Sage Intacct Construction: Streamlining Project Management

Construction companies face unique challenges in project management and financial control. Sage Intacct for construction offers a powerful solution to streamline these processes.

At Devine Consulting, we’ve seen firsthand how this software can transform construction businesses. This blog post explores the key features, benefits, and implementation strategies of Sage Intacct Construction.

What Makes Sage Intacct Construction Stand Out?

Sage Intacct Construction distinguishes itself with features that address the specific needs of construction companies. The software provides real-time financial visibility, enabling project managers to access customizable dashboards for a clear view of financial health and project status. This means you can generate detailed reports to explore specific areas of your projects as they occur, not weeks or months later when it’s too late to adjust course.

Precision in Project Cost Management

The detailed project cost management system stands out as a key feature. It breaks down expenses by task, phase, or cost code, offering a granular view of expenditures. This level of detail helps identify budget overruns early and maintains project profitability. You can track both committed and actual costs simultaneously (preventing unexpected financial surprises).

Built for Construction Complexities

Sage Intacct Construction isn’t generic accounting software with a construction label. It’s designed from the ground up to handle the intricacies of construction projects. This includes features like change order tracking, which streamlines processes and enhances accuracy. It also supports various contract types (fixed price, time and materials, and cost-plus), ensuring accurate billing regardless of project structure.

Scaling Across Projects and Borders

For construction companies managing multiple projects or operating across different regions, Sage Intacct Construction offers robust multi-entity and multi-currency support. This allows efficient consolidation of financial data across multiple projects, even if they’re in different countries with different currencies. The software can significantly reduce consolidation time, providing real-time financial insights across entire project portfolios.

Enhanced Decision-Making and Efficiency

These features work in concert to give construction companies a competitive edge in project management and financial control. The real-time insights, detailed cost tracking, and industry-specific functionality enhance decision-making and operational efficiency across all levels of the organization.

As we move forward, we’ll explore how these standout features translate into tangible benefits for construction companies, from improved project profitability to better cash flow management.

How Sage Intacct Boosts Construction Business Performance

Maximizing Project Profitability

Sage Intacct’s detailed cost tracking capabilities allow construction companies to pinpoint areas of overspending and identify opportunities for cost savings. The software provides real-time visibility into project finances, enabling managers to make timely adjustments to keep projects on budget. Sage Intacct has shown significant growth, with revenue in North America exceeding £1bn for the first time, growing by 12% to £1,052m in 2024.

Data-Driven Decision Making

The software’s advanced reporting and analytics tools empower construction executives to make informed decisions based on accurate, up-to-date information. Custom dashboards provide instant access to key performance indicators, allowing for quick identification of trends and potential issues. Construction accounting is inherently project-centric, with each project treated as a separate profit center, meticulously tracking its revenues and expenses.

Streamlining Operations

Automation features in Sage Intacct significantly reduce manual data entry and processing times. This leads to increased operational efficiency and allows staff to focus on more strategic tasks. A large construction company reported reducing their month-end close process from two weeks to just three days after implementing Sage Intacct (freeing up valuable time for financial analysis and planning).

Improving Cash Flow Management

Effective cash flow management is essential in the construction industry, where project timelines can stretch for months or even years. Sage Intacct’s robust forecasting tools and real-time financial reporting enable companies to anticipate cash flow needs accurately. This proactive approach helps prevent cash shortages and reduces the need for expensive short-term financing. A survey of Sage Intacct users in the construction sector revealed that 78% reported improved cash flow forecasting accuracy, leading to better financial stability and reduced borrowing costs.

Enhancing Competitive Edge

The combination of improved profitability, data-driven decision-making, operational efficiency, and better cash flow management creates a solid foundation for sustainable growth and success in the construction industry. Companies that leverage these benefits position themselves to outperform competitors and adapt to market challenges more effectively.

As construction companies reap these benefits, they often face the question of how to implement Sage Intacct effectively. The next section will explore the implementation process and integration strategies to ensure a smooth transition and maximize the software’s potential.

How to Implement Sage Intacct Construction

Planning and Preparation

The implementation of Sage Intacct Construction starts with thorough planning. This step involves an assessment of current processes, identification of pain points, and setting clear objectives for the new system. Construction financial professionals are seeing the efficiencies of next-generation tools, using everything from advanced analytics to project performance tracking.

Form a cross-functional team that includes representatives from finance, project management, and IT. This team should map out existing workflows and determine how Sage Intacct will integrate with and improve these processes. Establish key performance indicators (KPIs) at this stage to measure the success of the implementation.

Data Migration and System Setup

After the planning phase, the next step is data migration and system setup. This often proves to be the most time-consuming part of the implementation process. A survey by Software Advice found that 42% of construction companies cited data migration as their biggest challenge during software implementation.

To ensure accuracy, start with a thorough data cleanse. Remove duplicate entries, correct errors, and standardize data formats. Work with your implementation partner to map your existing data structure to Sage Intacct’s framework. This is also the time to configure your chart of accounts, set up project structures, and customize dashboards to match your reporting needs.

Training and Change Management

The success of your Sage Intacct implementation depends heavily on user adoption. A comprehensive training program is essential. This should include both system-specific training and process training to help users understand how their roles may change with the new software.

Consider a phased training approach. Start with key users who can then become internal champions and trainers. Use a mix of training methods, including hands-on workshops, video tutorials, and written guides. Sound change management practices are an integral part of successful project management.

Change management extends beyond training. Regular communication about the benefits of the new system, prompt addressing of concerns, and celebration of early wins can all help smooth the transition.

Integration with Existing Systems

Sage Intacct Construction must integrate seamlessly with your existing systems for optimal performance. This integration ensures data flows smoothly between different departments and eliminates data silos. Work closely with your IT team and implementation partner to identify all systems that need to connect with Sage Intacct (e.g., project management software, CRM systems, or payroll solutions).

Test these integrations thoroughly before going live. This testing phase helps identify any potential issues or data discrepancies early in the process. It’s also an opportunity to fine-tune workflows and ensure that the integrated system meets your specific business needs.

Post-Implementation Support

The implementation process doesn’t end when the system goes live. Post-implementation support is critical for long-term success. This support includes ongoing training, troubleshooting, and system optimization.

Establish a support structure within your organization. This might include designating “super users” who can provide first-line support to their colleagues. Additionally, maintain a strong relationship with your implementation partner for more complex issues and future enhancements.

Regular check-ins (both internal and with your implementation partner) help identify areas for improvement and ensure that you’re maximizing the benefits of Sage Intacct Construction. These check-ins also provide opportunities to learn about new features or updates that could further enhance your operations.

Final Thoughts

Sage Intacct for construction revolutionizes financial management in the industry. It provides real-time reporting, precise cost tracking, and construction-specific features that give companies unparalleled control over project finances. The software’s multi-entity and multi-currency capabilities make it ideal for growing businesses with diverse portfolios.

Sage Intacct for construction drives improved project profitability and enhances decision-making through customizable dashboards and real-time data. It increases operational efficiency through automation, freeing up time for strategic planning. The software also ensures better cash flow management, which is vital for financial stability in long-term projects.

Sage Intacct fosters a data-driven culture in construction companies, leading to more successful projects and improved client relationships. It adapts to new challenges and opportunities, making it a valuable tool for businesses aiming to stay competitive. At Devine Consulting, we’ve witnessed how Sage Intacct transforms construction businesses, enabling them to achieve financial stability and focus on core operations.