Engineering Accounting Software

What is Engineering Accounting Software?

Engineering firms will need project-based accounting software, often with time-recording and billing functions to track billable hours and create the corresponding invoices. Job costing functions to track labor, equipment use, subcontractor usage, and materials are also helpful. Invoices generated by the software should be composed in a readable fashion for the client. Abilities to break down expenses by service provided, performer of service, location, equipment, and materials allows for the optimal accounting and billing efficiency.

Engineering-Specific Functionality

In addition to core accounting modules such as the general ledger, accounts receivable and accounts payable, engineering accounting software typically includes the following:

Evaluating Engineering Accounting Software

As with many other service providers, engineering accounting software benefits from the option to categorize certain expenses in customizable ways, such as billable or non-billable. Engineering firms can also benefit from software features that streamline communication to employees and customers to prevent confusion following changes made to a project.

When evaluating engineering accounting software, buyers should consider the following:

• Does the software fit the billing strategy (usually billable hours)?
• Can criteria such as materials and equipment be tracked and stored by the software?
• Does it include the data necessary for your specialty?
• Can the software assist in producing documents which ensure client comprehension?
• Does the software fit a project-by-project accounting scheme?

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