Real estate development processes are lengthy and complicated. They run the full cycle of building from purchasing and developing raw land, to facilitation of new construction or renovation and releasing existing buildings. Effectively orchestrating the complete real estate development cycle means your project management and real estate development accounting software must work harder than you. Otherwise, accounting transactions may not be adequately accounted for or accurately reported which directly affects your project.
Today’s shifting landscape means it’s more important than ever to adopt the right project management software tools to manage costs and efficiencies. Handling real estate-specific transactions requires software that’s built with real estate developers in mind.
The best Project management software helps real estate development teams and project managers to collaborate and meet goals on time while managing resources and cost.
To ensure you’re not making important decisions or reporting based on outdated, incorrect, or incomplete data, you should be asking these questions.
Does It Allow for Real-Time Visibility on Project Costs?
For every project and throughout each real estate asset life cycle, your real estate development accounting software should give you end-to-end visibility. It’s essential to have access to real-time accounting records and reports. Without it, you’re likely missing out on opportunities or critical, timely information necessary for well-informed decisions.
Does It Make Accounting Data Easily Accessible for Multi-Company Projects?
It’s your accounting data that support future decisions. If your data isn’t complete, up-to-date, or easily accessible for multi-company projects, it can be costly for everyone. It can create process bottlenecks, and if multiple companies are involved, it can throw projects in each of them behind schedule. The best project management software must solve the data collection and reporting problems that developers encounter.
Real Estate Development Accounting Powered by Acumatica
Real Estate Development Accounting powered by Acumatica was developed specifically as project-oriented accounting software with the project perspective receiving equal attention from the financial perspective. All the software modules or functionality are project aware. Each module can provide the necessary project perspective to complement the general ledger perspective.
The Acumatica platform provides a complete, mobile-enabled, cloud-based development accounting software solution. This easy-to-use software includes robust financials, job cost accounting, project management, payroll, service management, CRM, mobile and more!
With our real estate development solution, you can manage budgeting, change orders, billing, profitability, and reporting for individual business initiatives. Projects are included in company-wide financial reports, and all tied to the general ledger for one cohesive software solution for your organization.
- Track Project Costs
- Flexible, Accurate Billing
- Budget Reporting
- Control Change Orders
- Manage Project Quotes
- Company-Specific Financial Periods
- Revenue Recognition
Project Cost Tracking
Monitor and manage project costs, revenues, and budget for projects. Define projects and tasks, then populate projects with employees, resources, and equipment. Manage projects of any complexity across different project types and roll costs up to financial reports. The solution allows you to associate any document with a specific project for complete accounting for all activities and costs.
The Best Project Management Software
The developer needs to see a project from the top-down. Since most developers hire a general contractor and subcontractors to implement projects, top-down financial control is more critical than bottom-up details.
Nearly all job costing software emphasizes the subcontractor or general contractor perspective where the detail level drives the reporting. Our success in the real estate developer market comes from the ability to go beyond the details and show management the top-level project status and the various detail levels that support it.
Our solution gives CRE professionals a way to manage projects with precision and accuracy and eliminates the need to piece together multiple platforms in order to keep a project on track and on budget.