Job costing is important in many different industries, but it is critical in construction because there are so many variables in each job. It is important to look for construction project management software with the features that will automate certain tasks and simplify your costs. It keeps track of your expenses and helps you keep your budget. Take a look at the top six features to look for in construction job costing software.
-
It Tracks Progress
One feature of construction job costing software is that it tracks your progress during the entire life of the project. This software keeps track of the entire job and can predict potential risks from changes. You can break your entire budget down into categories to make it easier to see where the money is going. You can also track inventory, change requests, and more, which allows you to determine the status of your project at any time. You can see the information in real time, so you can take care of any issues right away.
-
It Integrates With Construction Accounting Software
Another feature that is common with construction job costing software is that it integrates with construction project management software and accounting software. If you want your project to stay on track, you need to have detailed financial oversight, and everything should be included. You can automate some tasks, and it can integrate with standard accounting software to include job invoices, purchase orders, payroll, accounts receivable, and more. This helps you make decisions faster and stay within your budget.
-
It Helps Improve Your Cash Flow
When you use job costing software, it can increase your efficiency and revenue. The software helps you manage your billing cycles efficiently and increase your revenue. It tracks purchase orders, invoicing, and more, and you can set a billing cycle to stay on top of it. It will show you the details of your accounts receivables so that you know when to send the bills out and what you are owed. It can also help you create better estimates when you are in the field, and some programs allow you to take payments while you are meeting on job sites.
-
It Helps You Forecast Profits
Your construction job costing software helps you track your profit margins on each job, and it can keep track of the data you need to improve your profits. You get tools to compare cost to revenue, and it shows you your profits in dollars and percentages. When you want to turn a profit, you need to have insight into all of your expenses. It starts with your budget, and then job management keeps you on budget. You can actually use the software to reduce costs and boost your profits.
-
It Helps You Understand Which Jobs Are Ideal for Your Company
When you use this software, you have access to large amounts of data concerning the costs and expenses of each job. This gives you a lot of insight so that you can focus on the jobs that generate the best profits. You will have data from your past jobs, which is a great indicator of the cost of similar projects. This allows you to create more accurate estimates, which lets you know which jobs are ideal for your business.
-
It Helps You Keep Your Clients Happy
When you use this software, you have tremendous amounts of data at your fingertips. Whenever your client has a question, you can give them hard facts for answers. You will know where you stand with your budget, what is coming in high, and what is coming in low. You will have the data to make intelligent choices about any changes you may need to make.
