Best Construction Accounting Software for Construction Companies Construction Software
AccFlex Construction Software is accounting software related to contract accounts, building, and construction projects, and construction activity, starting from purchasing the bid requirements and specifications and bidding and ending with the project handover to the owners, AccFlex Construction Software allows you a complete conception of the contractors’ accounts, owners accounts, various tax transactions, and banking transactions.
AccFlex Construction Software of AccFlex ERP Accounting Software is considered one of the best accounting software that covers the construction companies’ activity fully, AccFlex Construction Software covers all phases of the project, starting from awarding a bid and ending with the final project handover, and AccFlex Construction Software integrates with all modules of AccFlex ERP Accounting Software, through AccFlex Construction Software, you can make payment to any payment certificate of the subcontractor and collect any payment certificate to the owner in addition to that AccFlex Construction Software creates the journal entries automatically without the need to enter the journal entries, AccFlex Construction Software is distinguished from other accounting software with sufficient flexibility that makes the possibility of bringing about change in the company and switching from the manual work system as soon as possible.
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Features of AccFlex Construction Software
- Creating a chart of accounts that includes an infinite number of parent accounts and child accounts, with the ability to edit GL accounts and transfer transactions recorded on GL accounts to other GL accounts.
- Creating multiple levels chart of cost centers, assigning GL accounts to cost centers, and the ability to produce multiple reports for cost centers and a separate income statement at the cost centers level.
- The ability to create an infinite number of branches, link users to specific branches, and produce financial reports and statements at the level of each branch separately and consolidated reports at the level of all branches depending on the currency used of each branch.
- The ability to divide the fiscal year into more than one fiscal and tax period, preparing closing entries and final accounts automatically and producing the various types of tax returns.
- Fully integrated Fixed Asset Module and proper accounting treatment for all transactions, including acquisition, retirement, and depreciation.
- A tight system of internal control by setting the authorizations of each user according to their specialties and tasks.
Linking with other subsystems
AccFlex Construction Software includes a set of other sub-systems that are integrated into the system, to cover all sections of the construction organizations, and the sub-systems operate "interfaces" separately, but they are linked to a centralized database, and therefore aggregate can be produced from each sub-system.
Warehouse Transfers Management & Monitor the Raw Materials Costs
This is done directly on projects or issue transactions through which certain raw materials issuing on the project. Thus, the cost of the projects of the raw materials can be monitored with great accuracy.
Explaining AccFlex Construction Software
AccFlex Construction Software, the best accounting software for construction businesses, works according to the basic accounting principles in light of the international and Egyptian accounting standards related to contract and construction accounting. AccFlex Construction Software consists of the following main screens:
If you are looking for accounting software for a construction company that specializes in project management and long-term contracts, the AccFlex ERP Accounting Software Package provides you with a practical solution for projects management through the Project screen, the definition of the project is entered into the system and entered in terms of the project name, its owners, and its managers and so on. The screen also provides the ability to design quotations of items and prices or bids for the project under bid requirements and specifications terms.
Basic Data Screen
Through the Basic Data screen, the system is defined to the owners of projects and subcontractors, as well as deductions and additions that are made to the payment certificates, whether they are owners’ payment certificates or subcontractors’ payment certificates such as deductions for retention, advance payment and so on.
Subcontractors Payment Certificates
Through the Subcontractors Payment Certificates screen, payment certificates for the subcontractors are created against the percentage of completion for the work assigned to them under the terms of the contract, where the subcontractor and the project are selected, and then the payment certificates data is inserted and the system automatically deducts retention, withholding tax and other deduction items previously known to the system. In the end, the payment certificate is translated into the form of a journal entry in General Ledger Software.
Owners Payment Certificates
Through the Owners Payment Certificates screen, payment certificates submitted to the project owner are created with the percentage of completion of the project terms under the contract and the bid requirements and specifications, it is possible to make a payment certificate for each item separately or a grouped payment certificate for a group of items, after inserting the data for the payment certificate, the system automatically deducts retention, withholding tax and other deduction items previously defined to the system, Finally, the payment certificate is translated in the form of a journal entry in General Ledger Software.
AccFlex Construction Software provides a set of analytical reports on the completion of projects and their costs, groups of reports on contractors and their payment certificates, and separate account statements to clarify the position of each contractor.
Internal Control System
AccFlex Construction Software is based on the internal control system through the system of users' authorizations and authorizations to review financial reports related to the activity.
