As a specialty contractor, you’re well aware of the unique challenges and operational complexities in the construction industry. Using the wrong software can worsen these issues, creating gaps that disrupt efficiency and visibility, and leading to project delays, inefficiencies, and revenue leakage.
While QuickBooks has served many businesses, it often lacks the advanced features required by specialty contractors. Its limitations can restrict your view of operations, impacting decision-making, growth, and customer satisfaction.
This is why many specialty contractors are transitioning to Sage Intacct for Specialty Contractors—an end-to-end solution designed specifically for preconstruction, finance, and operations. Sage Intacct for Specialty Contractors integrates all aspects of your business, enhancing collaboration and providing deeper visibility into project and business performance. Its cloud-based suite offers real-time data access, which is crucial for managing the numerous moving parts of construction projects. This connectivity ensures that all team members stay in sync, enabling informed decision-making and boosting productivity and profitability throughout every phase of construction.
In the following sections, we will explore 5 ways Sage Intacct for Specialty Contractors excels over QuickBooks and why so many businesses are making the switch.
1. Dashboards & Reporting
QuickBooks lacks advanced reporting capabilities, often forcing users to rely on manual Excel spreadsheets. This can lead to errors, outdated data, and inefficiencies, which waste time and resources. Without robust reporting tools, contractors struggle to gain a comprehensive view of their financial health and project performance.
In contrast, Sage Intacct for Specialty Contractors provides highly customizable dashboards and reporting tools that offer real-time visibility into key metrics. Users can create tailored dashboards to monitor specific data, such as budgeted versus actual spend and estimated versus actual hours worked. The platform’s flexible report templates and Excel-like formulas enable precise financial statements and insights. Role-based dashboards ensure that each team member has access to the relevant information needed for informed decisions, improving project performance and overall efficiency.
2. Resources & Utilization
Efficient resource management is crucial for specialty contractors. QuickBooks often falls short in this area, making it challenging to allocate resources accurately and track their usage across projects.
Sage Intacct for Specialty Contractors addresses these challenges with advanced features like timesheet tracking, labor costing, and field employee monitoring. It enables contractors to manage teams working on multiple short-term projects daily, ensuring optimal resource utilization and accurate cost control. Real-time visibility into employee performance, including positions, union affiliations, and trade specifics, ensures precise allocation of labor costs and enhances resource management efficiency.
3. Inventory
Effective inventory management can be a significant challenge for specialty contractors without the right software. Sage Intacct for Specialty Contractors provides a robust, integrated solution that simplifies this process. It allows contractors to easily track inventory levels, manage procurement, and optimize the receiving process. This is especially valuable for contractors, like plumbers, who need to maintain fully stocked trucks. Sage Intacct allows for the creation of kits for these trucks and automates the replenishment of inventory as items are used, ensuring materials are always available when needed. This system provides project managers with visibility into inventory performance, enhancing overall project efficiency.
4. Receiving Customer Payments
Processing customer payments efficiently is crucial for maintaining cash flow and ensuring timely project completion. QuickBooks offers basic payment processing capabilities but often falls short in handling more complex scenarios like advance payments. Sage Intacct takes it a step further with advanced features. Contractors can automate invoicing, manage payment schedules, and handle multiple payment methods with ease. Sage Intacct supports AR advance automation, allowing contractors to receive payments upfront before work begins. This system enables contractors to create payments for customers ahead of generating revenue. Once a project is completed, these advances can be converted to revenue, streamlining the financial process and significantly improving cash flow management.
5. Customizations
Specialty contractors frequently encounter distinct needs that a generic platform like QuickBooks may not fully meet. In contrast, Sage Intacct for Specialty Contractors provides a versatile and customizable solution that evolves with your business. It allows users to tailor dashboards, reports, integrations, and other features to seamlessly integrate with their specific processes and requirements.
For example, the system allows for customizations in GAAP accounting workflows. In a specific case, a client needed to track project costs as liabilities on the balance sheet and automatically move these costs to the profit and loss (P&L) statement once the project was completed. Sage Intacct enabled this customization, automating the transfer of funds from the balance sheet liability account to the P&L statement once the project was changed to a ‘Completed’ status. This flexibility ensures that contractors can tailor the system to their specific accounting workflows, enhancing overall efficiency.
The CBIZ CompuData Difference – Choosing the Right Partner
At CBIZ CompuData, we understand the industry-specific obstacles specialty contractors face. As a leading Sage Diamond Partner, CBIZ CompuData offers over 30 years of expertise in migrating and implementing Sage solutions. Our certified consultants are here to support you every step of the way.
