Who benefits from construction-specific software?
Which of your staff members will actually benefit from using construction accounting software? See here.
24th April 2014 published by Integrity Software Webmaster
Construction accounting software differs from generic accounting software in a number of ways. Overall, these improvements can be summarised in one phrase: it speaks your language. General accounting software has to use vague terms and general processes so that it’s suited to most sectors, but the construction industry has its own set of terms, processes and legislation requirements that don’t always fit into this standard model without creating significant inefficiencies. Construction accounting software can save your staff time and your business money – but which of your staff members will benefit most from the software on a daily basis?
One of the main beneficiaries of construction accounting software is obviously the accounts team. If you’re switching from a generic software solution, your accounts team will find that the terminology and structure of the system is much more suited to construction. For example the system is contract based so there will be various categories to allocate labour, materials, and subcontractor costs to – few generic accounting software packages are able to deal with subcontractors properly. Overall, Integrity’s Evolution software will speed up processes for the whole accounts team, saving them from duplicating the entry of data, and manually working with spreadsheets outside of the system. Evolution will help you to produce invoices, credit notes and applications more quickly than ever before. Better yet, automated subcontractor management functionality will take even more work off of your accounts team’s plate, automatically verifying new subcontractors, calculating CIS deductions and sending automated reports inline with HMRC guidelines so you don’t have to.
Integrity Software’s Evolution products are incredibly useful for your firm’s commercial team, too. Accurate job costing software will allow your team to separate the bad jobs from profitable ones, and calculate accurate margins using real time information, before bringing subcontractors on board or hiring specific plant equipment. Our software will automatically allocate costs by category or cost codes, giving your commercial team complete transparency over costs on a job versus original budgets.
When the directors ask for reports of the company’s performance over any given period, construction-specific software is able to put them together with minimal fuss. It also makes it easier for office staff to report back on the progress of various jobs, with a range of detailed information of jobs immediately to hand. Higher tiers of Evolution software also allow you to access electronic documents including contracts, invoices, drawings and even emails from past and present jobs at any point in time, meaning you can reprint documents at the behest of clients or directors. Improved document management means your office staff will be able to access and consolidate data from every area of the company. Furthermore, in larger companies, it can be a nightmare for office staff to have to manage numerous different software systems – but the nature of Evolution means that all functionality is integrated in one system, saving your office staff a significant amount of time and effort accessing information.
Directors and managers
Job costing software helps directors and managers realise which jobs are the most profitable, and where the company is being held back – is it the efficiency of labour, the cost of subcontractors, or some other factor that’s affecting takings? Clear and professional reports ensure that any inefficiencies or drops in performance can be identified and rectified quickly. Directors and managers will inevitably benefit from the time and money saved by the commercial and accounts teams, giving you the power to produce reports and board packs quickly, easily and efficiently. Overall, construction specific software, if used correctly, can make a company operate more efficiently, and see its profits increase. With our management dashboard, your directors can always be kept in the loop by choosing which balances, contracts, suppliers or customers they want to keep an eye on.
It’s clear that almost everyone in your business can be beneficiaries of construction specific software. Learn more about our construction software packages or contact us if you’d like to discuss your requirements in more depth.