companies, however, continue to use generic accounts software solutions. While generic software programs can be effective and highly useable, the majority of UK construction firms - regardless of size - can benefit from the more focussed functionality of specialised construction accounts management software instead. Is your company one of them? Take a look at how a more specialised approach differs from generic solutions and see how your construction firm could benefit...
Generic accounts management software programs are not designed with the detailed job costing requirements of the construction industry in mind. Most sectors aren’t as reliant on detailed job costing data as the construction industry, and as such, solutions such as those offered by generic systems will not necessarily fulfil your needs. Accurately costing your projects ahead of time is key to your continued success, and for that you need specialised construction accounts management software.
The construction industry is governed by more strict, detailed government legislation than the majority of business sectors, too. Remaining compliant with the Construction Industry Scheme (CIS) and other such legislation will help to save you time, money and face throughout the course of the working year. Needless to say, generic accounts software often lacks the functionality and attention to detail you need to ensure that your construction accounts remain in order, resulting in manual work on your part.
When hiring on new subcontractors, you need to ensure that they are legally verified, appropriately paid and adequately recorded in order to remain above board with HMRC. Subcontractors aren’t unique to the construction sector but they aren’t commonly used elsewhere, and generic accounts software won’t usually be designed with the use of subcontractors in mind. Construction accounts management software, however, is built to help you manage your subcontractors throughout the year, so you won’t have to worry about working outside of a system to make sure you remain compliant.
Applications and retentions
When working with subcontractors, your accounting software will need to be able to accept applications for payment from those subcontractors, and retain said payment until the work has been completed to a satisfactory standard. Such functions are unique to the construction industry and will be lacking from any generic accounts management software you decide to use.
Broad scope and reach
Many of our construction customers will be operating over numerous sites across the country. Even expanding construction firms are likely to have multiple projects ongoing at any given time, or be managing subcontractors working at a remote site. As such, construction companies will require accounts management software that can help them restrict and allow access to numerous subcontractors at a time, process multiple applications and retentions and juggle the firm’s accounts as regards to any number of ongoing projects. Most generic software systems will fail to provide the breadth of management capability you need for your business, so take a look at our bespoke construction accounts management software solutions instead.
Switching to a bespoke solution from a generic solution is easy - just take a look at our seven step guide and see how it’s done. If you’re still unsure as to how we can help, don’t hesitate to contact us for more information.