Accounting Software for Construction Industry
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Accounting Software for Construction Companies – Buy Best Accounting Software for General Contractors Business In Nigeria Kenya Ghana
While construction may not be a daily routine as we already know, it is one of the projects that requires huge cash outlay and lots of on-site activities when awarded to a company and as such there is the need to have a proper system of monitoring inflow and outflow of cash within the project execution period.
If you are a construction company manager, general contractor or accountant looking for the best accounting software that will organise all your finance in one place and generate a financial report on all construction activities, this guide may help you understand your needs accurately.
Before you deploy accounting software for your construction company, here are key functional questions a selected system should answer before implementation:
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- Does the software create a room to name a specific project or job?
- Can the software help you track project income earned and expenses incurred to a specific project?
- The software should help you ascertain profit or loss on a project as the construction work progresses.
- Can the software track all the petty cash disbursement to a project supervisor on a site?
- Can the software track all expenses incurred by the supervisor on a site?
- Can the software track all materials purchased and consumed on site with accurate inventory balance.
- Can the software do a project comparison report – actual performance against budget cost?
- The software should help you monitor all clients details and account receivable balances.
- The software should help you monitor all clients’ progress payment while the project is on-going and at the end generate a client account statement.
- The software should track all sub-contractors balances and cash disbursement so far.
- Overall company’s financial statement and bank transaction reporting can’t be ruled out as this reflect the business position on a periodic basis
- The system should also manage your withholding tax receivables and payables account and VAT deductions.
- Can the system create room for multiple users to access the data file on a central network?
While these are the basic considerations accounting software customized for a construction or general contractor business should deliver, you can also connect with us for more questions and implementation advice.
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