Acumatica Real Estate Development Accounting Vs. QuickBooks for Real Estate Development Companies

Perhaps you started out with Quickbooks to manage your Real Estate Development business. At the time, it was probably a wise choice. Quickbooks is an accounting software solution geared toward small and medium-sized companies or startups. And while it may have served you well, as your business grows, your needs change.

QuickBooks began forty years ago and was unique for the time. It is a general business accounting system that accepts business payments, handles payroll functions, and manages and pays bills. But, If you're continually looking for ways to work around QuickBooks' limitations, congratulations; you've outgrown it.

It's time for an upgrade to Acumatica Real Estate Development Accounting from Quickbooks

QuickBooks is a great accounting platform for companies just starting out. But, while affordable and easy to use, it has limited scalability, manual processes, and a lack of functionality that could hold your business back. If you consistently need other applications, such as Excel, for report building, it's time to consider the next step.

There are many ways in which your real estate processes may soon become more complex. Typically, each of your real estate development projects is an individual LLC with distinct accounting requirements. Although QuickBooks allows you to set up multiple company files, it doesn't allow tracking them all in one place. You need a consolidated view of your projects and finances, but that's hard to achieve with QuickBooks. You need a solution that allows you to track projects separately and still have a complete overview of your company's financials.

If you find that everything you do with QuickBooks is taking longer than you would like, it is probably time to consider a more robust system. It's time to call in the professionals.

Acumatica Real Estate Development Accounting, a better software solution

QuickBooks has limited functionality and customization options. Dedicated real estate development software solutions like Acumatica Real Estate Development Accounting are designed for your workflow or can be customized to ensure that your business software reflects how your company conducts business.

As you grow, you need more than just the ability to run queries and see the results. With Acumatica Real Estate Development Accounting, you can gather business insights with customized reports presenting the specific data you need in your preferred formats. Visual, intuitive dashboards contain widgets that connect you to key performance indicators (KPIs) and applications from inside and outside your organization.

QuickBooks lacks specific features that real estate developers need to operate their companies, like preparing loan draw requests, contract management, and an AP review and approval process. Acumatica Real Estate Development Accounting provides those features and more.

QuickBooks documentation comes from its user community. So, when problems arise, you must usually review user responses, compare them with one another, and decide which to trust. Then, you'll have to try each of the suggested fixes to find a solution. However, a quality software solution such as Acumatica Real Estate Development Accounting will ensure vendor support. You'll receive reliable assistance straight from the support staff.

Real Estate Developers need robust project budgeting software

In the commercial real estate industry, successful developers depend on project budgeting software. Your solution's software modules or functionality should be project-aware. Each module should provide the necessary project perspective to complement the general ledger perspective.

Having both perspectives is key to addressing your real estate development needs and reducing technical debt. The project perspective permeates the software design, and you can see the project from the top down. Since most developers hire a general contractor and subcontractors to implement projects, top-down financial control is more crucial than bottom-up details.

Often, project costing software emphasizes the sub-subcontractors' or general contractor's perspective, where the detail level drives the reporting. However, success in the real estate developer market comes from seeing beyond the details and presenting management with accurate project status and the various data that supports it. The software solution must address the complete life cycle of a real estate project, from inception to completion and from pre-development to property management. A robust software solution will help your real estate development company minimize budget debt and maximize profit, efficiency, and client satisfaction.

Acumatica Real Estate Development Accounting Removes obstacles to growth

With QuickBooks, you don't get an audit trail with your accounting data. It may help you keep accurate books but you can't drill down to the reasons behind the data. You need the ability to click through to see who performed each transaction and when. That way, you can identify the root causes of any financial irregularity. Often, investors will tell a small company still running  QuickBooks to change to a "real" accounting system and establish an audit trail, then come back to reapply for funding.

When you're ready to take that next step toward your real estate development company's productivity, growth, capital, and revenue, a specialized real estate accounting software package from Acumatica and Anton Systems is waiting for you. Allow Anton Systems to be your trusted real estate development and property management software solutions provider.

To learn more about Acumatica Real Estate Development Accounting and Anton Systems, contact our experts today.

Anton Systems, antonsystems.com

 

 

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