Construction software helps companies automate critical processes such as takeoff, estimating, project management, and accounting, and integrates various applications and accounting. These tools can help firms modernize, grow their business, and operate more efficiently. In this part, we’ve rounded up the best construction accounting software to fit different business needs, from simple software with one crew to advance ones for midsized construction companies. Sage 100 Contr
As a contractor, we understand you may show no interest in accounts payable and overpaying bills is often the last thing a business owner wants to care about. However, accounts payable are crucial as these costs drive your income. Managing accounts payables, including ensuring accurate records and quick payments is the key to all construction companies staying well in business. Improving the management of construction accounts payables benefits you in several ways. In this ar
It's believed that the average profit margin for the construction industry is too low. Those in other industries often joke that why most construction company owners are working insanely hard for little reward. The deep truth is that the net profit margin in construction isn't low but most business owners are failing to manage costs, productivity, and cash flow. Let’s take a look at the statistics from the CSI market. The construction services industry profitability ratio is
Job costing and process costing are primary accounting methods. As a business owner, understanding each one is important to determine which one is suitable for your type of your business. In this guide, we’ll take you through the definition of job costing and process costing; as well as compare job costing vs process costing. What is Job Costing? Job costing is an accounting method designed to help track all the costs and revenue associated with a particular project. Job cost
One of the most common reasons contractors and subcontractors become insolvent is they run out of cash. In the construction industry, you usually have to pay upfront much of your projects’ costs before ever sending out the first invoice. That’s why managing cash flow is of the utmost importance in growing your construction company. Without effective construction cash flow management, you may fail to pay your project's expenses no matter how many new projects it has lined up.