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10 Ways to Save Time with Construction Accounting Software

In fast-paced construction accounting, time is the key to productivity. Accountants in the industry are tasked with managing complex financial transactions, ensuring compliance with regulations, and providing accurate reporting—all while keeping projects on track and within budget. To help navigate these challenges, here are ten ways accountants can harness the power of construction accounting software to save time and improve productivity:

Automated Data Entry

Construction accounting software enables automatic data entry, reducing the need for manual input of financial information. By optimising processes for payroll, invoicing, and procurement, accountants can eliminate redundant tasks and minimise the risk of human error.

Real-Time Reporting

With a construction specific accounting software, accountants can generate real-time financial reports at the click of a button. This eliminates the need to manually compile data from various sources, enabling stakeholders to make informed decisions.

Streamlined Payroll Processing

Managing payroll without a robust construction financial software system can be time-consuming, especially with varying pay rates, overtime, and subcontractor payments. Evolution Mx is a construction accounting software that simplifies payroll processing by automating calculations, CIS and ensuring compliance with HMRC and ROS.

Budget Management

Construction projects can often involve multiple budgets for different phases; Accounting software allows for the creation and tracking of budgets in real-time, providing visibility into project expenses and helping accountants identify potential cost overruns early on.

Invoice Management

Manual invoice processing can be tedious and prone to errors. Construction accounting software streamlines the invoicing process by automating invoice generation with our Invoice Register and optional OCR module. This simplifies tracking payments and sending reminders for overdue invoices, freeing up accountants to focus on more strategic tasks.

Document Management

Construction projects generate a vast amount of documentation, including contracts, change orders, and invoices. Evolution Mx offers advanced document management capabilities, allowing accountants to organise and access critical documents efficiently by project, reducing time spent searching for information.

Cost Allocation

Allocating costs accurately across projects and cost codes is essential for maintaining financial transparency. Construction accounting software facilitates cost allocation by providing customisable automated allocation processes based on predefined rules.

Integration with Project Management Tools

Integrating accounting software with other project management tools allows for seamless communication between accounting and project teams. Accountants can access project updates, track expenses in real-time, and generate financial reports directly from project management platforms, saving time on data entry and reconciliation.

Compliance Management

Compliance is paramount in construction accounting. Accounting software automates compliance management by generating tax reports, ensuring adherence to accounting standards, and flagging potential compliance issues for review. This helps you manage not only your own team, but to ensure subcontractors are compliant too.

Forecasting and Analysis

Construction accountants play a crucial role in financial forecasting and analysis to support strategic decision-making. Accounting software provides advanced analytics tools that enable accountants to explore historical data, empowering stakeholders to make proactive financial decisions.

In conclusion, construction accounting and management software offers a myriad of features and functionalities that can significantly enhance efficiency and productivity for construction accountants. By automating repetitive tasks, streamlining processes, and providing real-time visibility into financial data, accounting software enables accountants to focus on value-added activities and contribute to the success of construction projects. Embracing technology is no longer an option but a necessity for construction accountants looking to thrive in today's competitive landscape.