Top Three Signs Contractors Need Cloud-Based Financials

August 19, 2022
Steve Handly

Why is real-time data so important in today’s construction industry?

In today’s fast-paced construction industry, a modern financial management system will almost always mean cloud-based financials. It’s tempting to put off change, to stay with the systems that your teams are comfortable with using. However, that approach may come with some risk. As systems become outdated, they require investment – time, money and skill – to maintain. Internal teams may not be connected and working with real-time information, management is unable to make decisions with accurate data.

To stay competitive, construction and real estate companies’ technology strategies are evolving. The real-time data trend has been studied by industry leaders, which is telling for the future. Forward-thinking businesses are architecting a modern technology strategy that includes cloud accounting financials. A recent Deloitte study discusses both these technology strategies and other construction industry trends to keep on your radar.

Here are my top three signs it’s time to move to cloud-based financials: 

  1. Frequent revisions and changes to budget and timelines are the norm now. You aren’t meeting your customer’s expectations if it takes too long to respond to a requested change. When the act of data retrieval is laborious, you often can’t trust the numbers in front of you.
  2. A disconnect within the solutions your company uses creates time-consuming and error-prone overlaps in efforts. Many contractors use separate systems for payroll, project management and financials. If anyone is reentering data into one system that was already entered elsewhere, you’re falling for the adage that time is money, and it’s not on your side.
  3. It’s easy to miss warning signs that a project is in trouble when you don’t have current and accurate data. Project managers should have a comprehensive and constant view of the health of their projects, but they also need the ability to report back to investors and the accounting team from the field.

It’s hard to overstate the importance of real-time data access that you’ll find in cloud-based financials. One single source of truth gives people in the office and field the ability to view job costing, tools and equipment allocations and overall project status updates. Quick and easy reporting makes it much less likely that you’d miss warning signs that a project is losing money or going to take longer than projected.

Contractors who adopt a cloud-based platform that meets all their needs report that they immediately see improvements in workflows and communication. These forward-thinking business leaders have recognized the risk of delaying change and the advantages that a cloud financial system brings to their business.

Aktion Associates has teams of experts who understand the construction industry’s unique demands. We are ready to review your business needs and determine which cloud platform will fit you best. One popular and powerful choice among our customers is Sage Intacct Construction. Because Sage Intacct was born in the cloud, the accessibility and scalability are unrivaled in the construction industry.

Contact us today to begin your journey towards cloud-based financials, real-time data and position your company for growth.