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Construction Industry

Common Issues in the Construction Industry

Large Number Of Transactions
Construction projects often require the input of project cost receipts and expenditure entries, and engineering companies are often overwhelmed by the amount of manpower required to handle these routine and tedious tasks.
The accounting system allows transactions to be categorised by project code, which makes it easier to monitor and review payments and expenses for a project at a glance.
Processing Payments To A Wide Range Of Suppliers
Liaising with different suppliers to purchase and pay for product that takes a lot of time to process payments and issue cheques.
The system supports accounts payable, accounts receivable, and cheque issuance functions. It makes better use of your time and enhances efficiency.
Financial Statements
All industries need to generate financial statements in different formats, and at year-end it takes time to process the statements and deliver to the auditing firm to audit the accounts.
Accountants are able to generate a wide range of financial statements, or create their own financial statement formats without additional cost by using the Financial Accounting Management System.
Bank Reconciliation
As the company issues or receives different bank cheques, it takes a long time to clarify whether the cheques have been credited or cashed by the bank.
The bank reconciliation worksheets, bank reconciliation statements and monthly bank statements are all available in the financial system, so you can check everything at a glance.
Attendance And Salary Calculations
Payroll calculations are cumbersome and time-consuming to handle manually with a large amount of attendance and absence data. The calculations can be complex when handled in accordance with labour laws.
Calculations are made quick and easy by using customised payroll formulas in the system which is much more time effective.
Companies tend to duplicate the purchase of goods and result in a large stockpile of goods.
The use of an inventory management system allows for a disciplined inventory count to be carried out effectively, thereby reducing the stockpiling of goods.



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