Construction Accounting Software For Tennessee Contractors
FOUNDATION® is construction accounting software built for Tennessee contractors, connecting job costing, certified payroll, accounts payable, accounts receivable and general ledger in one system.
Contractors using accounting software that isn't designed specifically for the construction industry could be susceptible to cost overruns and underbilling. With the rising cost of materials, it's crucial to have accurate numbers to ensure your projects run as smoothly as possible.
More than 40,000 construction professionals across the country use FOUNDATION to run the business side of construction.
But don’t take our word for it. Here is a review from one of our satisfied customers: “FOUNDATION is very user friendly, and the customer service is top notch! It keeps all of our accounting straight with one software. You can scan documents into FOUNDATION for employee files, billings, payments. So all you have to do is go to one place to look for everything.” Beth R., Office Manager
Ready to take control of your job costing and build a thriving construction business? Discover how FOUNDATION can transform your business.
The Growing Tennessee Construction Industry
Tennessee construction companies lose money in three places: the gap between the bid and the buyout, the work performed before it gets approved and the cash sitting in retainage after the job is done.
None of those show up in a standard financial statement until the quarter is over.
Estimates That Do Not Survive to Buyout
Construction job costing compares actual costs against your original estimate while the job is still running, which is the difference between managing an overrun and finding out about one.
The Job Costing Module compares performance against estimated revenue, costs, labor hours and quantities, with automated alerts on cost and labor overruns. The Purchase Order and Subcontracts Module tracks committed costs as they are entered, so a commitment running long surfaces before the invoice does.
Extra Work That Doesn’t Get Billed
Extra work begins costing the contractor as soon as the crew performs it, but it does not increase the contract value until the change is documented, approved and billed.
A field directive, a revised drawing or an RFI response can change the scope after work has started. If the added labor, materials and subcontract costs hit the job before the related change is approved, the contractor carries costs that may remain pending, disputed or unbilled.
FOUNDATION tracks change orders by job and status, including pending, approved and rejected changes. Its reporting tools help teams review change-order income, costs and revised job profit. Change order reporting can also identify unbilled change orders before the project closes.
Retainage and the Cash You Are Carrying
Tennessee caps retainage at 5% of the contract amount on both public and private construction projects under Tenn. Code Ann. § 66-34-103. On contracts of $500,000 or more, those funds go into a separate escrow account, and owners release within 90 days of completion or substantial completion.
Accounts Receivable ties progress billing and AIA billing to job cost accounting, and generates lien waivers from the same record. Over and under billing posts through the General Ledger Module, so WIP stays current across contracts.
What Are the Benefits of Using Integrated Construction Accounting Software?
There are a number of advantages to choosing Tennessee’s #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.
Get The Best Construction Accounting Software From Foundation Software
Margin lives in the gap between what a job was supposed to cost and what it actually cost.
Closing that gap means catching the drift while the crew is still on site, capturing extra work the day it happens and knowing which contracts are sitting on your cash.
FOUNDATION brings construction accounting into one system:
- Job costing
- Certified payroll with prevailing wage and Davis-Bacon support
- Committed cost tracking
- WIP reporting and full accounts payable and receivable
- Backed by more than 40 years serving construction and nothing else.
Contact FOUNDATION today to book a demo and see how it fits the way you run work.
