Construction Accounting Software Key Terms

Learn construction accounting software key terms
By Amy Lynn Construction accounting software does much more than just track where the money goes. With today's technological advances, construction software can track jobs, create invoices, take care of payroll, track documents and much more. Companies who take advantage of this type of software have a leg up on the competition. In order to make sure your company gets the right type of construction accounting software to suit your business needs, learn a couple key terms before you get started.

Accounts payable

Construction management software must have accounts payable capabilities, which means it must be able to track payments, bills, checks, and create and track invoices.
Try:  AccuBuild has a detailed description of how their construction management software can handle accounts payable tasks.

Inventory

As with many companies, keeping track of inventory is one of the most important aspects of the construction business. Construction accounting software must be able to incorporate inventory levels and the pricing and costs of ordering inventory.
Try:  Jonas Software offers a great description of how their inventory module works together with their construction accounting software.

Accounts receivable

Construction accounting software must be able to handle accounts receivable functions. Being able to bill customers, track payments, and create invoices and reports are all essential to a growing or established construction company.
Try:  Foundation Software describes accounts receivable, as it relates to construction accounting software.

Job cash flow

Construction services work on a job-by-job basis. It is important, then, that the construction accounting software that you choose for your company can track and report on the cash flow for each job.
Try:  Dexter + Chaney has a description of Spectrum Construction Software, how it can help construction companies get more organized and a description of job cash flow.

Bids

Bids are what contractors give to clients letting them know how much a job will cost them. They are an essential part of a construction company's ability to get jobs. They must be professional and companies must be able to use their accounting software to help create bids and keep track of them.
Try:  ComputerEase Construction Management Software describes how their accounting software incorporates the bidding process to make the flow of business easier and less stressful.

Document tracking

Proposals, invoices, work schedules and more must all be able to be tracked by a construction company's accounting software. Having all documentation in one system allows for better customer service and more efficient time management.
Try:  Smart Construction Software offers document management in their accounting software, which can help an office deal with less paper and get more organized.