7 Top Benefits of Cloud-Based Construction Accounting Software

Cloud-based construction accounting software is an important part of any construction software stack since it is how construction companies track their income. Construction companies must know whether a project is on target or if it is starting to head over budget. With more providers out there, it’s easy to find a solution that works best for your business.

Software as a Service

Software as a Service, or SaaS, is a common component of cloud-based construction accounting software. Some of the great benefits to SaaS software is the delivery method, reliability, and security. Many SaaS products are quick to benefit the user because they offer frequent product and feature updates. Ensuring your company has all software updates is crucial since they also help keep your information safe. SaaS is a more reliable option for your cloud-based construction accounting software needs.

Integration

Cloud-based construction accounting software benefits companies because of its integration with other software. Many accounting software companies are ensuring their product will integrate with project management solutions. That way construction companies can easily transfer their project data from the accounting solution into their project management solution and back. One of the great benefits of integration is the ability to keep data secure between two platforms. When companies have to manually input information between two platforms, data sometimes gets lost. This makes integration one of the great benefits of cloud-based accounting software.

Information Sharing

Another benefit of using a cloud-based construction accounting software is the ability to share information quickly and easily. Integration makes it easy for the accounting package to communicate with a project management software, but information sharing isn’t the same as integration. Information is easily shared in cloud-based construction accounting software. Project managers and accountants can easily email information from the software to others that need the information. This also tends to help with communication. Since everyone is informed on the financial health of a project, better decisions can be made.

Productivity

Cloud-based construction accounting software offers companies the ability to increase their productivity. Some accounting packages can quickly help a business build reports to better understand, the business’s and project’s finances. This can help business owners make better decisions for their business. And it helps project managers discover why projects end up over budget. Sometimes these reports along with field notes can help businesses understand why and how projects end up needing overtime in order to correct this for future projects.

Flexibility

Superintendents and project managers need access to information in the accounting software in the field. Using a cloud-based solution ensures they have access to the most accurate information, which improves project oversight. If project managers, estimators, and accountants have access to the most up-to-date information they can make better decisions. In construction, it’s important to be able to use any software solution both in the field and in the office. That flexibility to work from everywhere makes it easier for project managers to do their job since they can complete their work in the field.

Track Project Financials

One of the best benefits to cloud-based construction accounting software is the ability to track project financials as they progress. This is helpful for businesses since they can use that data to help track project completeness. Using something like field notes or another written report about the project helps to paint a full picture of the project. Project managers and accountants can use this information to fully understand where a project is. If the project isn’t done but most of the budget is used, then someone might need to look into what happened and how to ensure the project doesn’t go over budget.

Future

Another reason to use a cloud-based construction accounting software is the knowledge it can give a business. Paperwork gets lost unless all of the backups and data are saved in the easy to search cloud. This helps estimators because they can use recent projects to better build their estimates. If they have a very similar project to one recently completed then they’ll have recent updates. And they will know how long it actually took and how much it actually cost. This way they can provide better, more accurate estimates to ensure that their business makes money.

There are many possible construction accounting software options out there, which means that businesses can find one that fits their needs. There are many benefits to adding a cloud-based construction accounting software to a suite of construction management software options.