Talk to anyone who has ever managed their own accounting and they have probably found themselves lost in a sea of financial data. Things get misfiled and imputed incorrectly, which ends in a giant mess of numbers. If this is currently your issue, you may not need to fix your system, all you need to do is to integrate your system.
What Is an Integrated Accounting System?
An integrated accounting system can perform a wide variety of functions that makes industry professionals lives much easier. Within an integrated system you can estimate, report on, and monitor all your job costs at anytime, anywhere. Additionally, you will be able to track and convert employee time into job-costed payroll, reduce data entry time, handle inventory purchases, and most importantly, you will be able to easily send information to customers, vendors, or back to the office from the field.
You will be able to slice and dice your information in a variety of ways to find more accurate costing, without creating a mess of your budget. Easily implement advanced tracking features to see more and better information about what is, and isn’t, working in your business.
Why It’s Beneficial To Integrate The Field and Office?
As we have addressed before, a company’s efficiency hinges on its ability to get work done from the field. With integration between the field and the office, tasks that used to take weeks will be done in a matter of minutes. Change orders can be quickly requested from field foreman, and the accounting team can immediately update the budget after the PM’s approval, all through the same system! A 5-step process just became one fluid transaction of information. This means loads for the time to complete your project, and time is money (sorry for the cliché).
Beyond the obvious speed & efficiency improvements, with an integrated accounting software you will never misplace or misfile information. Your foreman will log their hours directly into the system, which will be funneled into their time cards. The hours spent trying to correct hours made on time cards is something of the past. These headaches, which happen more often then we’d like to admit, can be solved with this simple improvement upon your current process. Integrated accounting to PM software isn’t trying to reinvent the wheel; they are just trying to make a few improvements.
So if integrated systems are so beneficial, why are firms still shying away? To this day, firms are dealing with double entry and guessing on their job costs all the time! The main reason is that implementing a new process is not often on the forefront of an owners mind. Fortunately, it’s never too late to take a step back and implement a new integrated system. Countless sources can tell you, once the process is in place, it essentially starts paying for itself by improving employee efficiency, presenting consistently accurate reports, and allowing better project management in real time. So if you find yourself constantly looking at your reports with a puzzling stare, it’s probably time to make the move to an integrated system of your own.