The construction industry is vital to the U.S. economy. With more than 919,000 employers and more than eight million employees, the industry spends around $2.1 trillion annually building structures, as reported by the Associated General Contractors (AGC) of America.1 With those statistics in mind, what if there was a solution to improve productivity and efficiency by strengthening the planning process and increasing visibility across the organization and projects?
Managing and completing construction projects may seem straightforward, but guaranteeing their profitability is a separate challenge. To enhance profitability in construction projects, it is crucial to evaluate the company’s performance and promptly identify the critical areas that need improvement. Financial metrics, known as key performance indicators (KPIs), offer measurable indicators of an organization’s performance. This is where a unified enterprise resource planning (ERP) system such as Sage Intacct Construction becomes essential because it simplifies compliance and risk management and enhances project management planning.
Sage Intacct is a robust, cloud-based financial management and project accounting solution and is and an excellent fit for many industries, including the construction sector. Notably, Sage Intacct is the first and only AICPA-preferred accounting solution. Specifically designed for construction companies, Sage Intacct Construction offers a software-as-a-service (SaaS) model that goes beyond just financial management. It provides real-time insights and scalability that surpasses other accounting platforms. With its advanced reporting, automation, and integration capabilities across multiple entities, it enables streamlined operations, improved productivity, and better decision-making.
Challenging Encounters That the Construction Industry Faces
The construction industry frequently encounters various challenges. These challenges include higher costs, delays, communication issues, lack of workers, safety concerns, bad planning, disorganization, and poor project management, feeding a growing demand for digital transformation in the industry. This involves managing change and using technology to increase efficiency and accelerate growth. A scalable approach to workflow can withstand numerous industry factors. Sage Intacct Construction helps ensure accessibility and flexibility for general contractors and other construction professionals, allowing them to manage financial data from anywhere, whether in the field or the office.
Frequently, construction projects face interruptions when their processes are not in order, as they depend on specific sequences of tasks to minimize rework, changes and misunderstandings. Unfortunately, the finance and accounting division often depends on rigid accounting systems that can only be accessed within the office, not at the construction site. In the current highly competitive environment, construction firms need the ability to be agile, automate processes, and ensure a smooth progression of projects from inception to completion.
In the construction sector, there is a prevalence of analog systems, which implies that they typically handle tasks by sorting through unorganized paperwork, folders, and so on, resulting in arduous and time-consuming processes. Sage Intacct Construction can break the chain of these complicated processes by helping in the following areas:
- Improve visibility and productivity – Get a single source of truth on all of your financial management data.
- Avoid rework and delays – Prevent customer dissatisfaction and decreased earnings for construction endeavors by having efficient data management.
- Eliminate spreadsheets – Save time and money by automating tasks, reducing errors, and making processes more efficient.
- Improve communication – Set clear, realistic expectations by taking action to measure, analyze, and devise a concise plan amongst team members.
- Enhance collaboration – This is often attributed to insufficient planning, which can also lead to project failure. Collaboration is important for effective teamwork and productivity. It requires seamless, open communication among all team members.
- Improve relationships among team members – This goes hand in hand with poor communication. When there is a lack of harmony amongst team members, it’s important to identify the root causes first. By augmenting a suitable ERP system with accurate data, this frees up employees’ time and efforts to work on more pertinent tasks and increase efficiency, which can, in turn, reduce friction.
- Drive safety – Implementing the appropriate ERP software in the construction industry aids in ensuring compliance and mitigating risks through the provision of tracking tools for regulatory obligations.
- Attract and retain employees – Optimize the power of ERP to improve employee attraction and retention. This will ensure organizations make development and retention plans in accordance with workers’ skillsets and needs.
Leverage Sage Intacct Construction to Streamline Processes in Real Time
The system’s scalability is beneficial for growing construction firms, accommodating increased project complexities and financial requirements.
Sage Intacct offers construction firms the ability to effectively handle project accounting, ensuring greater accuracy in managing project finances. It allows for the monitoring of project expenses, budgeting, and immediate reporting, guaranteeing improved oversight of the financial aspects of all construction projects. By streamlining the time and processes involved in closing out each month, efficiency is enhanced, and errors are reduced. Furthermore, Sage Intacct Construction facilitates seamless collaboration amongst project teams by centralizing financial data. This aids in diminishing mistakes, improving communication, and ensuring that all stakeholders have access to current information in real time.
Construction companies can expect a comprehensive ERP system that is customized to their needs. Sage Intacct Construction provides all the necessary tools and resources for successful project management from start to finish. By utilizing this software, users can access their data in one centralized location, ensuring accurate reporting and enabling smarter decisions. This eliminates the need for manual spreadsheets and grants construction companies with real-time visibility into their business performance. Other important features of Sage Intacct Construction include standardized attributes that enhance efficiency and streamline processes in areas such as accounts payable, accounts receivable, revenue recognition and other important accounting tasks.
Using Sage Intacct Construction module helps with financial management in the construction industry, improving project control, collaboration and efficiency. For example, users can gain real-time project visibility using the Sage Intacct Construction module, or they can use it to streamline compliance and reporting tasks.
Building a More Sustainable Future in Construction
Transform the future of your organization using Sage Intacct Construction. This powerful cloud-based software simplifies operations, provides customizable dashboards for real-time monitoring, and enhances visibility throughout your organization. Through enhanced collaboration, it grants access to valuable insights, leading to more accurate construction projects and reduced inefficiencies and delays. Boost your business with AI-driven accounting and financial management ERP solutions. Sage Intacct Construction’s cloud accounting software sets the foundation for organizational triumph, offering comprehensive solutions for financial management, budgeting, and job tracking and monitoring.
Let Us Guide You Forward
Cherry Bekaert, a value-added reseller (VAR) for Sage Intacct, can assist you in embarking on your journey to enhancing financial management. Our main objective as a VAR is to ensure your success. We will assess your business needs, establish clear goals and objectives, and take an impartial approach to determine the best solution for you. Furthermore, we can assist you throughout the entire software integration process, from evaluating needs to procuring and implementing the software.
Cherry Bekaert is proud to be named a North American winner of Sage’s Partner Platinum Club, which recognizes the outstanding performance of top partners who have demonstrated excellence in sales and service, strong market presence, and outstanding leadership.
Our certified team of experts is ready to help you on your journey. We would love the opportunity to demonstrate how we can deliver high value to your organization using a SaaS model, which is licensed on a subscription basis and can ultimately reduce costs. Furthermore, we can help you assess your organization’s current state to identify and prioritize strategic opportunities to take your business to the next level. Reach out to us today to get started!
Sources:
1 The Associated General Contractors (AGC) of America, Inc. Construction Data. https://www.agc.org/learn/construction-data
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The Power of Sage Intacct Dashboards for Financial Reporting
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Managing Data Better with Cherry Bekaert’s New Sage Intacct Excel Add-In Solution
Why Use a Value Added Reseller (VAR)? Benefits for Organizations
Cloud-Based Accounting: Sage Intacct’s Modern Solution for Businesses
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