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A large construction job involves carpenters, electricians, painters,
plumbers, various apprentices, equipment operators and an array of
other workers performing required tasks. Each trade classification has
its own pay scale; each worker requires a payroll record with varying
amounts withheld from each paycheck.
There are costs for equipment, materials and subcontractor work.
There’s an initial budget and a working budget. There are change orders and perhaps
some costly difficulties no one anticipated. Monitoring cash flow is crucial, as
is evaluating actual income and expenses as the job progresses.
These and many more elements require financial oversight, and that’s just for
one construction project—compounded for companies overseeing multiple jobs
across the country with differences in pay scales, taxes and costs for equipment,
materials and other items.
The applications featured in the following reviews are designed for companies
that face such complex, comprehensive construction accounting needs. Each
application incorporates modules or menu selections for payroll, job
costing, accounts payable, accounts receivable and other accounting
functions. Data entered for one function automatically updates the
general ledger and other relevant modules. Electronic repositories
archive invoices, proposals, change orders and other documents. Open
database connectivity (ODBC) and other interface capabilities transfer data
to other widely-used business applications.
Reporting options provide current overviews of company-wide performance,
while also allowing managers to drill down to details crucial to
individual jobs. A manager may notice, for example, that unexpected
expenses were incurred for removing buried debris from one job site, while
a framing crew assigned to other projects keeps completing assigned
work under budget. That analysis enables managers to adjust current
plans and projections. Such reports also offer insight for enhancing the company’s
future financial performance.
These applications recognize that construction companies face scrutiny regarding
the security of crucial data and the accuracy of financial statements. Administrator-defined settings restrict access to various data fields or modules, while audit reporting
functions assemble data deemed most crucial by external auditors.
Choosing which application is best depends on a company’s particular organizational
needs and computing preferences. All of these applications, though, give
managers the information and financial planning tools they need to oversee a
construction project from the initial proposal stage, all the way through ribbon-cutting
ceremonies.
—By Richard Buse
New Document Control Module Provides Flexibility
BY RICHARD BUSE
Foundation for Windows
is a construction-specific
accounting program developed
just for labor and/or equipment- intensive
contractors. Using the
Microsoft (MS) SQL database, the
system creates production reporting,
work in progress, variance and over/
under billings—all on the fly. In
addition, the unique user-definable
drill-downs address multiple
reporting needs, giving construction
professionals the ability to evaluate overall company performance
and still allow drill downs for specific details associated with a
particular job.
Foundation Software enhances the value of Foundation for
Windows by adding unique features focused on helping contractors
increase productivity
and profitability.
In its latest
release, Foundation
Software added a new, patent-pending add-on to the base
system called the CPA Audit/Review Module and a Document
Control Module.
Features
The new CPA Audit Review Module, part of the base system
and free to all clients, was created to streamline the audit/
review process and provide auditors with necessary assurance
as construction firms undergo annual audits by independent
accounting firms.
The module generates reports for A/P Materiality, A/R Materiality,
Cash Flow by Job, Aging by Job, General Ledger Materiality,
Actual Billings and other topics relevant to an auditor’s
evaluation. A direct link enables accountants to submit feedback
and recommendations for improvement to Foundation Software.
The company also offers the module free to any accounting firm
whose clients use Foundation for Windows.
Another important addition to this release is Foundation’s
new Document Control Module. Construction companies are
notorious for producing and receiving immense volumes of
documents, including change orders, requests for information,
purchase orders, invoices and proposals. The Document Control
Module provides a centralized repository for such documents,
enabling users to locate the desired information based
on date, recipient, sender or topic.
The SQL database management system saves data in the
event of a power outage, and transfers information seamlessly
among Microsoft applications, automatically updating MS
Excel spreadsheets or MS Access databases.
Pull-down menu selections open modules for Accounts Receivable,
Accounts Payable, Purchase Orders/Subcontract, Payroll,
Job Costing and General Ledger. Each module offers options
for Daily Transactions, Maintenance and Reports.
The Daily Transactions selection records current data,
while the Maintenance option accepts phone, numbers,
addresses and other data required for reference
and record identification.
Drill-down capabilities enable users to view data
supporting various records. Data transfers automatically from
one Foundation module to another, eliminating the need,
for example, to re-enter information required for the General
Ledger or Audit Review Module. User-defined default settings,
such as pay scales for trade workers assigned to a particular job,
promote further efficiency and reduce entry errors. Templates
for invoices, proposals, letters and other documents allow users
to affix logos, photographs and other custom details.
Foundation’s DataGenie Reporter provides standard report
templates, and also allows users to generate customized fields
based on date ranges or other criteria. Open Database Connectivity
(ODBC) integrates data with the reporting capabilities of
Crystal Reports and other applications. Foundation also offers
add-on modules for Executive Management/Project Control,
Equipment Usage and Maintenance, Inventory, Time and Material
Billing, Unit Price Billing and Consolidated General Ledger.
Each Foundation for Windows purchase includes six months
of support. Annual maintenance plans include upgrades and
unlimited, toll-free phone support with online and email assistance.
Foundation issues two major upgrades each year, with
updated tax tables available through a download.
Summary
Foundation Software improved an already powerful accounting
application. Foundation for Windows seamlessly transfers data
among modules and other widely used applications, which eases
implementation and integration concerns. User–defined settings
enable administrators to configure Foundation functions to fit
specific needs. Foundation incorporates extensive drill-down
and reporting capabilities, enabling managers obtain current,
detailed information with a few clicks.
Foundation Software, Inc.
www.foundationsoft.com
800-246-0800
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