Software integration is a convenient way to manage your construction company’s finances, but did you know that it can ALSO boost your company’s profitability? That’s right! Many business owners look to streamline their business by integrating their software not only for the convenience factor, but in turn, it can better help them grow and expand their business.
So, what is software integration? In its simplest form it’s a way of connecting construction software to financial management software. Online software, like QuickBooks® and project management software, can make managing your projects and finances so much easier and more efficient once you have everything set up and working correctly.
Why choose to integrate software? One of the reasons is to eliminate double data entry. When you integrate two softwares, it allows you to enter in one software and have that transaction show up in the other software without having to enter it twice. Any opportunity to eliminate room for data entry error and create efficiency in your financial process is a huge win. Another reason to integrate and ultimately use two softwares is to allow the access to your team members so that they can do their job, without allowing access into other areas. Think about it, if you have several project managers and they need to be able to see the job progress or review budgets, they will have access to do that. However, they don’t need to see your company’s reports, payroll, bank accounts etc. Using two softwares and integrating them will allow the people in your organization to use the correct tools needed to do their jobs without sacrificing the privacy of other areas of your company.
Can anyone integrate their software? Even though it seems simple, it can get quite complicated. The right setup and a correct integration is crucial to having your software work for you and your company. Sure there is typically a button you can hit that says connect to QuickBooks Online, however did you think of how this affects your current workflow? What things do you need to change in your current financial process? When things push between softwares what do they look like on each end? This might be why it’s best to work with experts in the field of accounting and construction. They will be able to:
- Connect your project management software with QuickBooks®.
- Create the correct mapping between your software.
- Review your current financial workflows, and work through the changes that need to be made to it.
- Ensure financials move to the right location and are classified correctly.
- Offer cost code consultation.
How can this boost my profitability? Having access to the information you need immediately can make a big difference for your business in various scenarios such as building good customer relationships. When you have all hands of your business rowing in the same direction it can create real time visibility and allow you to be more proactive with your jobs vs. being reactive. Imagine if your financial team could continue to keep up with the bills and invoices for jobs coming in and your project managers could see where their budgets are sitting at any given moment. Are you able to have real time visibility on your jobs? Or are you waiting for the end of the month to print or email the budgets of the job to your clients? Ultimately, being able to have the access and process dialed in will allow you to catch errors or overages in your jobs, thus affecting your profitability. Don’t wait till the end of the month to see that you overpaid a vendor, or never charged the client for the change order! Being able to be more proactive when it comes to your job financials will help you increase your profitability and help you improve things for other jobs in the future.
When you choose to work with a financial management team that specializes in accounting, the construction industry, AND software integration, you can be set up for success right from the very beginning. We at 24hr Bookkeeper have the expertise to take you from estimating to project management to bookkeeping and set you up to successfully produce accurate reporting. 24hr Bookkeeper will get your software integrated taking away your frustration and get your construction company streamlined. Contact us for more information, we would love to help get you started!
