Accounting Software Construction Industry Singapore
Construction industry is one of the most challenging trade whether if you are builders or contractors, you are always busy chasing against time, managing sub-contractors, deploying manpower, equipment, materials, safety, document and most important of all your finance and cash flow management. The success and profitability of every projects does not come easily you need to have capable people and adopt to high technology solutions. Accounting software for the construction industry was introduced to provide builders and contractors more transparency, accuracy and efficiency in managing multiple projects.
What is the best Accounting Software for the Construction Industry?
An ERP accounting software for construction industry is a customized solutions design for builders and contractors to automate processes, digitize and reduced the heavy paper work. ERP accounting software is a mid tier system that can be easily customized to fit your needs where it increases your productivity and efficiency as information and data are securely centralized stored in the cloud system which is easily assessable with internet connections. It saves you huge amount of time in traveling back to the office to assess document while you are on site and decision could be concluded without much hesitation with the relevant data available.
What are the key features of the Construction Accounting Software ?
This is the most important module where it provides information of your cash flow, operational expenses, utilities charges, staff salaries, capital expenditures, progress payment, investments and records of your assets
Information the main contract agreement on the original scope and variation order contract document had to properly managed as there are sensitive information on bidding prices and scope of work of the contract agreement. Your contracts are signed and agreed with many different parties (i.e. Owner, developer, sub-contractor and supplier) it should be always be updated with the latest rates agreed, some products may subjected to currency rates fluctuations.
Procurement and Material Management
It is critical that your materials procurement is following according to your procurement plan any deviation will affect the cash flow and progress of the project. All materials inventory stock level on the balance and usage had to be highly visible and closely monitored as there is a lead time for delivery from your vendors. The system will ensure that purchase requisition and purchase order are executed according to the guidelines.
Project Progress Management
The module is always the focal point of your organization and contractor project progress is a key activity of project management to project manager, issues regular progress reporting against budget, schedule and scope to the management. The project progress management feature provides us a full spectrum on the status and progress of the entire project of the scheduled jobs and the completed task against the actual milestone targeted date of completion more accurately. In this way we can manage the project more efficiently, problems and issues can be identified much earlier and we have more time and resources to focus in resolving the issues that might cause delay in the entire project.
Safety is paramount in any construction activities, any major accident or incident occurred with subject to an immediate stop work order that will result in project delay and damaged in reputation to the organization. Safety training, safety inspection materials, safety checklist, safety guidelines and safety reporting can be available on mobile had to be alerted and reported at the very instant to prevent any major accident / incident from happening.
Construction drawings are subjected to many changes during the construction phase due to deviations on site conditions where we need to be properly updated in the final as built drawings. All the deviations and changes shall be capture as photos it can be capture as a variations order if the changes are major. Many constructions companies failed to managed this portion where changes information were not properly captured as variation orders thus incurring a loss in revenue,
Human Resource Management System
This is a core module to capture manpower cost where it also managed workers attendance, roles and responsibility, payroll, staff overtime, CPF contributions, annual and sick leave can be digitized and automated which could be highly productive and efficient
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