Your company needs the right tools to get the job done. Sage Intacct Construction and Real Estate was developed to meet the unique financial management needs of construction and real estate development companies. This functionality pairs with the existing features of the cloud-based accounting system to help your business build its productivity and work more efficiently.
Endorsed by the American Institute of Certified Public Accountants, cloud-based Sage Intacct Construction and Real Estate includes construction management features that can be compared to those of legacy on-premise system Sage 300 Construction and Real Estate (formerly known as Sage Timberline). As opposed to Sage 300, employees can access the Sage Intacct CRE system from anywhere, including traditional workspaces, home offices and construction sites. All data is updated in real-time, giving your company accurate information about project milestones, as well as costs and profitability.
Highlights of Sage Intacct Construction and Real Estate include:
Retainage tracking: A key aspect of Sage Intacct CRE is the ability to monitor and manage retainage, the portion of the total price withheld until contractors complete a project. Retainage can be managed in both accounts payable and accounts receivable, so you can withhold retainage on customer invoices and on vendor bills. Expected retainage can be handled on the line level of sales and purchase orders. Reporting options include showing retainage that’s held, released, paid or remaining.
Precise billing cycle management: Sage Intacct CRE allows you to ensure that project work is priced, communicated, approved and correctly placed into the billing cycle.
Incremental invoices: During the project lifecycle, your company can set up scheduled invoices that show any number of details. For example, an invoice can be configured to show the percent of work that has been finished, how much is due and the outstanding balance for the whole project.
Easy integration with third-party solutions: Because of Intacct’s open API, integration with third-party solutions for field, payroll, budgeting and/or customer relationship management couldn’t be smoother. Connecting these third-party solutions to Intacct allows your company to leverage key metrics in the interest of improving your financial and operational success. These third-party solutions include ProForm, which was designed to simplify the billing process for commercial contractors and subcontractors that manage contracts that meet the requirements for the American Institute of Architects (AIA) Billing.
Time-saving processes: Sage Intacct CRE can help you cut your monthly close time by as much as half, giving your financial team more time to focus on analysis and strategy. Your business can also benefit from Intacct’s automated AP and AR processes, which have been shown to improve efficiency anywhere from 20 to 40 percent. Intacct’s dashboards let you see key performance indicators (KPIs) at a glance.
Introduced in 2020 Release 2, Sage Intacct Construction and Real Estate is currently available as part of an Early Adopter program for new Intacct customers in the construction industry. Additional functionality was a part of 2020 Release 3. You can expect to see continued updates in upcoming quarterly releases.
Want to find out more about how your construction or real estate development business can benefit from Sage Intacct Construction and Real Estate? Set up a time to talk with the experts at RSM today.