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There is no shortage of general accounting packages available however if you are in the building and construction industry you should seek out a specialised solution designed just for your industry. Why?………Because construction is so different and it’s so easy to fail.The issues start with the construction projects themselves. These can often involve large value contracts and what concerns the business is that changes in the scope of works (called variations) are often greater than the project’s planned “gross profit”.Unless variations are managed properly the viability of the business is at risk. Purpose built Construction Accounting Software will include facilities to highlight these and to produce the required paperwork through the various stages a variation goes through before it is approved by the client. This ensures that should either the Head Contract or Subcontract be disputed then the required paperwork is in place to help the business justify its claims in a court of law.With construction project varying in their scope of works; the corresponding changes to the value of contracts and subcontracts; and payments being made out of sync with deliverables, it is easy to see why the stakeholders strive to clearly recognise their position in all projects and to implement corrective actions to avert liquidity issues downstream.Construction companies generally fail for liquidity reasons – therefore, Construction Accounting Software will focus on providing tight liquidity management with the current status for all projects always available. To complicate matters, good project managers will aim to maximise, under the terms of the contract, the income from their projects. This will result in an influx of funds however funds received prior to expenditure should not be confused as “profit”. They are “project prepayments” and should be clearly reported as such.Profit reporting is another unique feature of the industry. Traditional accounting assumes that the client is only invoiced for work provided. However construction projects are typically executed over a number of financial periods and depending upon the contract this could mean that the client is invoiced in advance. Using general accounting software, companies would then overestimate their profits and pay tax on them. Later they would have to do reversals when all the activities required to complete the project required payment. A proven approach is to report on current “earned value” by projecting both Income and total project costs to completion.Construction Accounting Software needs to take a wider view of the world than standard accounting systems. For example, the projects themselves involve considerable risks that can cause cost increases or time delays or both. Firms need to manage these risks and ideally the construction project management software would feature an integrated operational risk management software system. This would ensure the key items of work, decision or verification are properly managed and account for the value of the identified risks.The Taxation Laws (of Australia and probably elsewhere) are another reason why construction accounting is different. Tax treats certain construction specific transactions in a special way. For example:Goods & Services Tax (GST) on Progress Claims
RetentionsIn summary, Standard Accounting Systems, fail to provide what the industry requires; namely a package that mitigates disputes, manages risks, conforms to industry Taxation requirements and accurately reports liquidity and profits. These functions can only be effectively met through specialised Construction Accounting Software.

Now a day there is lot of competition in construction industries. Construction industries are growing very fast. So the work load is increasing. For that reason many construction companies are using online construction management software. It helps to make decisions fast, automate documentation and reduce cost. It also entails actualizing a project plan which implicates defining and certifying project goals and objectives, determining tasks and how goals will achieve. It also regulates the whole performance of the project plan.Construction project management software exerts to handle and execute resources in a way how you design it. By using the project management software, you can easily track each aspect of a construction project.Construction makes it attractive for aggravating your productivity in business. It also empowers you to maintain the constitution of your work for the clients. There are many uses which you can easily employ for the software of project management. The assistance that can be collected from its use, many construction projects you can see today have accomplished with the help of the this software. The construction management software comforts in creating plans for your company. It also generates it accessible to save your essence for future use.There are three big benefits of construction project management software are as follows:-1. Process Standardization
2. Document control
3. Cost controlWhen you are capable to do it can assemble you visualize your concepts in better way. Better concepts means there are some more things that you can endeavor to your clients. Clients are the exemption of the company, the applicability of the construction management software makes your business grow more adequately and quickly. The employees that you have are also better dominated with this. The program originates reports on each employee so you can easily accelerate them to work on a task that is most essential and applicable for them.Then these reports can be given to the distinctive managers who can use it to accumulate track which of the employees are allowed to which projects. Another advantage that you can see in the construction management software is examining the specifics of project budget. Construction project software is good for strengthening the projects productivity and it also gives you more effort towards the consumer satisfaction. Moreover, if you are admiring to save money by reducing expenses and upgrading the customer satisfaction by increasing proficiency then you need of construction project software.

When a construction business is growing, more transactions are dealt with, volumes of documents are processed and schedules on different projects are set with the corresponding estimate on the budget and the number of workers for the job. These are the common tasks that must be organized by the contractor in order to pursue the plan. The use of spreadsheets and large piles of documents placed in boxes are the traditional methods of managing a construction industry. However, with the dawn of the computer age, companies have adopted the use of construction project management software.You might ask and wonder what the benefits of construction project management services are. The answer is on the name itself. It helps you manage your construction projects and transactions. It generally helps you organize your documents and files so that you will conveniently know where to look at once you need it. It is very easy to make some updates. Moreover, it gives you control over the whole budget plans and anything that relates to the money that goes in and out of your funds.The use of project management scheduling software helps you create a standard to all your construction projects. This aids your varied employees to look at the same updates, the same files, have similar documents and the like. Naturally it creates a unanimous guideline that the workers can look at anytime. This eliminates misunderstanding among contractors and workers on the project already set and planned. This also increases your value as a company by using a professional, effective and reliable system in dealing with a construction project.Another benefit of construction project management software is the control of all your documents and files. If you would follow the traditional way of using spreadsheets and different kinds of programs, all your files will be scattered and it may not pass your knowledge that other files are already lost. You would not want this to happen to you especially that a construction work requires evident documents that can be visibly and conveniently used by workers if they want to. Having only one software and source for all your files keeps them monitored and organized.Lastly, take control of the whole issue when it comes to money matters of the construction project with the aid of the construction project management services. Using a single and standard software help you track down all the expenses that you made on the whole project. This alerts you to take several measures when there is a need to change some plans due to any problems on the cost. You can also use the accounting plans for future projects if it went well with the previous ones.The construction project management software is indeed a useful tool for all the companies involved in the construction industry. Having your own standard tool gives you the confidence that you can take control of your files and project costs. Moreover, you can manage and organize your plans on the whole project and provide employees with common information with the use of the software.