AccFlex Construction Software includes an integrated management and accounting system for all activities and transactions in construction companies.
Journal Entries Controls
AccFlex Construction Software works as a part of the financial and management system of the enterprise as a whole in a way that is integrated with General Ledger Software, Treasury & Banking Software, and Inventory Management Software, and General Ledger Software translates all the transactions that are made to the Construction Software and other modules in the form of journal entries prepared accurately according to the accounting standards and producing financial statements that honestly reflect the financial position and business results of the activity.
Creating a Chart of Cost Centers
AccFlex Construction Software allows the user to create a chart for unlimited-levels cost centers, linking expense accounts and revenues related to cost centers "projects" with the ability to specify pre-ratios for the distribution of items of expenses to projects according to the benefit of each project from the expenses.
The system also provides a set of important reports at the level of cost centers where the user can produce reports that clarify the costs of projects from all cost elements in a comprehensive and detailed manner; also, the income statement can be produced at the level of each project separately to determine the feasibility of investment in projects.
Integrated Warehouse System
AccFlex Construction Software integrates with Inventory Management Software, whereby the system allows the user to create raw materials issuing transactions from warehouses, building materials, and finishes directly through issuing transactions at the account of the project or a group of projects, and Inventory Management Software provides full control warehouse movements and issuing and return operations that are made on various projects, and accounting software also provides a set of reports related to the balances of items and the settlement and purchase and sale transactions.
AccFlex Construction Software provides integrated solutions for all accounting treatments starting from the concluded contract agreement with the subcontractor and the creation of payment certificates and ending with the final handover of the project and the preparation of a final certificate for the subcontractor.
AccFlex Construction Software also provides full control of the operations of deductions, advance payments, retention, and letters of guarantee with proper accounting treatment for all journal entries and an integrated set of reports covering all transactions, balances, and the position of subcontractors’ payment certificates.
Letters of Guarantee and Advance Payments
AccFlex Construction Software allows the user to create letters of guarantee of various types with the accounting treatment for financial transactions related to the creation of letters of guarantee and their bank expenses and the guarantee cover until the purpose of the letter of guarantee is completed and its recovery value or its close in the account of another letter of guarantee, with the possibility of linking the letter of guarantee with the project and item related to it.
AccFlex Construction Software is considered one of the best construction accounting software for real estate and construction projects and construction projects as it helps to link between construction sites and front offices and engineering consulting offices it is considered the latest construction software because it contains the latest software technology and full accounting flexibility
The software integrates with General Ledger Software, Inventory Management Software, and Treasury & Banking Software in an integrated manner, where all the transactions are translated in the form of journal entries in General Ledger Software.
AccFlex Construction Software consists of a comprehensive set of integrated sub-systems that cover all departments of the organization such as:
General Ledger Software
General Ledger Software specializes in structuring the organization's general financial system, starting with creating a chart of accounts consistent with the size and nature of the organization's dealings, as well as creating a hierarchical structure for the organization's chart of cost centers, establishing the organization branches and the administrative center and setting budgeting at the project level to producing final accounts and financial statements.
General Ledger Software automatically translates all transactions made on subsystems into journal entries.
Inventory Management Software
Inventory Management Software specializes in coding and creating the organization's warehouses, whether the central warehouses that handle distribution to the projects or the warehouses for each site. Inventory Management Software is also specialized in creating and coding the items in a hierarchical structure, "main and subsidiary items groups".
The software handles the inventory issue movements done on the projects of different organizations. As well as items returned from the project to the warehouses or transferred from warehouse to warehouse.
Treasury & Banking Software
Treasury & Banking Software provides an integrated cycle of payment and collection transactions, whether done base on payment certificates or various accounts in the organization. It also provides an integrated cycle for incoming and outgoing checks and tracking their collection from the bank.
The user can create and configure the organization’s treasuries, in different currencies, for each treasury separately.
Human Resources (HR) Software
It specializes in all aspects related to the manpower within the system, and Human Resources (HR) Software relates to the establishment of the organizational structure of the organization and the division of departments and branches, recording of employees in the organization
And it also creates the organization’s policies such as time and attendance policies, remuneration policies, sanctions, absences, etc.
AccFlex Construction Software
It relates to detailed project items description in a hierarchical structure, submitting bids, and setting up payment certificates for contractors and owners.
The software handles deduction and addition items that are made on payment certificates of owners and contractors such as retention deduction and advance payments deduction, etc.
