If you’re switching to specialist construction accounting software for the first time, you’ll be looking forward to using a powerful system that can deal with all the industry-specific processes you can throw at it.
How many documents relate to a single contract in your construction business? Once you’ve taken into account subcontractor admin, purchase orders, photos, plans and invoices, you may approach three figures.
Most construction SMEs use specialist accounting software to monitor their company’s finances and keep a close eye on looming cash flow issues, but sometimes... vigilance alone is unable to prevent problems arising. In an industry that’s notorious for late payment and has irregular payment timings and structures, it’s likely that you’ll experience the occasional bottleneck as you have to wait for payments to be made.
Skills shortages are driving rapid wage growth in the construction sector. While that’s great news for subcontractors, construction SMEs may struggle to maintain their margins and often have to compromise in other areas of the business to absorb these ever-rising costs.