Why Contractor Accounting Software Should Be the Core IT Platform for Your Company

It’s no longer enough to say that every construction company needs good contractor accounting software. Your accounting system should be the core IT platform for your entire company.

Why? Because in the face of day-to-day competitive challenges, your entire management team should have immediate access to complete project and business information—from any device. It’s impossible to gain this kind of access from a series of point solutions. Also, think of all the applications and data services your team members use each day just to get the job done. The best way to unify data from these systems is to designate one system as the hub and integrate all other systems to it. That hub should be a cloud-based construction accounting system.

Penta has partnered with Acumatica to provide a feature-rich accounting suite that’s designed to deliver complete construction accounting information, including revenue and cost budgets, commitments, pro forma invoices, and job costing.—and it can integrate easily with your other construction software.

With Acumatica Construction and Penta Managed Services, you maintain 24/7 real-time visibility into your business activities and performance through detailed reports and personalized dashboards that are tied to one centralized database. The system is easy to implement and configure—and it’s designed to be affordable for growing companies.

Key Features

  • Revenue and Cost Budgets

  • Comprehensive Job Costing

  • Retainage and Joint Checks

  • Proforma and Quick Billing

  • Mobile Time and Expense Entry

  • Enterprise Financials with Document Management

  • Multi-Entry and Multi-Currency

  • Accurate Spreadsheet Imports

  • Excel Pivot Tables and Power BI

Construction Accounting

As a contractor, your management task is complex. You must not only manage many individual projects, but also keep a close eye on the financial health of your business. 

Our ERP delivers timesaving automation and workflow to streamline construction accounting processes. Using customizable templates, you can launch projects with a consistent approach to contracts, budgeting, billing, and accounting. By automating closing processes, you can handle month-end activities with fewer errors. The system supports the percentage of completion accounting method commonly used by custom homebuilders as well as the completed contract accounting method used by production homebuilders.

Core Financial Systems

Construction companies need to provide their management with the highest levels of visibility and control. That’s why it’s not enough to run the business on a standalone accounting system. So make sure you choose a construction accounting system that can handle your construction needs.

Acumatica enables you to integrate your financials across multiple legal entities. You can create independent balance sheets and separate tax reporting while also handling consolidation, payments, and cash management for your whole company. Project accounting and fixed asset management are built into the system. And sophisticated reporting and dashboards features make it easy to create and update financial and operating reports.

Complementary Construction Management Software

Your construction accounting system can’t be a standalone application. If you really want to optimize your entire business, make sure your solution integrates with other software and makes it easy to work with partners. That way, you can navigate today’s many models for managing construction projects—including design-bid-build, design-build, build-operate-transfer, and public-private partnership—with ease.

Acumatica delivers a broad range of construction management functionality. Project management information is always available to your entire project team on phones, tablets, and PCs. The system also integrates with a wide range of partners, including: Procore, Smartsheet​, Microsoft Office 365,Adobe Sign, DocuSign and many more.

Core Business Systems and Technology

Today’s managers expect their business software to look and act like the websites they use in their daily life, such as Facebook, Expedia, and Amazon. But they’re not willing to sacrifice core functionality just to get a system that looks good and is easy to use. Your ideal construction management system should be built on the latest web technology so that it can deliver the best of all worlds.

Acumatica offers the modern and complete ERP capabilities for construction companies. And It’s built with technology capabilities that include:

  • Global search.

  • Embedded data analysis features based on Microsoft Excel and Power BI.

  • Spreadsheet imports based on business rules.

  • Ability to customize without programming.

  • Multi-cloud integration.

Connected Business. Delivered.

Penta is Certified Gold Partner of Acumatica, the best business management software for transforming you company to thrive in the new digital economy.