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Quickbooks Enterprise Contractor Software Solutions DifferThe guide will also cover key features to look for, pricing, and the criteria you should use when evaluating your options before offering our recommendations for the best construction accounting software. We start with an in-depth discussion of construction accounting and how construction accounting software solutions differ from other accounting software. In fact, it’s been said that “Construction companies are really accounting companies that just happen to build buildings.” Each individual project in the field of construction varies in size, scope, materials, and labor costs, so owners and managers need detailed, job-specific financial data and the ability to process different costs and transactions under each project’s unique circumstances.In this guide, we will explain which software products work best for taking on the complexities of construction accounting.Every construction project is unique, and the requirements to complete one will vary based on client specifications, site conditions, and other unique variables. Construction is project based. Three of the most important factors that shape how constructing accounting works are: As such, the tools that construction businesses use to track their finances must reflect these unique characteristics. This is especially important for labor, which may be subject to different wage rates and regulations in different states and localities. As a result, construction companies must closely track which resources are being used in which quantities at which location. This means that the company’s resources, like equipment and labor, move around often depending on project needs. Rather than happening in a central office or plant, construction happens out on job sites in the field. Construction is decentralized. Teamviewer 10 portable for macJob costing is the process by which costs and revenues associated with individual projects are tracked, and it is important because of how projects evolve over time. Job CostingWhereas most businesses rely only on a general ledger, construction accounting supplements the company’s G/L with job costing. In the wrong circumstances, this can create cash flow problems for the construction company, so it is important to stay on top of ongoing costs and revenues associated with each project over the long term.To address these differences, the field of construction accounting relies on a few core concepts that anyone evaluating software should be aware of: job costing, revenue recognition, construction billing and retainage, and construction payroll. Incoming revenue is based on certain milestones or the amount of work completed, while costs can increase or decrease depending on the phase of the project. In contrast, construction projects can take months or years to complete. Many businesses sell a product or service in a single transaction and have fairly steady input costs, all of which makes it simpler to track money coming in or going out. Construction accounting commonly recognizes revenue over the life of a contract based on how much of the project is completed, rather than upon execution or completion of the contract (e.g. Revenue RecognitionCash-basis accounting is rare in the industry except for the smallest construction companies, and under the accrual basis, the long-term nature of construction projects affects when companies recognize revenue. Job costing information is useful both to the project managers—who can make sure that the project is on track to be profitable and adjust if not—and to the company’s financial managers, who can roll up job cost information into the general ledger for a larger picture of the firm’s financial health. Over time, if the scope of the project shifts, a firm may need to pay for additional labor, resources or equipment, increasing expenses and cutting into the project’s margin. Retainage is not invoiced the same as other client billing and must be treated separately from other receivables. In either approach, managers’ ability to closely track the costs and progress incurred on a job is essential to producing accurate invoices.Construction clients may additionally withhold some percentage of the contract payment until they are satisfied that the work is completed, a practice known as retainage. Alternatively, AIA progress billing is based on the percentage of work completed, and invoices include detailed reports on what work has been done and billed. For instance, time and material billing is based on hourly labor rates and supply costs used toward the project during a billing period. Construction Billing & RetainageContractors use a variety of different approaches to billing that reflect job costs and progress toward project completion. This means construction accountants must be able to closely track project progress and billing in order to recognize revenue appropriately. ERP solutions allow construction businesses to combine their accounting, asset management, contracts, CRM, payroll, and other aspects of the business into one tool. As the complexities of a company’s projects grow, these workarounds become increasingly less effective and efficient for managing financial information and producing meaningful reports about the state of the business.At the opposite end of the spectrum, accounting tools can be a key feature of enterprise resource planning (ERP) systems, which offer larger companies an all-in-one solution for many functions of a business’s operations. However, general accounting software usually does not have the functionality to track job-specific costs and revenues, which creates a need for manual workarounds. Many small businesses and contractors can rely on simple accounting software, like Quickbooks, if their projects focus on a specific niche without much variation.
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