Construction professionals struggle with many of the same challenges as those in other areas of business, but with an entire set of unique issues. Accounting and ERP software designed specifically for construction contractors, fabrication, home builders, subcontractors, specialty contractors, and land developers with the solutions they require to improve their bottom line, can help keep a business on target for growth.
Sophisticated accounting software that addresses the specific needs of the industry can help leaders in this area increase margins while tightening project control–from estimation to close out.
Real-Time Visibility Wherever You Go
Construction businesses are mobile and often complete customized work while literally breaking new ground at different locations. This is something that happens daily and requires companies to monitor an array of cost categories: Travel time, mobilization costs such as packing equipment and various tools, material delivery, and even tidying up the jobsite once a job is completed.
Acumatica’s Construction Edition keeps all of this in sight and its dashboard reflects relevant revenue, costs and commitments. It also determines how to prepare staff and subcontractors with secure, private apps for sub-job needs, changes, time entry, and electronic signatures–while in motion and utilizing devices such as smartphones and tablets. This makes exchanging information with your entire workforce a cinch, even while using specialty applications such as Smartsheet, Procore, and Hyphen Solutions.
The Acumatica ERP is a proven, modern application used by thousands of customers worldwide. It’s an end-to-end cloud construction ERP solution that does it all…managing contracts and changing orders is at the touch of the hand, no matter where you go!
Handle Field Data Through Emerging Technology
The construction business has been one of the slowest to adopt innovative tech solutions, lagging behind only agriculture in this area. As more and more industries leave their tried-and-true desk-driven work stations, software engineers have extended an arm to construction professionals.
Cloud computing is growing with the use of mobile devices, offering an inexpensive approach for slow to adapt industries. And the venture capital industry has taken notice–funding for construction technology has escalated steadily since 2013, according to Contractor.
How should construction execs respond to this surge? This is the ideal time for construction leadership to gear up IT teams and modernize back-office systems as a means to prepare to handle the flood of data from the field as processes become more digital.
Strategic deployment can help your finance team to resolve many challenges, including:
- Business continuity planning: Many construction businesses start out as family-owned. Regardless, finance leaders manage continuity plans, whether transferring a company’s ownership to the next generation, establishing an ESOP (Employee Stock Option Plan), or selling or merging the company.
- Changing accounting standards: New Financial Accounting Standards Board (FASB) rules around revenue recognition is at the top of industry leaders’ minds. CFO’s can utilize mobile technologies to expedite communication between the office and the field, speeding up the transfer of information through all channels of the business.
- Risk management: Construction is a risky business and insurance costs are rising. CFOs need to evaluate options–a modern ERP system can facilitate much of this process. An assessment should also review safety and security practices. Job sites can be made safe with the use of drones, sensor-equipped wearables, and geo-fencing, to name a few options.
- Attracting and retaining talent: With unemployment at new lows, it’s difficult for companies to hire and keep good workers. CFOs and HR can refine strategies in this area, turning to mobile technologies to onboard unskilled workers faster. Training can be jump-started with virtual reality technology.
- Improving job-cost accounting: Smartphones and tablets allow field staff to capture data, sending it back to their offices electronically; GPS-enabled time cards can record employee work hours and location; and IoT devices can measure equipment run time.
- Cash management strategies: Easily recognized as constructions leading challenge, so effective work-in-progress (WIP) schedule management is critical. Coordination can be what makes or breaks the process! Digitalization is becoming a very real part of the construction industry–now, CFOs needs to project it toward productivity gains and growth.
Getting Started With Acumatica Construction Edition
Whether you’re looking to organize your business, manage financials, handle document management, oversee project cost tracking, direct projects, make investments, or grow your business, Acumatica can handle the challenge. The general contractor, home builder, subcontractor, and land developer, can create a unique dashboard that speaks to your business’ pain points as well as growth plans. Here are some of the features that will take your construction business forward with the digital age:
- Project management
- Job costing
- Project billing
- Joint checks
- Construction mobile app
- Change management
Give your entire construction workforce the tools they need, whenever and wherever they need it. Acumatica’s pricing is designed for growing companies–you add users as you choose and as you go. Get more information about Acumatica Construction Edition, and contact us today to get started.