Construction accounting software helps contractors eliminate repetitive tasks and incorporate all main aspects of a construction project into one system: costing, payroll and accounts. Having access to all essential data at your fingertips brings about better reporting.
One vital document all contractors need is the Work-In-Progress Construction Report.
At a basic level, a WIP report indicates if the contractor's job cost estimation is correct and if the amount billed is right. In other words, is the project over-billed, under-billed, or on budget for the timeline given?
This report usually serves as a benchmark of a contractor's credibility.
As WIP reports reveal the financial health of a construction project relative to its progress, they can avoid red flags early on to prevent financial losses. A WIP report usually includes:
Collecting such information across departments is an effective way for construction contractors to become more efficient and generate an accurate picture of their projects.
Tracking the values of a WIP report, such as inventory, vendors and resources, becomes more complex as the project progresses. When done manually, WIP reporting can lead to many errors:
Gone are the days of calculating the WIP manually. Because all main functions of construction accounting are integrated, contractors have access to this information. The construction accounting software just puts it together.
WIP reports can be generated with just a few clicks by keying in job information, and any job changes are automatically factored in once entered into the system. Construction accounting software further:
At Quest Construction Software, we take great pride in our ability to deliver construction management software solutions to suit your project needs and budget.