Accounting software for construction companies is very necessary and important in the process of doing business and accounting for financial - accounting data. So what are the basic features of construction accounting software? What software is effective, easy to use? Let's find out the answer with Viindoo in this article.
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What is construction accounting software?
Construction accounting software is technology software for the accounting department of businesses or companies in the construction and assembly industry. With features to operate in the specifics of the industry, accountants using this software will be able to estimate projects, manage costs, plan projects, track invoices, and manage partners and customers.
In addition, the software also helps accountants manage tasks such as accounts payable, receivable, budget management, order reporting and inventory management, etc.
Construction accounting software is the solution to help manage the business better.
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Basic features of an accounting software for construction companies
To evaluate the effectiveness of an accounting software, we need to understand the standing problems in the accounting profession of a construction company, then choose the software that can meet these problems. . Some difficulties that construction businesses often encounter when managing accounting - finance are:
- Difficulty in risk estimation when it is not possible to closely monitor data and cost fluctuations during construction;
- Lack of effective control of warehouse and raw materials;
- Difficulty in managing debts of contracts, constructions, material suppliers and customers;
- Setting up a report takes a lot of time and effort of accountants.
Therefore, the software needs to have the following basic features to be able to meet and solve the above difficulties:
Cost management for each project
Almost all accounting software today has cost estimation and price calculation features to help businesses in the construction process. As follows:
- Calculate direct costs: The software will automatically calculate the fees for each item, each project.
- Indirect cost allocation: The costs incurred during the construction of works and items are often very complicated. Therefore, construction accounting software is a necessary tool for accountants to easily track the allocation of expenses.
- Some accounting software like Viindoo can even automatically allocate incurred costs into production costs, so that accountants do not need to re-account from the beginning.
- Acceptance of works and evaluation of unfinished products: After completing the work of allocating and collecting costs, the accounting software for the construction company will automatically calculate the cost for each type of work.
- In addition, accounting software can also help accountants track subcontracting, repair and warranty costs.
Software to help manage costs by project.
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Accounting software for construction companies today not only helps to manage raw materials directly to the construction site, but also manage materials exported through the warehouse. As follows:
- Manage documents, invoices for import/export of materials, tools, goods, and finished products.
- Support the export of warehouses according to the norm of raw materials.
- Use many methods to calculate the ex-warehousing price of materials, finished products and goods.
Accountants can easily control inventory
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Management of debts of works and contracts
The construction industry is one of the industries that need to contact and cooperate with many fuel and material suppliers to the construction and assembly process. Therefore, accounting software will help businesses and companies track debts with each supplier or track debts of a supplier with many services at the same time for works and contracts.
Construction accounting software can manage debts.
In addition, the construction industry has diverse customers such as investors, retail customers, etc with many large contracts, the payment process lasts for a long time. At this time, accounting software for construction companies will support the management of receivables according to payment progress, payment periods, projects, constructions, etc.
Profit and loss management for each project and contract
Due to the specific nature of the industry, the management of profit / loss of each project is very complicated and requires concentration in data entry. Therefore, accounting software for construction companies allows accountants to track detailed costs, specific to each project and work.
With this utility, accountants will easily calculate figures, they only need to enter the information once and view the report at the end of the period. Business managers also easily monitor and control the situation of the business to coordinate and provide timely solutions depending on the situation.
In addition, accounting software for construction companies should also have features such as:
- Monitor the progress of contracts;
- Monitor projects, contracts according to sales, debts;
- Manage project contracts;
- Keep track of estimated costs for projects, sales contracts;
- Smart filing management;
- Management of depreciation of assets and fixed assets;
- Management of construction and assembly investment activities;
- Cash flow management.
Viindoo Accounting & Finance - The best construction accounting software today
Are you wondering which is the best construction accounting software today? Viindoo Accounting & Finance is the name you should refer to. The software has been trusted by many customers because of its effectiveness when applied, simple interface.
Viindoo Accounting software for SMEs and large businesses fully meets the features of an accounting software for construction companies such as project cost management, project debt management, inventory import and export management and cost calculation, management. Profit - loss according to each project, contract, etc.
