Construction Accounting, Simplified

Without streamlined billing methods, construction companies often face delays, disputes, and inaccuracies that can strain relationships and hinder financial performance. Premier simplifies project billing across multiple methods, including progress billing (AIA), cost-plus, lender draws, and time and materials (T&M).

• Automated Invoicing: Reduces manual effort by syncing accounts receivable invoicing directly from billing details.

• Adjustment Flexibility: One-click reversals or revisions for clawbacks or changes eliminate manual corrections.

• Boosted Cash Flow: Ensures accurate billing management to improve cash flow and financial control.

Premier enhances cost control and ensures adherence to budgets with automation and real-time tracking. By leveraging automated cost control and budget adherence, construction businesses can proactively manage expenses, detect potential issues before they escalate, and maintain financial discipline throughout the project lifecycle.

• Automated Processes: Manage change orders, subcontractor agreements, and purchase orders with one click.

• Error Prevention: Prevent incorrect coding, control cost overruns, and flag vendor overpayments.

• Real-Time Alerts: Support financial discipline to protect profits and maintain budget alignment.

Real-time employee and crew time tracking not only improves accuracy but also enhances productivity by allowing managers to monitor labour costs and workforce efficiency as the project progresses. Premier’s SubPay App streamlines labour tracking for individuals and crews.

• Accurate Labour Costing: Combines labour hours into job costing with support for occupation codes and unions.

• Approval Routing: Validates time entries for accuracy and location.

• Error Reduction: Features like copy time and restricted access ensure correct data entry.

Reconciliation delays can hinder decision-making and create gaps in financial transparency. Premier uses AI-powered bank feeds to automate transaction imports and matching.

• Efficient Reconciliation: Saves time by ensuring accurate bank transaction matching.

• Error Reduction: Minimizes manual effort in financial reconciliations.

Mistakes in tax calculations can lead to compliance issues, costly penalties, and financial discrepancies. By implementing flexible sales tax calculation features, construction businesses can ensure accurate and compliant tax management, regardless of the complexity of the project or location.

• Adaptability: Handles use tax, HST, PST, QST, VAT, GST, county/state taxes based on vendor or job specifics.

• Compliance Simplification: Reduces complexity in tax calculations across diverse transactions.

Automated and precise inventory management enables construction companies to track materials across multiple locations, streamline purchasing decisions, and ensure that project budgets stay on target.

• Real-Time Updates: Reflects project costs accurately by recording purchases directly to inventory/projects.

• Comprehensive Tracking: Supports bill of materials, assemblies, supplier pricing history, and warehouse stocking levels.

• Cost Accuracy: Reflects real-time cost adjustments for better financial reporting.

Properly managing WIP (Work in Progress) ensures that revenue is accurately matched with project progress, maintaining financial transparency and compliance. Premier uses the percent complete method, seamlessly integrating with WIP management to ensure accurate and consistent financial reporting.

• Precise WIP Adjustments: Matches incurred costs with estimated completion revenue for accurate reporting.

• Administrative Efficiency: Reduces manual effort in financial reporting.

• Error Reduction: Minimizes the risk of inaccuracies and compliance issues.

Generating and tracking conditional and unconditional waivers manually can be a hassle—leading to delays, compliance issues, and unnecessary administrative burdens. With Premier, lien waiver creation and management are fully automated, keeping the process efficient and stress-free.

• Efficient Processing: Automatically generates conditional/unconditional waivers upon invoice or check creation.

• Risk Mitigation: Securely emails waivers for subcontractor signatures and stores signed documents automatically.

• Compliance Assurance: Reduces the risk of legal disputes by ensuring accurate and complete waiver documentation.

• Automated Notifications: Alerts stakeholders when waivers are generated and signed, maintaining transparency.

Automating tasks like data extraction, coding distribution, and approval routing significantly reduces manual effort, minimizes errors, and enhances scalability. This not only saves time but also ensures consistent and accurate financial reporting. Premier leverages AI-powered machine learning through SmartUi to streamline invoice processing.

• Time Savings: Eliminates manual data entry by interpreting vendor emails and coding distribution automatically.

• Scalability: Attaches backup documents and routes invoices for approval based on workflows.

• Error Reduction: Minimizes human errors with automated data extraction and classification.

Premier provides essential construction accounting reports tailored to business needs.

• Comprehensive Reporting: Offers detailed views of financial statements, WIP reports, trial balance, GL summaries, cash flow reports, etc.

• Advanced Insights: Includes Budget vs. Actual comparisons, Job Cost Progress tracking, Change Orders analysis, AP/AR aging reports, retainage details, vendor progress updates, red flag alerts, approval statuses, and compliance checks.

• Customizable Views: Access summary reports or drill down into transaction-level details as needed.

• Data-Driven Decision Making: Utilize real-time data to inform financial strategies and project planning.

• Export & Sharing Options: Generate and share reports with stakeholders in a few clicks.