{"id":21704,"date":"2024-05-31T12:33:04","date_gmt":"2024-05-31T16:33:04","guid":{"rendered":"https:\/\/www.foundationsoft.com\/?p=21704"},"modified":"2025-04-14T14:02:21","modified_gmt":"2025-04-14T18:02:21","slug":"five-myths-that-could-hold-back-your-business","status":"publish","type":"post","link":"https:\/\/www.foundationsoft.com\/learn\/five-myths-that-could-hold-back-your-business\/","title":{"rendered":"Five Myths That Could Hold Back Your Construction Business"},"content":{"rendered":"

Historically, the construction industry has often been slow to adopt new technologies. This is primarily because most believe in the common myths passed down throughout the industry. Whether it\u2019s horror stories from other companies or the inability to conduct proper research, many believe the myth that investing in construction accounting software<\/u><\/a>\u00a0or other new construction technology is not worth it.<\/p>\n

But that couldn\u2019t be further from the truth. These familiar misconceptions are likely signs that a company has outgrown its current system. According to a recent survey by Research.com<\/u><\/a>, 25% of US construction firms aim to increase their investments in construction industry accounting software platforms.<\/b><\/strong>\u00a0So if you\u2019re not investing yet, chances are you\u2019re going to begin falling behind other companies.<\/p>\n\"eBook<\/a>\n

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If you\u2019ve ever wondered: why is my construction company not making money anymore? How can I cut down on the costs of my construction projects? What are some things that might be stopping my construction business from growing? Then this article is for you.<\/p>\n

Let\u2019s walk through and debunk some of the common accounting software myths that could be holding back your construction business.<\/p>\n

<\/span>1. \u201cI Need All of These Spreadsheets\u201d<\/span><\/h2>\n

We know you put a lot of work into your spreadsheets. However, the manual entry required for spreadsheets can cause costly inaccuracies. Construction accounting software<\/u><\/a>\u00a0makes it easier to meet your reporting needs.<\/p>\n

Standard construction reports like work-in-progress, percent-complete, gross profit and overhead allocation are built into accounting software<\/i><\/em>. Most offer an extensive array of predefined reports as well as easy-to-use report designers integrated with your centralized data.<\/p>\n

<\/span>2. \u201cConstruction Job Costing is Too Complex for Accounting Software\u201d<\/span><\/h2>\n

Whether you\u2019ve been outsourcing your job costing<\/u><\/a>\u00a0or haven\u2019t implemented job costing yet, you may think job costing is too complex for any application to handle.<\/p>\n

That\u2019s probably because most general accounting systems track expenses on only one level of detail \u2014 this account or that account, this category or that. Whereas construction-specific accounting software allows you to organize costs by:<\/p>\n