To book AccFlex Construction Software, and to find out the best prices for accounting software in Egypt and the Arab world, request for quotation now.
Accurate Description of the Projects
The project description phase is considered one of the most important phases of work on AccFlex Construction Software for project management and long-term contracts. The project is described in a detailed description that includes the following basic data:
- Project Name
- Project Number "Code"
- Customer "Project Owner"
- Project Manager and Consultant engineer
- Timeframe for implementation in terms of start and end date
- Project-based organization branch
AccFlex Construction Software enables the ability to identify projects in a hierarchical structure, which are main projects branched out of which several subprojects, such as "describing New Administrative Capital of Egypt project as the main project from which several "stages" projects are branched out as branches of the main project, which is useful for producing costs and revenues analytical reports at a specific project level or several grouped projects.
Detailed Description of the Projects Items
After creating and describing the project on the software, the project items agreed upon in the contract or bid requirements and specifications are described as one of the roles of the technical engineers in the organization
And AccFlex ERP System is characterized by the ability to create and enter the project items in a hierarchical structure that includes a set of main and sub-items of the project, and each of the items can be linked to the project has a separate account in the chart of accounts or a consolidated account linked to more than cost center.
It is an optional feature to be used in the case of projects that are contracted after going through the tendering phase, and therefore a detailed price quote can be set for each item of the project, and can also be used in the case of planning for project profits at the level of an item by setting the initial and expected cost for each item of project items, as well as the possibility of setting a profit margin for each item separately or setting a selling price for each item, and from here it is possible to predict the profitability of the project in detail and accurately and to produce reports comparing the standard with the planned and identify positive and negative variances.
Determining Project Variance
After creating the project plan in terms of cost and target profit margin, analytical reports are produced to determine the project variance in terms of cost, price, and profit in detail during work on the project for the speed of taking corrective actions, and grouped reports can be produced at the level of more than one project.
Monitoring Project Cost
By linking the project items to the cost center and consequently the project cost can be tracked and limited by producing the various reports of cost centers, for example, it can review the Subsidiary Ledger Report for Cost Center to explain all the items of the cost center sequentially according to the time arrangement of the occurrence, as well as producing the Project Cost Center Report by the information of a specific account Such as producing the report of New Administrative Capital of Egypt Project Cost Center of the raw materials costs only.
Contractors Relationships Management
AccFlex ERP Accounting Software Package provides the best Construction Accounting Software that specializes in suppliers & contractors relationships management, the subcontractor is defined on the software, starting with contractors coding in a hierarchical structure and entering the following detailed data:
First, Basic Data
Including the name and contact details "phone number, email, etc." and the subgroup to which the "contractor" belongs, such as concrete contractors or building works contractors, etc.
Second, Contractor’s Balance
If it has previous dealings with the organization, and AccFlex ERP System provides the ability to add the contractor's balances in the form of separate group balances to clarify the contracting balance at each of the organization's branches with different maturity dates.
The most important contractors’ reports
AccFlex ERP System for the latest versions of accounting software includes an important set of reports on supplier transactions and relationships management, the most important of the following:
- Contractor Account Statement Report.
- Retention Balances Report.
- Retention Account Statement Report.
- Contractor Balances Report.
- Contractors Payment Certificates Report.
- Detailed Contractors Payment Certificates Report.
This clarifies the important items in the contract, such as the deduction items, retention percentage, advance payments, etc., and also shows the data for the additional items such as the business incentive, etc.
Each owner can also be linked to a set of deductions/additions related to the line items of the contract of each project such as (Social Insurance- Retention- Value-Added Tax- Stamp Duty- Withholding and Collection Taxes...). It is also linked to additions such as (Bonuses- Compensation- ...).
Owners and Customers Relationships Management
Owners relationship management in AccFlex ERP System begins with the definition of project owners in a hierarchical structure divided into groups according to the needs of the software users for the information, so customers and owners can be divided in the form of certain segments such as Northern Region segment and customers of Southern Region segment or according to the dealing entities such as dividing customers into customers of the governmental segment, customers of the private segment companies and customers as persons, and hierarchy is useful in the degree of detail to be known in the reports.
The owners’ identification page includes the following detailed information:
First, Customers’ General Data
It includes basic data such as name, address, email, phone number, etc. It also included linking the customer to a specific account in the chart of accounts and linking it to the group to which he belongs.
Second, Contractual Data
The contractual data includes the basic clauses in the contract related to the items of the deduction and addition that the contract includes, such as:
- Retention Deduction.
