When building something larger than a blueprint–such as a high-rise or community–you require a specialized accounting system tailored to your business. While traditional bookkeeping software can handle simple bookkeeping tasks, real estate developers require more tailored accounting software with charts tailored specifically for them, robust invoicing tools, and the capability of handling investor transactions and asset management efficiently.
Finding software designed specifically to address the unique requirements of real estate development can be a daunting task, but solutions like Xero, QuickBooks, Yardi and Buildium exist that offer effective tools that enable confident scaling while keeping financial matters transparent and efficient.
Real estate development accounting software can be the ideal tool to help you remain organized and keep complex projects on schedule. A quality solution helps track expenses, streamline contracts and construction work, as well as organize everything so that it is easier for you to see the bigger picture.
Real estate development accounting systems that excel are those that offer comprehensive project costing and revenue tracking tailored to the industry, giving users access to accurate information that enables sound business decisions while staying within budget and providing all stakeholders access to up-to-date data.
Acumatica provides real estate developers with an efficient solution for easily managing multi-entity accounting structures, making it the ideal platform to support their growing businesses. Equipped with industry-specific features, real-time financial insights, scalable capabilities and flexible reporting, Acumatica makes for the ideal centralized platform.
Acumatica’s real estate development accounting software includes revolutionary contractor contract compliance capabilities that automate the entire process, eliminating manual workflow, lowering legal risks and increasing accountability while helping reduce costs by decreasing labor hours, eliminating data reconciliation errors and decreasing investment errors.
Loan Draw Management
Most large-scale real estate developments are funded with construction loans disbursed at various milestones during development. While these loans play an integral role in project success, managing them manually can result in payment disputes and miscommunication with lenders; by automating loan draw management systems you can avoid these issues and strengthen lender relations.
Real estate development accounting software should make managing complex projects, improving financial accuracy and gaining real-time insight easier, leading to greater profitability and success for businesses of any kind. To discover more about how real estate development accounting software could enhance your business operations, reach out to a reputable provider now; you won’t regret it!