What Makes A Great Construction Accounting Software
Efficient and accurate financial management is crucial for the success of any construction project, especially in the current economic climate. With the complexity and unique requirements of the construction industry, having a robust accounting software specifically tailored to address the needs of construction companies is vital. A good construction accounting software can streamline financial processes, improve data accuracy, and provide valuable insights for better decision-making.
In this article, we show the elements that make construction accounting software like Evolution Mx stand out from the rest.
The #1 priority for top-notch construction accounting software is its industry-specific functionality. Evolution Mx is equipped with features designed to specifically handle the intricacies of construction financial management. This is vitally important and is a key advantage over bolt-on solutions because the software is designed to address your needs from the very beginning.
A truly comprehensive construction accounting software should offer capabilities such as cost tracking, job costing, document management, subcontractor management and compliance with industry-specific regulations like retention tracking, CIS (the Construction Industry Scheme) calculations and compliance with HMRC and ROS Ireland. To see how our HMRC-approved software simplifies your monthly CIS 300 filing you can watch a short demo video here.
We know that no two businesses are the same and that there is often a need for your team to use other software on the side. We believe seamless integration with other systems is essential for a construction accounting software to be truly effective.
Construction projects involve multiple processes, including project management, estimating, scheduling, and payroll. A good accounting software should integrate effortlessly with these systems and ensure smooth data synchronisation to minimise errors associated with manual data entry.
For those looking to further leverage smart technology to boost efficiency and eliminate human error, our Invoice Register and OCR module takes integration to the next level when processing invoices. With this added functionality users have invoices sent to a dedicated email address to be automatically scanned and processed, ready to be assigned to the corresponding contract, saving vital time and eliminating the need for hardcopies. For more information you can read our blog on 5 reasons why you should automate your invoicing in 2023.
Job Costing and Project Management
Accurate job costing is critical for construction companies to assess the profitability of each project. The best construction accounting software should provide comprehensive job costing capabilities, enabling the allocation of expenses to specific projects, tracking labour costs, material costs, subcontractor costs, and overhead expenses. Built-in project management tools allows for up-to-date monitoring of project progress, cost variances, and budget deviations, helping construction firms stay on top of their financial performance.
To demonstrate how a construction specific accounting software can improve profitability through superior job costing, Integrity Software have produced a webinar on accurately recording job costs on the Evolution Mx software that you can view.
Financial Reporting and Analytics
The ability to easily generate up-to-date and insightful reports is vital for construction companies. A robust accounting software should offer the ability to quickly and easily produce data that can be used to make well-informed decisions. Additionally, advanced analytics features can provide valuable insights into key performance indicators (KPIs), allowing management staff to identify areas for improvement.
With this straightforward but critical tool, Evolution Mx users can analyse performance and better manage their businesses, boosting profitability in the process. To see how users can generate reports with Evolution Mx you can view the video demo here.
Scalability and Flexibility
Construction projects vary greatly in size and complexity, and a worthwhile accounting and management software should be able to accommodate these differences.
A good construction accounting software should be scalable, allowing companies to handle both small and large projects efficiently. It should also be flexible enough to adapt to changing business needs, accommodate different project types (commercial vs residential for example), and support staff in completing their tasks throughout various departments.
To see a brief overview you can see an overview of the flexible construction accounting software check out our website.
Construction accounting involves handling sensitive financial and personal data, and therefore security is vitally important. A reliable construction accounting software you can trust should contain security measures to protect information from unauthorised access, data breaches, and cyber threats.
Evolution Mx secures sensitive documentation and prevents access from unauthorised users to ensure that not only are documents secure, but are kept out of sight and out of mind from other system users.
Alongside these built-in measures, with our secure cloud hosting service your data is protected with multi-factor authentication and backed up regularly to ensure if anything goes wrong, you can get straight back to work. For more information on why cyber security is important you can view our blog post on how implementing cloud hosting could save you thousands.
User-Friendly Interface and Accessibility
A user-friendly interface is crucial for smooth adoption and effective use of your construction accounting software, especially if making the switch after a long period of time on another system.
Intuitive navigation, well-designed dashboards, and clear workflows enhance user experience and reduce the learning curve for those involved. Additionally, accessibility across different devices and platforms, such as desktop computers, tablets, and smartphones, enables construction professionals to access job critical information and perform tasks on the go.
With Evolution Mx and the Mobile Forms module, site teams can work efficiently and assist the office staff by eliminating the need to wait for hardcopy paperwork to be delivered. Whether it’s lost or damaged, compromised documentation is a serious concern. You can read more about why you need to stop relying on paper documents on our blog.
For those looking to simplify their workflow and eliminate the need to sift through irrelevant data, our smart dashboards feature allows each user to set up and customise their own job-specific dashboard, offering the information you need as soon as you sign in. Whether an accountant or Managing Director, dashboards offer an up-to-date view of your business at a glance, whatever the level of detail you need to see. To see the dashboards feature in action you can view the demo video here.
Reputation and History
When considering a construction accounting software for your business it’s important to not just look at what’s on offer now, but also explore the type of service and product that the company has delivered in the past.
Integrity Software has been providing an industry-leading service for over 40 years, with over 1,000 construction companies across the UK and Ireland using our software today. We are proud to support our clients and celebrate their successes with them, to see some of our clients’ wins and some of the companies just joining Mx you can see our news feed here. If you would like to learn more about who we are as a business, you can see our about us page or explore our socials.
Choosing the right construction accounting software is a critical decision that significantly impacts the financial management of construction projects. A good construction accounting software helps your business succeed by combining industry-specific functionality, seamless integration with other systems, robust job costing capabilities, advanced reporting and analytics, scalability, security, and user-friendliness.
By leveraging the power of exceptional construction accounting software, construction companies can enhance efficiency, improve financial visibility, and ultimately achieve greater success in their projects.
For more information about any of the features mentioned here you can reach out to us here and book a free personalised software demo for your business.