Most savvy construction businesses today have incorporated automation into their day-to-day processes.
The right technology can save you hours of time and thousands (if not millions) of dollars annually, as well as contributing to accuracy of reporting. It can help you keep projects on or below budget and save your team hours of time doing manual tasks.
How Construction Companies Use Sage
Among the most-used software for construction companies are Sage 100 and 300.
Sage 100 is specifically geared to smaller and mid-sized construction companies and Sage 300 is for larger companies, those with multiple divisions, and businesses where many people are using the system. But both provide huge benefits because they:
- Automate basic accounting functions
- Accurately know your cost on projects at all times
- Create job estimates with less manual labor
- Build project budgets
- Generate reports so you can stay on top of your cash flow and project outcomes
- Enable you to seamlessly manage payments with vendors, subcontractors, and clients
But Do You Have the Missing Component?
To get the most out of your accounting system, you need to have a payment system that helps you buy goods and materials quickly and then feeds that data directly into your accounting system.
Rather than juggling paper checks, expense reports, and other ways to track project expenses, you can use software-enabled corporate cards to get more control over your spending and pinpoint problems and cost variances virtually immediately.
When you use corporate cards and proactive spend management to manage your expenses you:
- Set and monitor spending categories and limits by job, by team member, and by season.
- Improve cash flow, because you can see exactly what’s being spent every day. Spot issues before they happen.
- Cut down on or even eliminate manual data entry. Every time someone spends a dime or a dollar (or thousands of dollars), that expense is fed automatically into your reporting systems. The amount of time and energy spent on filing expense reports, sifting through receipts, and performing month-end reconciliations is dramatically reduced.
- Get the ability to monitor spending from anywhere, anytime. Even if you’re out of the office at a job site (or on that much-needed vacation), you can stay on top of your construction company’s finances.
- Find yourself a better position in case you’re audited. All of your financial data lives in one place.
- Ensure compliance and security because data is encrypted and you have the confidence knowing that the system is Payment Card Industry (PCI) certified.
- Can even enjoy more opportunities for business growth. The time and money you spend managing your business operations and expenses is cut down dramatically. Spend that time and brain space thinking about how to make your construction business better.
- Build better employee morale and culture. When your team members can spend less time doing administrative work, they can do their jobs better. You can even use the data you get from an integrated system to create rewards programs -- giving bonuses for cost savings and using some of the reward rebates you get from corporate credit card programs.
Integrating Your Accounting Systems is Simple
Among the trends in construction company accounting today is end-to-end automation. We at Vendrix pride ourselves on understanding the construction industry (because our management team came from it) and cutting down the amount of time you spend on worrying about technology.
When you integrate your Vendrix card system into Sage 100 or Sage 300, your data flows automatically to your accounting system, so project recaps and end-of-month close are seamless, streamlined, and accurate.