There is little space for error in the competitive construction sector. Keeping your home building company organized can be difficult when there are many projects underway at once and many moving elements. Therefore, maintaining a high degree of professionalism and promoting development need having the appropriate business tools in place.
A reliable piece of construction project management software is a must for your company’s toolkit and a smart investment that will guarantee the success of your enterprise. However, choosing the incorrect software will probably result in your staff having to do more work rather than less.
What you want is intelligent software that unifies project management and accounting while automating operations to streamline your back office. That way, you won’t have to worry about communication between the two sides of the firm! Do you need additional evidence? 6 advantages of employing accounting integration features and project management software for your construction company will be outlined below.
- Make accurate reports on profitability
Do you know which initiatives or products have generated the biggest profits for your company? Where has your budget deviated the most, or perhaps not so much?
Put on your business hat and get into the numbers if you want to manage a profitable interior design firm with both immediate and long-term financial sustainability. The only failsafe approach to ensure you’re getting correct answers to the above queries is to make sure the project management and accounting integration software sides of the company work together flawlessly.
One of the most useful elements of Build Macro is the financial reporting it provides. In addition to providing broad financial statistics, Build Macro can also provide profitability reports at any level, including sales and profit reports. When managing their companies and making economical, business-savvy decisions, designers need the information offered in these reports.
- Lower the chance of mistakes
Using two distinct systems or a disjointed approach to project management and accounting integration software allows greater space for mistakes to creep into project flows in design firms with busy workforce and packed schedules. When these systems don’t interact, it’s difficult to keep track of project budgets, vendor payments, order tracking, invoicing, and staff time allocation.Check out our latest blog: Why is project budgeting so important for construction projects?
Even the simplest operations, like changing an address, become much more time-consuming when done frequently across many platforms. Hopefully, you updated all the information precisely and consistently. By minimizing the amount of human input required, integrated, intelligent project management and accounting software like Build Macro lowers the risk of mistakes. You will therefore save time and have peace of mind as a result. - Seize company expenses quickly
What about business expenses? Recoverable project-related costs are one thing. You can’t manage them if you don’t precisely document them, which leaves you in the dark when it comes to running your design business as a whole.
Regardless of the kind, Build Macro makes monitoring and recording company costs simple. You may examine the overall effect of business spending on the company by comparing them to project-level expenses. Without an integrated system, it would not be able to gain this information.
View cash in, cash out, revenue that has been invoiced and is still outstanding, projected net cash flow, etc. quickly. Without a project management and accounting integration system that is linked, it is more challenging to get this crucial data. Not to mention the possibility of missing important warning indicators that may be handled if you lack enough information.
- Simple payment collection and tracking
It will likely be harder to maintain control of things if your company utilizes one system to manage projects and another to manage funds. What bills have been sent out for what projects, and what balances are still owed? The constant asking of these questions will rapidly exhaust you and your staff.You might also like: How to manage your project team with home builder software – Build Macro?
The fully integrated software from Build Macro, however, streamlines tracking and money collection by combining client invoices and receipts into a single cloud-based system. Create an invoice for your client, submit it, and it will automatically enter the accounting integration software. The same is true for your design team’s ability to readily monitor and examine vendor payments on a thorough report. Designers won’t have to go through many systems to find out whether a vendor has been paid. - Keep an eye on the cash flow
Cash flow should reign supreme. Therefore, you must make sure there is more money coming in than going out in order to run any design business properly. A cash flow report from Build Macro keeps you informed of the input and outflow of cash for all project-related expenses.
It’s one of several reports at the project level that give information about your financial situation on both the client and vendor side across all projects and even fixed fees. With this information, design firms are now the only ones with the authority to manage cash flow and the business as a whole successfully.
View cash in, cash out, revenue that has been invoiced and is still outstanding, projected net cash flow, etc. quickly. Without a project management and accounting integration software that is linked, it is more challenging to get this crucial data. Not to mention the possibility of missing important warning indicators that may be handled if you lack enough information. To know more about the working procedure of accounting integration software, get in-touch with us now!