- Advance Payment Deduction.
- Stamp Duty Deduction.
- Withholding Tax.
And other items of deduction in the payment certificate.
Contractual data include additional items such as business incentives, etc.
All deduction and addition items are defined in a separate phase in creating the main configurations in the software, the item can be linked, whether a deduction or addition item at a different rate to the contractor or owner and linking each item to a separate account in the chart of accounts at the contractor or owner level.
Third, the Customer’s Balance
The customer's balance can be added as a group of balances with different maturity dates and at the level of each branch separately.
The most important owners’ management reports
- Detailed Owner's Account Statement Report.
- Retention Account Statement Report.
- Retention Balances Report.
- Owners Balances Report
- Detailed Owners Payment Certificates Report.
- Aggregate Owners Payment Certificates Report.
Payment Certificates Management in the Best Construction Accounting Software for Construction Companies
The payment certificate is considered as the invoice presented to the owner or the contractor and is considered the most important means of revenue recognition in construction companies, payment certificates in the AccFlex ERP System
Accounting software is professionally covering the legal and accounting aspects and the decision-maker's need for information, and the payment certificate generally includes the following data:
- Project Data
- Payment Certificates Items
- Percentage of completion method for each item
- The current value that was executed
- Previous Value
- A total port-to-date
- Deduction Items
- Addition Items
- Net value due payment or collection
One of the best features within AccFlex Construction Software is the retention calculation automation, once you recognized that this payment certificate is final, the software requires you to select the retention due date and automatically creates an accrual journal entry in the chart of accounts and when the returned (total/partial) of the retention, this is shown through the Retention report.
Best Construction Accounting Software- Reports
1- Owners Balances Report
It is a report through which the balances of the owners can be displayed (opening balance- during the period- closing balance) and can be displayed at a specific project level or the level of all projects.
2- Owners Payment Certificates Report
It is a report that shows the details of the owner's payment certificate (payment certificate number- date- payment certificate amount- ....) deductions, their amounts, and types, as well as bonuses.
3- Retention Balance Report – Owners
It is a unique report that shows the transactions made on the owner's retention, the returned retention amount, and the remaining retention balance.
4- Contractor Balances Report
It is a report through which the balances of the contractors can be displayed (opening balance- during the period- closing balance) and can be displayed at a specific contractor level or for a specific project.
5- Contractors Payment Certificates Report
It is a report that shows the details of the contractor's payment certificate (payment certificate number- date- payment certificate amount- ....) deductions, their amounts, and types, as well as bonuses.
6- Retention Balance Report - Contractors
It is a unique report that shows the transactions made on the contractor's retention, the returned retention amount to the contractor, and the remaining retention balance.
7- Aged Contractor Balance Report
This is one of the unique reports through which, you can monitor all arrears due to the contractor for a period of fewer than 30 days, between 30 to 60 days, or between 60 to 90 days, or more than 90 days, and this report can be displayed at a specific contractor level or the level of a group of contractors, as well as for a specific project or more than one project.
8- Aged Owner Balance Report
This is one of the unique reports through which, you can monitor all arrears due to the company at the project level or to a specific owner for a period of fewer than 30 days, between 30 to 60 days, or between 60 to 90 days or more than 90 days, and this report can be displayed for a specific project or more than one project or a specific owner or the level of all owners.
What are the Benefits of AccFlex Construction Software?
AccFlex Construction Software is characterized as accounting software related to the contract accounts, building, construction projects, and construction activity, starting from the bid requirements and specifications and ending with the project handover to the owners. It is also characterized by creating a chart of accounts that includes an infinite number of parent accounts and child accounts, with the ability to change the accounts and transfer the transactions that were made on the accounts to other accounts.
What are the Phases of Work on AccFlex Construction Software?
AccFlex Construction Software, the best construction accounting software, works according to the basic accounting principles in light of the international and Egyptian accounting standards related to contract and construction accounting. AccFlex Construction Software consists of the following main screens (Project Screen- Basic Data Screen- Subcontractors Payment Certificates- Owners Payment Certificates- Internal Control System- Journal Entries Controls- Creating Chart of Cost Centers- Integrated Warehouse System- Subcontractor Accounts- Letters of Guarantee and Advance Payments).
What are the types of payment certificates in AccFlex Construction Software?
The payment certificates in AccFlex Construction Software are divided into two types: contractor payment certificate and owner payment certificate.