Accounting for the Construction Industry – Are you in the Cloud?
By: Dean Dorton | February 16, 2022
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There are lots of reasons to use cloud accounting for construction - and few reasons to pick the alternatives. Why haven’t you migrated yet?
Accounting Software | Construction
Few industries are better suited for cloud accounting but more behind in adoption than construction. Since 90% of the players in construction are small and mid sized businesses, many have yet to make big commitments to technology, particularly cloud technology. For accounting, they often use introductory, on-premises software combined with a mountain of spreadsheets. And while this approach to accounting might work (for a while), it’s far from ideal – especially compared to what cloud accounting in construction can do.
Cloud accounting has never been more accessible, affordable, or advantageous. Likewise, technology and financial smarts have never been more important for survival in the highly competitive construction industry. Everyone should take a critical look at their current accounting software. They should also take an open-minded look at the cloud. Cloud accounting for the construction industry has benefits that are hard to dismiss:
- Delivery Model – Cloud software follows the Software as a Service (SaaS) delivery model, where users pay a subscription for access along with updates, maintenance, and other perks included. SaaS tools are more scalable, flexible, and cost-effective than paying hefty licensing fees for software.
- Accessibility – Construction sites are where companies spend and earn money, so it only makes sense for the accounting software to travel to those locations and beyond. When accountants (or anyone with permission) can access all the financial tools and data from the cloud, they are equipped to work remotely from anywhere.
- Integrations – Cloud-based tools, for accounting, project management, HR, or anything else, can integrate to seamlessly share data and bolster each other’s features. Integrations make it easier to conduct accounting since data flows automatically into the system of financial record, then flows back out to bring financial data into other aspects of construction management.
- Tracking – The cloud makes it easier to track metrics related to financial performance or project completion since users can update data from anywhere, and automatically see updates made by others. Getting fresh figures can be a time and labor-intensive process with on-premises software. Not with the cloud since most numbers update automatically.
- Storage – As construction companies depend on more digital data, they need a place to store it all that’s secure and searchable. The cloud makes the most sense for storing financial data (or any data) since it’s scalable, safe, and easy to sync with.
- Competitiveness – The most successful construction companies use technology to their advantage. As cloud accounting increasingly becomes the norm, the companies that adopt it sooner get more time to master the features and find innovative ways to use them for business growth.
Feeling confident about cloud accounting for the construction industry is much easier with the right partner to help select and implement solutions. Dean Dorton has a long history serving the construction industry combined with cutting-edge expertise into cloud technology. Work with a team that knows how to make the cloud work for construction – contact Dean Dorton.
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