Construction Project Accounting Software: A Step-by-Step Implementation Guide

A good project accounting system from eresource can make running your construction business much easier. The feature offerings of such an accounting software for construction comprise integrated accounting reports, project-wise trial balances and P&L, outstanding receivables and payables, customer and project-wise statements, a dashboard, and more. Leveraging these features, you can gain valuable insights into different construction projects and, thus, boost their profitability.

However, implementing a new project accounting software is not easy. The implementation process is prone to several errors if not planned appropriately. Therefore, you should treat your project accounting system implementation as a vital business project. Following a correct approach can boost the implementation speed and accuracy while minimizing errors. 

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Read further to learn the steps in implementing a construction company’s project accounting system.

1. Implementation Planning or Project Initiation
The first step is to define the core pieces of the accounting software implementation project. These core pieces include objectives, assumptions, scope, risks, and deliverables. After defining these, consider devising a plan for the entire project. Review your construction business’ projects, processes, and requirements. Look for the areas that are doing well and the ones that need improvement. Take them into account when planning the implementation project.

2. Software Installation 
It’s time to install the construction industry accounting software onto your computers. Ensure your network and hardware support your new system when doing the same. In addition, see to it you have the necessary hardware setup. 

3. Training the Team
At this point, training the team is not about how to use the system. Instead, you will teach them how to participate in the software implementation process so things run smoothly.

4. System Design Plan
Now that the project accounting software has been installed, your employees know how to participate in the implementation process. Before configuring the system to fit your construction business, you should create a system design plan. This plan can entail details about all functional areas, projects, transactions, processes, databases, and security.
At the end of this step, your system design document will be in place. This document will demonstrate that your company’s end goal to implement the accounting system is achievable.

5. Accounting System Configuration
You can work with a third-party vendor or consultant to configure your Project Accounting Software to fit your construction business based on the system design document. Don’t forget to test everything to ensure the system is working. 

6. Clean Up Records in the Old System
Before migrating your data to the new project accounting system, clean up your records in the old system implemented in your construction company. Doing the same will make the transition to the new accounting platform more seamless. 

7. Data Migration
At this stage, move all data from your old system to the new project accounting system. Having a plan in place for all the activities needed to transfer data to the new system is advisable. 

8. Project Accounting System Training
Before starting this phase, you should have a training plan. Working with the accounting system consultant is recommended to curate training materials covering the software’s features, modules, and functions. By obtaining these training materials, you can teach your employees how to effectively use the project accounting software to run your construction business smoothly. 

9. Go Live
Once your project accounting software is correctly implemented and staff is trained, you can go live with the software. It’s time to make the full and final transition to the new platform.

10. Post-Implementation Support
You can ask the project accounting software company to provide ongoing support through a dedicated helpline or a helpdesk. In addition, consider asking them for free resources like webinars to train your employees on new features and how to use the accounting system better. 

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To wrap up it all! 
Switching project accounting systems can make a huge difference in how your construction business operates. Up-to-date accounting systems with cutting-edge features and functionalities by eresource can speed up your construction projects’ finance processes and boost efficiency. However, it’s not possible with a correctly implemented project accounting software.

Following the above-discussed steps can help you seamlessly migrate and implement the project accounting system in your construction company. A new accounting software will deliver you better reporting and timely information and drive value via vital insights into your projects.

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