Not only the above basic features, Viindoo software is also an effective companion for accountants with the following advantages:
Automating construction accounting activities
- Filter tools, timely smart search, according to many criteria.
- Set up automatic billing rules according to multiple processes, minimizing errors when entering data by many stages or by many people. The software supports speeding up the exact and absolute data processing.
- Data is entered only once in the process of starting or during the accounting process. This controls information to be accurate and easily traceable at any point in time.
- Automated system of stages: identification, comparison and proposal of reconciliation.
- Viindoo online accounting software helps accountant update data in real-time.
Automation helps accountants with a large amount of work.
Optimizing accounting operations according to Vietnamese accounting standards
- Construction accounting software strictly complies with Vietnamese accounting standards based on Circular 200/2014/TT-BTC and Circular 133/2016/TT-BTC.
- Bank reconciliation, manage and track cash and bank accounts integrated with payment operations.
- Payroll calculation automation based on salary thanks to the ability to integrate with Viindoo Payroll application, making accurate payroll reports, timely and periodic from time to time and actual payment.
Optimizing accounting operations according to Vietnamese accounting standards.
Asset depreciation management
As mentioned above, the management of asset depreciation in a construction business is a difficult problem. Because, each type of asset at the construction site such as trucks, scaffolding, construction tools, etc. will have its own depreciation methods. However, with Viindoo software, this is no longer a difficult thing thanks to the feature:
- Monitor, track, manage and allocate asset depreciation and automatically generate accounting entries for each depreciation period.
- Establish flexible depreciation methods depending on production and usage needs including: Straight line, regressive, accelerated depreciation.
- Allows a multi-method of periodic depreciation according to: Number of depreciation times, Number of times of monthly depreciation, End date of amortization allocation.
- Support other operations: Liquidation of assets, destruction of assets, import of assets into the warehouse, revaluation of assets, additional costs of the warehouse.
Multi-dimensional reports, instant updates
Reporting is no longer a fear for accountants when Viindoo software is set up to optimize simple and easy report creation and export:
- Construction accounting software allows accountants to make multi-dimensional, instant data reports, building each type of report according to user levels.
- Allows comparison of data for each financial cycle. This helps leaders grasp the trend of financial fluctuations over the weeks, months, periods, years, etc.
- Automated instant reporting system, helping the construction company administrator to capture accurate data, anywhere without depending on employees.
Allows accountants to prepare different types of reports depending on the purpose.
Viindoo Accounting software pricing has an optimal cost suitable for many models and sizes of businesses with prices from only $8/month. Currently, Viindoo is conducting an in-depth consultation program and a 15-day free trial of the software. If you want to experience our software services, please contact the information below.
Can construction accounting software manage payroll for construction employees?
Yes, construction accounting software often includes features to handle payroll specifically for construction companies. It can manage labor costs, track employee hours, calculate wages based on different rates and unions, and generate payroll reports for compliance purposes.
Can construction accounting software handle equipment and inventory management?
Yes, many construction accounting software solutions have features to manage equipment and inventory. They can track equipment usage, maintenance schedules, depreciation, and provide insights into equipment profitability. Additionally, they can handle inventory management, including tracking stock levels, material costs, and supplier information.
Can construction accounting software generate construction-specific financial reports?
Yes, construction accounting software offers a range of construction-specific financial reports. These reports include job cost reports, profit and loss by project, work-in-progress reports, cash flow statements, and balance sheets specifically tailored to meet the financial reporting needs of construction businesses.
What type of accounting is used in construction?
Accounting methods used in construction accounting include cash basis, accrual basis, the completed contract method (CCM) and the percentage of completion method (PCM).
Above is the most basic information about an accounting software for Viindoo's construction company - An effective solution for a business or construction company. With the construction industry, the accounting - finance department always requires a lot of accuracy and meticulousness in data entry. Therefore, using Viindoo Accounting & Finance software will help you optimize your work easily and quickly. Contact me for advice!