Acumatica Construction: Compliance and Cloud ERP in One Solution
The complex nature of the modern construction industry requires an ever-increasing alignment of people, processes, divisions, and companies. This implies that there are more areas to plan, monitor, and report on, including budgets and material costs, change orders and field reports, revenue, and profitability. Acumatica Construction Edition is here to help!
Types of Compliance in Construction
FINANCE AND ACCOUNTING
Your construction accounting software should natively support AIA reporting and billing standards. Common construction accounting standards such as GAAP and IFRS should also be available to you.
INSURANCE AND BONDING
It is essential to have your construction surety bonds issued on time, ensure they are on file, and will not expire if the project goes beyond the originally scheduled completion date.
LIENS AND RETAINAGE
Mechanical liens and retainage are two major levers that ensure payment to contractors and subcontractors upon completion of work. Companies have defined timelines to file mechanical liens based on project type & geography.
SAFETY AND TRAINING REGULATIONS
OSHA requires all construction companies to keep careful records of their training practices and certifications for the areas of fall, stairway and ladder, scaffolding, electrical, trench and excavation, and highway work zone safety.
Any subcontractor or vendor that a construction firm hires for any portion of a project is subject to the same safety and labor regulations as the contractor. You must have a W-9 tax form correctly filled out and on file as well.
LABOR LAWS AND DOCUMENTATION
Any contractor or subcontractor working on a government-funded project is subject to pay local prevailing wage rates and provide detailed weekly records that show hours worked, the wages paid to each employee, and the jobs those employees performed.
Improve Documentation, Training, Security, and Reporting
Few ERP applications support all construction compliance requirements. Many construction organizations still rely on physical records and filing systems as their primary way to keep compliance, tax, and other necessary documentation. Modern applications like Acumatica provide an adaptable platform with Open APIs to tailor system workflows, secure data, and= connect disparate applications for ever-changing compliance regulations. Below are the key areas of documentation, security, and reporting crucial to smooth, efficient, and accurate construction compliance.
Extend Acumatica with Certified Applications
The Acumatica Marketplace is one of the leading communities of independent software vendors with integrated applications for construction management, estimates and proposals, job site time records and HR, equipment and supply logistics and shipping, contract management with eSignature, and more.
Construction Compliance Streamlined and Simplified
Acumatica, combined with HCM applications, such as WorkForceGO! allows construction organizations to gain efficiencies and avoid devastating, costly noncompliance mistakes. Templates and customizable forms will enable you to customize your documentation to meet your organization’s needs. Automatic timestamps and notifications ensure that critical documentation is recorded correctly and that nothing is missed—saving money, potential fines, and potential shutdowns.
Financial compliance avoids costly errors and omissions and ensures that your company gets paid for the work done. Insurance and bonding compliance protect the contractor, the customer, the building during the process, and the new building tenants. With all these compliance features at your fingertips, Acumatica offers the most comprehensive integrated compliance tools in the ERP marketplace.