Sage Intacct for Construction: Your Blueprint for Success
You may already know that Sage Intacct is one of the leading cloud-based financial management solutions on the market. But did you know that Sage also has 50-plus years of experience building construction accounting and enterprise resource planning (ERP) software? Fast forward to Sage Intacct for Construction, a robust, cloud-based financial and project accounting solution earning rave reviews.
For decades, Sage 300 Construction and Real Estate (formerly Sage Timberline) has been the premier construction accounting software in the world, relied on by more than 50,000 construction and real estate companies. In mid-2020, Sage brought the functionality within Sage 300 CRE to Sage Intacct, launching Sage Intacct for Construction.
Here, we look at the key job costing and project accounting benefits Sage Intacct for Construction delivers.
Check out this feature-by-feature comparison chart to see the advantages of moving from QuickBooks to Sage Intacct for Construction
Sage Intacct for Construction is built for the cloud. Users can access the solution anywhere, anytime, and on any device. In addition to streamlined access, cloud solutions reduce your organization’s IT burden as the hosting, updates, and maintenance are provided by Sage. As a result, you’ll always be running the latest version of the software without interruption to your operations.
Sage Intacct for Construction supports multiple entities, not just multiple divisions, to provide robust support for growing companies with different locations or business units. This structure allows users to dramatically speed up monthly consolidations. Sage Intacct clients often report that they’ve reduced consolidation time from hours to minutes.
One of the strengths of Sage Intacct is multi-dimensional financial reporting. Dimensions enable you to create targeted reports without having to export and massage data in spreadsheets. In addition, dimensions allow you to review the business from multiple angles—such as region, project, department, or many other perspectives.
Accurate Cost Tracking
Industry statistics suggest that 75% of construction projects exceed their initial budgets. The reasons are varied, but poor cost control is a significant factor. Sage Intacct for Construction accounting software provides the necessary tools to monitor project costs accurately, track expenses, and compare actual costs against budgeted amounts. This visibility lets you identify cost overruns early and promptly take corrective actions, ultimately improving project profitability.
Simplify Complex Project Billing
Construction projects often involve multiple billing methods, such as progress billing, milestone-based billing, and time and materials billing. Managing these billing methods manually can be challenging, leading to errors, delays, and disputes. Sage Intacct for Construction simplifies and automates the billing process, allowing you to generate accurate invoices based on project milestones, work completed, or specific billing terms. As a result, it ensures timely and accurate billing that improves cash flow and reduces billing disputes.
Project Profitability Analysis
Management teams must understand project profitability to make informed decisions and assess the success of your projects. Project accounting software tools like Sage Intacct for Construction provide tools for analyzing project costs, revenues, and profitability in real time. It allows you to compare actual costs against budgets, track profit margins, and identify areas where you may be able to improve profitability. You can use this insight to help adjust project plans, pricing strategies, and resource allocation for future projects.
Robust Project Management
Construction projects involve multiple stakeholders, general contractors, subcontractors, and changing project scope. Managing project-related documents, contracts, change orders, and communication can become overwhelming without proper systems in place. Sage Intacct for Construction provides a robust project management toolset, enabling seamless collaboration, document management, change order tracking, and effective communication among your project teams.
Streamlined Compliance and Reporting
Construction companies must comply with various regulatory and industry-specific requirements, including certified payroll reporting, tax obligations, and financial reporting standards. Sage Intacct for Construction can automate portions of the compliance processes by providing the data infrastructure and reporting tools to demonstrate your adherence to legal and financial regulations. It can also help your construction company stay compliant, reduce the risk of penalties, and gain a clear audit trail of financial transactions.
Enhanced Efficiency and Productivity
Cloud-based construction accounting software streamlines many time-consuming manual processes, freeing valuable resources and enabling your teams to focus on core project activities. Automated features for tasks like accounts receivable and accounts payable processing and bank reconciliation help eliminate errors and reduce administrative burdens. By automating routine tasks, you can redirect your teams’ efforts toward more strategic initiatives and project execution.
Real-Time Project Visibility
One of the key advantages of Sage Intacct for Construction software is its ability to provide real-time project visibility for home builders and other construction companies. With Sage Intacct, you can track project costs, monitor budgets, and analyze financial data in graphical, real-time dashboards and reports. This visibility informs your decision-making by identifying potential issues early, allowing you to take corrective actions promptly.
Seamless Integration and Collaboration
Sage Intacct for Construction seamlessly integrates with other business systems, such as Sage Estimating and Sage Intacct for Construction Payroll. This integration ensures smooth data flow between departments, eliminates duplicate data entry, and facilitates team collaboration. In addition, you can check out our Sage integrated add on solutions, where you’ll find compatible third-party solutions with best-in-class functionality.
A Solid Foundation
Sage Intacct for Construction is built on a solid foundation that combines Sage’s core strengths. Accountants trust Sage Intacct to support financial agility. In fact, it is the first and only AICPA-preferred accounting solution. In addition, construction companies consider Sage the number-one provider of construction finance management software (based on JBKnowledge Construction Technology Reports). Combining these two strengths creates a structure capable of supporting your business for years to come.
Are you interested in learning more about Sage Intacct for Construction? Reach out to our consulting team—we’re happy to help!