How do you evaluate if your construction software is meeting your needs? The best practice for construction companies is to internally assess your accounting software at least every five years. Unfortunately, it is a task that companies put off until it is almost too late, often wasting time and money. With over 35 years of experience in the Construction & Real Estate industry, ETHOSystems has identified 9 areas of focus to help make your assessment an informed and painless discovery process.
Top areas for construction companies to consider when reviewing the business’s financial management and accounting software:
Gather all user feedback
- Gather feedback from users and stakeholders to identify pain points and areas for improvement. This can lead to updating or better utilizing your current software to a solution that better meets your business needs. This can also significantly improve employee satisfaction and productivity. Regularly assessing and updating your software can lead to improved user experiences, speed up task performance, and positively impact the bottom line by improving accuracy.
Is your current solution able to adapt to industry changes?
- The construction industry is dynamic, with frequent changes in regulations, standards, and practices. If you make sure your software stays compliant with the latest legal and industry standards, it can help prevent potential legal issues and fines which in turn protects the bottom line.
Over the last 5 years, what technological advancements have been added to your software solution?
- Technology evolves rapidly, and construction accounting software is no exception. New features and improvements are continuously developed. By reassessing your software, you can take advantage of new functionalities that enhance efficiency, accuracy, and productivity. Check if your software is updated with the most recent technological advancements offered to make sure you take full advantage of your system.
Does your current solution eliminate time spent on manual processes?
- Document all manual processes you currently have and roughly quantify the amount of time spent performing them. See if your solution(s) can eliminate those manual processes or speed things up with system updates or add-ons to improve efficiency and productivity. Over time, new tools and features that streamline workflows and reduce manual processes become more efficient and functional. Regularly updating your software or adding new complementary software applications can help you integrate these improvements, leading to better resource management and increased productivity.
How efficient your current solution efficient?
- What is your total cost of ownership to date for your current solution(s), as well as your annual costs? Try to include the time costs for manual tasks that could be automated. Outdated software may lead to inefficiencies and higher operational costs. Reassessing your software ensures that you are using cost-effective solutions that offer the best return on investment. Additionally, it can help identify and eliminate unnecessary expenses related to maintaining obsolete systems.
Can your current solution scale as your company grows?
- As your construction business grows, your accounting needs become more complex. Regular reassessment ensures that your software can scale with your business, providing the necessary support for handling larger projects, more employees, and increased financial transactions.
Does your software use up-to-date cybersecurity measures for protection?
- Cybersecurity threats are constantly evolving. Older software versions may have vulnerabilities that can be exploited. Even if everything looks like it’s working fine, it’s important to check that you are up to date on security to protect your business in the long term. Regular reassessment and updates ensure that your accounting software has the latest security patches and features to protect sensitive financial data.
Is your construction accounting software compatible with your other solutions?
- Construction projects often require the use of various software tools (e.g., project management, CRM, and inventory management). Reassessing how everything works together ensures that your accounting software integrates seamlessly with other systems, facilitating better data flow, and reducing the risk of errors. There are also new products coming out on the market all the time – are there new products out there that might integrate better with your software and improve your construction management even more?
Does your current construction accounting software provide you with a competitive advantage?
- Staying updated with the latest accounting software gives your business a competitive edge, especially in Construction. You can leverage new tools and features to offer better services, make more informed decisions, and respond more quickly to market changes.
Reassessing your construction accounting and financial management software regularly will ensure you remain compliant, efficient, secure, and competitive in a rapidly evolving industry. It helps you leverage technological advancements, manage costs, and support your business’s growth and scalability. It is worth taking the time to review.
When it comes to Sage 100 CON, Sage 300 CRE, and Sage Intacct Construction & Real Estate, we have your back. Take full advantage of our Business Systems Review. This gives an overview of your systems strengths and weaknesses. It will also show the quality of data collected, processed, and reported as well as identifying underutilized software features.
Available for a limited time to existing clients, the Bundle Deal offer! The Business System Review / Year-End Bundle includes a price discount for purchases booked before October 1, 2024. Contact us to get the full details and ensure you take advantage of this offer HERE >>>
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