This is where Foundation Software comes into play, offering robust accounting solutions tailored specifically for the construction sector.
Specializing in payroll, job costing, and billing, Foundation Software simplifies financial management and enhances job efficiency and accuracy.
If you’re currently using Foundation Software but not leveraging its full potential, or if you need expert assistance in managing the sophisticated financial landscape of construction, our team at Notion CFO & Advisors is here to help. With extensive experience in construction accounting and a deep understanding of Foundation Software, we can help you clean up your processes and maintain optimal financial health. Contact us today to learn more about how we can assist you in maximizing the benefits of Foundation Software in your projects.
If you’re new to Foundation Software, we review the major benefits below and explain why we think it is the best tool for construction businesses looking to streamline their accounting processes.
What is Foundation Software?
Foundation Software is an accounting system designed specifically for the construction industry. It supports construction companies in managing their finances, job costs, and billing efficiently and precisely. The software is best known for its integrated features tailored to the sector’s unique needs, including handling complex payroll scenarios, detailed job costing, and simplified billing processes.
Key Features of Foundation Software
Payroll
Foundation Software excels in its payroll module, which is specifically engineered to handle the complexities of construction payroll.
Key features include:
- Integrated Payroll: Payroll processes are integrated directly with job setups, ensuring that each payroll run accurately reflects the specific requirements of the job’s state, union, or trade conditions—even for non-union companies tackling prevailing wage jobs.
- Mobile Time Tracking and Approval: The software includes mobile solutions for time tracking and approval, streamlining payroll processes, and reducing the chance of errors.
Job Costing
At the heart of Foundation Software is its job costing functionality, which is critical for construction accounting:
- Comprehensive Tracking: All costs, from payroll to accounts payable and burdens, are meticulously tracked back to specific jobs and the general ledger (GL).
- Customizable Reporting: Users can rely on excellent predefined job-cost reports and customize additional reports to suit their specific needs.
Billing
The billing module of Foundation Software significantly simplifies the creation of AIA (American Institute of Architects) bills, which are common in projects involving general contractors (GCs):
- Efficiency in AIA Billing: Exporting AIA billing formats seamlessly integrates with the billing processes, potentially saving clients up to 15 hours a month managing 30-40 bills.
Divisions
When entering bills or invoices associated with a job, the software automatically incorporates the relevant division, facilitating more accurate estimations for future jobs based on historical data.
Why is Foundation software ideal for the Construction Industry?
Foundation Software addresses the core need of construction businesses to move away from fragmented and manual financial management, like spreadsheets, to a more integrated, accurate, and efficient system.
Here’s why it’s indispensable:
Comprehensive Job Tracking: It enables businesses to keep a precise tab on every expense related to a job. It is integrated neatly with payroll and billing, accessible by relevant parties, and categorized by job, class, or code.
Scalability: As companies grow and their operations become more complex—handling multiple jobs simultaneously—Foundation Software’s capacity to manage scale becomes invaluable.
A Comprehensive Solution
Foundation Software is a comprehensive solution that brings clarity, accuracy, and efficiency to the financial management of construction projects. It is an indispensable ally for construction companies aiming to scale their operations and enhance their financial workflows.
By integrating critical financial tasks such as payroll, job costing, and billing into one seamless interface, Foundation Software helps businesses focus more on what they do best—building.
At Notion CFO & Advisors, we can support construction companies with using Foundation Software, from implementation to getting the most out of it. Get in touch with our team today.
