Real estate sector and construction industry may revolve around the same core element, but the features included within the accounting software for these two industrial sectors are different. The real-estate accounting system maintains a record of properties and integrates all financial information. The accounting software for construction or contractor industry handles the complex business operations and payment structure. Here’re some unique features of accounting software for real estate and accounting software for construction systems that every prospective buyer should look for.
Real-Estate Accounting Software
It is necessary to keep track of properties, developments and financial data related to real-estate industry.
- The accounting software tracks financial data, integrate the system with industry-specific features and create revenue charts.
- These applications even create attractive portfolio of properties and developments for users.
- It includes specific tools for property management. These tools are necessary to identify the late payments and calculate its total amount. The users may utilize this module to spot delinquencies and to generate necessary reports. This module centralizes all information regarding tenants/properties and increases efficiency of its user.
The real-estate accounting systems deliver important commercial information to owners or investors.
- The real-estate properties are valuable investments to the owners. The investors need to check the status of their investments at regular intervals. The online accounting software let owners visualize important business information in secure setting.
- The real-estate personnel often receive commissions or a percentage of the rental revenue. Some real-estate agencies combine the salary with commissions during payment. The inclusion of commissions, revenue percentage or incentives makes the payroll structure complicated. The accounting software needs to have a built-in module for complicated payroll management.
- The software applications for real estate must include information on tenants, vacancies, units and ongoing maintenance or development projects on properties.
Accounting Software for Construction Agencies & Contractors
Massive Volume Handling
- The construction agencies and contractors employ dozens of administrative personnel. They also maintain liaison with multiple vendors. Hence, accounting software for construction agencies or contractors does not place limitation on the number of registered users.
- These software applications are capable of exhibiting enhanced performance. Their performance remains intact even if multiple users log into the system at the same time.
The number of personnel, materials, equipment and vendors vary from one project to another in construction organizations. The contractors also need to maintain a flexible worksheet. Hence, accounting software for construction agencies or contractors needs customizable features.
- The software needs to reflect the customized workflow and structure of every company.
- It needs to integrate multiple branches, divisions and sites for better transaction. The accounting software also needs flawless synchronization with other business systems.
- The software needs to have transforming capability in accordance to the future requirements of any business.
The online accounting software applications ship with enhanced security features to prevent data breach. These features need to match the cyber-security protocol of any organization.
- The majority of accounting programs are fitted with rigid security structure, such as ‘manager’, ‘administrator’ or ‘employee’. The software for construction industry needs to define the access-levels as numbers within a specific range (from zero to any number). This feature allows the users to differentiate the levels of employees.