Accounting Software for South Carolina Contractors
FOUNDATION® is construction accounting software that South Carolina contractors use to track labor, costs and billing by job so they can catch margin erosion before it becomes a cost overrun.
A contractor can show a profit on the income statement and still run short of cash. Off-the-shelf accounting software may show companywide income and cash balances without revealing which jobs are producing profit, consuming labor or tying up working capital.
Since 1985, more than 40,000 construction professionals across the country use FOUNDATION to run the business side of construction.
But don’t just take our word for it; hear what a customer says about using FOUNDATION: “My overall experience with payroll, A/P, A/R, and job costing [has been great]. Month-end reports are a breeze now, along with year-end reports. Financials are also easy to run.” – Debra Z., Controller
Ready to take control of your job costing and maximize your construction business’s profitability? Keep reading to discover how FOUNDATION can transform your operations.
Challenges Facing South Carolina Contractors
South Carolina contractors are competing in a competitive labor market while direct labor costs continue to pressure project margins.
Two of the resulting problems directly affect the back-office.
Job Costs Outrun the Estimate
Rising wage rates, overtime and rework can push actual job costs beyond the estimate. Labor, material and subcontract costs often reach accounting at different times, making the full impact harder to see.
Without those costs tracked against the estimate by job, contractors can see margins shrinking without knowing which project or cost category is creating the variance.
FOUNDATION’s Job Costing Module tracks costs by job and cost code and compares estimated and actual costs, labor hours and quantities. Automated alerts help contractors identify potential cost or labor overruns before they lose control of the project budget.
Profitable on Paper and Still Waiting on the Money
Unpaid pay applications, retainage and receivables can strain working capital even when a project is profitable.
For projects covered by S.C. Code § 29-6-30, owners generally have 21 days to pay undisputed pay requests. Contractors and subcontractors generally have seven days after receiving payment to pay the next tier for its work. Section 29-6-50 provides interest of 1% per month on late balances when the paying party received notice of the statute with the payment request. Contract terms and statutory exclusions may affect these rules.
FOUNDATION Accounts Receivable Module connects progress billing, AIA billing, retainage, lien waivers and cash receipts with job cost accounting. A/R aging, WIP and job cash flow reports help contractors see where billing and collections are falling behind project performance.
What Are the Benefits of Using Integrated Construction Accounting Software?
There are a number of advantages to choosing South Carolina’s #1 Construction Accounting Software. From financial transactions to real-time insights, contractors can get what they need to help improve their business growth.
Since 1985, Foundation Software has seen firsthand how construction accounting software can transform financial management for contractors, construction companies, and their employees.
Here are some benefits you get with an accounting platform designed specifically for this industry.
Even with all these benefits, some contractors opt for off-the-shelf accounting software, but for the complexities you face, you need software designed for your business.
Now, let's look at some of the accounting features you get from FOUNDATION.
FOUNDATION Construction Accounting Software
Our cutting-edge construction accounting solution accurately tracks the details of every job with customized drill-downs, so you aren't blindsided by cost overruns or unexpected expenses.- Job Costing
As a contractor, you need to know exactly where every dollar, hour, and quantity goes on your jobs. With the FOUNDATION Job Costing Module, you get Microsoft® SQL Server®-powered reporting, which means stress-free job costing across the date range you need.
You'll be able to:
- Review project cash flows
- Allocate overhead
- Generate work-in-progress (WIP) reports
- Get real-time job costing: production reports, estimated vs. actual, percent complete
- Receive automated alerts to avoid cost or labor overruns
Job costing software for construction companies is integral for your projects. With FOUNDATION, you can closely monitor spending and stay within budget. You can build job budgets with your company's job cost structure and compare project performance against estimated revenue, costs, labor hours, and quantities.
Using construction job costing software improves your financial oversight and planning capabilities, helping you maximize profits and operate more efficiently.
Construction Accounting Software Built for Contractors
South Carolina contractors rarely lose margin through one obvious expense. Profit slips away through labor that runs long, field hours that arrive late, committed costs that are not reflected in the forecast and pay applications that remain unpaid.
FOUNDATION connects:
- Field time
- Payroll
- Job costs
- Payables
- Billing
- And WIP in one construction accounting system
Contractors can compare estimated and actual costs, post payroll burden to each job, track retainage and receivables and identify where reported profit and available cash are moving in different directions.
Schedule a demo to see how FOUNDATION can give your team greater control over project margins and cash flow.
