The Benefits of Using A Construction Accounting Software: An Introduction to TimeSheets


Using Timesheets For Streamlined Construction Management

When it comes to the construction business, time management is one of the most significant factors that will define the success of the projects. It not only helps to improve the estimation and scheduling but also adds to the overall management of project-related activities.

For this reason, most contractors started to make a rapid shift towards construction accounting software as technology not only helps streamline important tasks such as payroll reporting but also the overall stress of creating and managing paperwork.

Since traditional practices were not able to keep up with the growing business requirements, ProjectPro identified the scope of the issue and created a resolution with the introduction of timesheets.

When it comes to the most advanced construction estimation software and project management technology, timesheets work as a feature that saves the business for unnecessary downtime. Here we bring you a quick list of the benefits that a construction accounting software like ProjectPro could offer with timesheets.

Payroll Reporting

The primary reason and the most important benefit for which contractors should switch to timesheets is the advantage it brings to payroll reporting. It not only saves time but also grants quick sharing options with the user. Such an arrangement reduces the time for decisions related to finances and also improves transparency when it comes to contractors, project managers, office staff and clients.

The use of timesheets allows real-time reporting on the labor hours posted to each job. Further, it cuts down the chances of inaccurate information that can often lead to difficulty in processing payroll. In simple words, it provides control and accuracy to the payroll process and eliminates any scenario where an employee is overpaid or underpaid. Moreover, the information can also be used to track expenses and removes any expenditure that may happen due to poor payroll reporting.

Avoid Time Theft

Another good reason to choose timesheets and a construction accounting software is to prevent any roundup time that workers do at the site. Timesheets could keep track of the exact work time for which workers must be paid. As per the reports of the American Payroll Association, a large number of construction companies pay thousands of dollars in payroll expenses each year due to time theft.

However, when you are working on a construction management software solution that gives you the ability to accurately record the time a worker spends on the site, it adds up to revenue and profits.

Tracking Overtime

To ensure construction projects are completed and delivered on time, overtime is a common practice at the site. But when you are using a construction accounting software like ProjectPro, which specializes in payroll reporting and payments, you always have the ability of managing overtime. Using timesheets not only helps you to avoid unwanted overtime payments which also avoid unnecessary additions to the budget.

Construction scheduling software with accounting reporting capabilities can keep the payroll team alert when it comes to discrepancies with the work hours posted or if payroll amounts exceed the maximum threshold of budget. This data can also be used to plan the need for overtime or calling for additional labor to stick with the scheduled projects.

Improving Estimates & Billing

Last but not least, contractors who need to improve their billing and estimation process must choose a construction accounting software with a timesheets feature. It allows you to define your budget by cost codes, which without that ability, may cause inaccuracy in the payroll reports and billable hours. Payroll tracking not only helps manage your budget, it can affect your entire project pipeline.

It helps to improved understanding of job costs. Also, the estimates for your existing projects can be used to add more precision to initial estimates for similar projects in the future, saving time and resources. This eliminates the struggle to define and to assign job cost codes, which may result in loss of information and inaccuracy.

The Crux

All in all, using a construction accounting software that brings intelligent features like timesheets can help streamline workflow and finances. It can help the contractors using manually operated systems or paper payroll forms to record the data to lose their finances. Moreover, it all improves the year over year revenue by managing expenses as well as giving you complete control over projects.

Good Luck!

Still not sure about how timesheets work? Explore ProjectPro at its full capacity taking a tour through its accounting, CRM, ERP, and project management features. Schedule a free consultation call or request a demo !