Project-based accounting software is what engineering firms need to efficiently handle unique accounting challenges, including tracking labor, billable hours, and usage of materials. Accounting tools are designed to perform time-recording and billing functions so you can create corresponding invoices, reduce operational costs, manage staff effectively, and operate more efficiently.
When looking for engineering accounting software, it may help to determine whether the system can fit in your project-by-project scheme and billing strategy, track materials and equipment, include the data required for your specialty, and help produce documents that ensure client comprehension.
1. BillQuick
An easy-to-implement and maintain billing and accounting solution, BillQuick is designed with an intuitive interface with easy-to-read fields and simplified reporting capabilities. With flexible functionality and deployment, it is available both as a cloud service and hosted solution, helping you reduce overhead with accurate time and reporting.
The feature-rich engineering accounting software integrates with third-party solutions and seamlessly complements the existing accounting program. The highly configurable, scalable software solution enables faster billing, better client communication, accurate reporting, and lowered administration costs.
Cons: The invoicing module can be a little confusing for new users. Trying out a few variations can help you arrive at exactly what you need.
2. Axium Ajera
With a comprehensive list of features, Axium Ajera is an integrated accounting solution designed for engineering firms that need cutting-edge solutions to manage time and billing. Easy to implement, the engineering accounting software facilitates tracking expenses, printing checks, bill payment, payroll management, order, and invoice creation, performing bank reconciliations, managing payables, and creating financial reports.
The software provides real-time information on project progress and status through its intuitive dashboards, helping improve key ROI metrics, improve project profitability, optimize staff and resource utilization, and reduce overhead. Ajera is designed with a complete suite of features that facilitate project scheduling, phase-level reporting, resource optimization, and integrated accounting and billing.
Cons: There are too many updates going on in the background, which often slows down the system.
3. Unanet Project Portfolio Financials
The accounting software for engineering firms comes complete with integrated capabilities to plan, manage, and track projects. The flexible cloud-based solution, also available as an on-premise product, enables real-time reporting of people and financials. Easy to configure, the program is designed to support specific business processes and provides accurate real-time data reporting. With its lightweight interface, the application facilitates resource requesting & management, workforce collaboration, timesheet, and expense management, accounts receivable & payable, and project accounting.
Cons: The addition of a mobile app for time and expenses could make the product even better and improve its usability for mobile users.
4. Deltek Vision
Designed especially as architect and engineering accounting software, Deltek is a robust solution that integrates time/expense management, project accounting, and resource management tools. The 100% web-based fully integrated suite enables users to seamlessly manage all aspects of your business.
Easy to use and manage, Deltek helps you manage inventory, create and track purchase orders, and implement authorization levels in the product purchase cycle. The intuitive application comes complete with business development tools for engineering firms that give you an upper hand over the competition, thus helping you win new business.
Cons: The software requires prior training to make the most of all of the features on offer.
5. InFocus
The scalable yet comprehensive billing and invoicing application come complete with full financial capabilities. Designed by architects and engineers, InFocus provides a cutting-edge feature set to allow users to access any module anytime for one price. The highly functional engineering accounting software product facilitates the task of project and resource planning, real-time reporting, invoicing, accounting, and time and expense tracking. Best suited for engineering firms that need a scalable, affordable solution, InFocus comes with a fully customizable dashboard that enables easy migration from your existing software.
Cons: It is difficult to customize reports and invoices as per specific user needs.
Overwhelmed with too much accounting software for the engineering industry? Worry not! ITQlick can make the best software recommendations to help you with the right choice. Come in touch with us today and we will help you find the right application to streamline your business processes.