Construction Accounting Software For Illinois Contractors
FOUNDATION® is construction accounting software built for Illinois contractors who need to keep job costs, payroll, billing and financial reporting connected across their projects.
Illinois contractors can have plenty of work available and still face pressure on project margins. Public infrastructure investment remains strong, industrial development continues across the Chicago market and commercial contractors are competing for work while labor and material costs put additional pressure on job budgets.
For contractors, the challenge is not simply winning the next project. It is knowing whether labor, materials, subcontract commitments, billing and other project costs are moving the job toward the margin they expected.
Here’s what Jeannie J., a construction CFO, says she likes about FOUNDATION: “Tracking job progress is one of the best features of [FOUNDATION]. I like the fact that you see the comparisons of estimated costs vs actual.”
Since 1985, Foundation Software has helped contractors run the business side of construction. More than 40,000 construction professionals trust FOUNDATION to track costs, manage payroll and maintain accurate financial information across their projects.
Illinois Construction Costs, Payroll and Billing Challenges
Illinois contractors work across commercial, industrial and civil construction markets with very different project requirements.
But the financial challenge is often the same: contractors need accurate cost, labor and billing information while the project is underway, not after the margin has already disappeared.
Protecting Margins as Project Costs Change
Rising labor and material costs can put pressure on Illinois project margins, especially when competitive bidding limits how much additional cost contractors can build into the contract.
FOUNDATION's Job Costing and Purchase Order/Subcontract Modules help contractors compare estimated and actual costs while tracking committed costs, purchase orders, subcontracts and change orders against the job budget. Contractors can also use WIP, production reports and cost or labor alerts to identify potential overruns as work progresses.
Managing Illinois Prevailing Wage and Certified Payroll
Illinois public works contractors may need to manage both state prevailing wage and federal Davis-Bacon requirements. Rates can vary by trade and location, and projects subject to both may require contractors to compare applicable wage classifications and rates.
FOUNDATION's Payroll Module manages multiple prevailing wage rates, trades and fringe benefits while keeping labor connected to job costing. FOUNDATION can also generate certified payroll reports for numerous state, federal and local agencies.
Keeping Billing and Cash Flow Moving
Illinois contractors may be managing progress billing, retainage, change orders and subcontractor payments while waiting for project costs and payments to line up. Civil contractors can also have invoices driven by completed quantities and bid items.
FOUNDATION supports AIA and progress billing, retainage and accounts receivable, while the Unit Price Billing module connects quantity-driven billing with job costing and construction accounting.
What Are the Benefits of Using Integrated Construction Accounting Software?
There are a number of advantages to choosing Illinois' #1 Construction Accounting Software. From financial transactions to real-time insights, contractors can get what they need to help improve their business growth.
Since 1985, Foundation Software has seen firsthand how construction accounting software can transform financial management for contractors, construction companies, and their employees.
Here are some benefits you get with an accounting platform designed specifically for this industry.
Even with all these benefits, some contractors opt for off-the-shelf accounting software, but for the complexities you face, you need software designed for your business.
Now, let's look at some of the accounting features you get from FOUNDATION.
FOUNDATION Construction Accounting Software
Our cutting-edge construction accounting solution accurately tracks the details of every job with customized drill-downs, so you aren't blindsided by cost overruns or unexpected expenses.- Job Costing
As a contractor, you need to know exactly where every dollar, hour, and quantity goes on your jobs. With the FOUNDATION Job Costing Module, you get Microsoft® SQL Server®-powered reporting, which means stress-free job costing across the date range you need.
You'll be able to:
- Review project cash flows
- Allocate overhead
- Generate work-in-progress (WIP) reports
- Get real-time job costing: production reports, estimated vs. actual, percent complete
- Receive automated alerts to avoid cost or labor overruns
Job costing software for construction companies is integral for your projects. With FOUNDATION, you can closely monitor spending and stay within budget. You can build job budgets with your company's job cost structure and compare project performance against estimated revenue, costs, labor hours, and quantities.
Using job costing software improves your financial oversight and planning capabilities, helping you maximize profits, and operate more efficiently.
Accounting Software Built For Illinois Contractors
Illinois contractors need to know what a job is doing financially while there is still time to do something about it.
FOUNDATION connects labor, job costs, committed costs, payroll, billing and financial reporting so contractors can see how project performance is affecting the bottom line without rebuilding that picture from separate spreadsheets and systems.
With FOUNDATION, Illinois contractors can:
- Track Job Costs: Compare estimated and actual labor, material, equipment and subcontract costs as work progresses
- Monitor Committed Costs: Keep purchase orders, subcontracts and change orders visible against project budgets before every invoice arrives.
- Manage Construction Payroll: Handle multiple trades, wage rates, fringe benefits, Illinois prevailing wage and certified payroll requirements
- Handle Construction Billing: Manage progress, unit-price and other construction billing workflows while keeping invoices connected to job costs
- Connect Field Time: Capture labor by job and cost code and move field hours into payroll and job costing
- Manage Construction Financials: Keep accounts payable, accounts receivable, WIP, general ledger and construction reporting connected within FOUNDATION
