Showing 1-20 of 98 products
NetSuite is a business management software suite offered as a service that performs enterprise resource planning (ERP) and customer relationship management (CRM) functions. It is a horizontal package designed for an extensive range... Read more
Recent recommendations: 65 recommendations
Deskera ERP is designed as a powerful and intuitive suite of business solutions with one goal in mind – to make digital transformation simple. This transformation has to be simple and economical. It is why Deskera has trusted users... Read more
Recent recommendations: 64 recommendations
For organizations seeking a solution that conforms to their existing operations, Multiview offers a suite of financial solutions. With Multiview, companies gain visibility over corporate data. The solution includes 14 modules that... Read more
Recent recommendations: 60 recommendations
FINSYNC provides multi-user cash flow management in the cloud to US-based small and medium-sized businesses. Businesses can upgrade from payments to invoicing, bill pay, payroll, project tracking, time tracking, expense reimbursement,... Read more
Recent recommendations: 51 recommendations
Sage Fixed Assets is a hybrid asset management solution that helps businesses track and manage the fixed assets through different steps of asset lifecycle. The solution offers integrated accounting features and multiple methods to... Read more
Recent recommendations: 18 recommendations
24SevenOffice is a cloud-based Accounting and ERP system for small and mid-sized businesses. 24SevenOffice eliminates repetitive processes and greatly reduces the need to manually enter information. The system will also streamline... Read more
Recent recommendations: 11 recommendations
FinancialForce Financial Management (FM) is a cloud-based system built to provide a complete financial management solution for sales and services-orientated companies of all sizes. FinancialForce FM has several inherent applications,... Read more
Recent recommendations: 8 recommendations
Oracle JD Edwards EnterpriseOne is a cloud-based Enterprise Resource Planning (ERP) and supply chain management solution that provides ERP applications and tools for finance, consumer goods, human resources, distribution and manufacturing... Read more
Recent recommendations: 7 recommendations
Deskera’s business app and the first B2B super app is designed for today’s workforce that’s always on the go. Built for all platforms the DESK App is available for iOS and Android and is feature rich at no cost. Desk Mobile... Read more
Recent recommendations: 7 recommendations
Sage X3 is an ERP software suite that includes integrated functionality for financial management, sales, customer service, distribution, inventory, manufacturing, and business intelligence. Sage X3 is the foundation to modernizing... Read more
Recent recommendations: 5 recommendations
Xledger is a cloud-based enterprise resource planning (ERP) solution that caters to midsize and large businesses that helps them to manage day-to-day operations by automating routines ranging from bank reconciliation to invoice entry.... Read more
Recent recommendations: 4 recommendations
Sage 300 Construction and Real Estate, formerly Sage Timberline Office, is part of Sage’s line of construction and real estate solutions. Sage 300 Construction and Real Estate is a construction management system that offers functionality... Read more
Recent recommendations: 2 recommendations
Infor CloudSuite Financials is a solution suite that provides financial functionality coupled with a source-to-settle supply management offering. The solution is role-based, mobile responsive and delivered in the cloud. It delivers... Read more
Recent recommendations: 2 recommendations
Deltek Vision is a cloud-based project-based solution for professional services firms that is available for cloud or on-premise deployment. It combines project accounting, resource management, project management, time/expense management... Read more
Recent recommendations: 1 recommendations
BQE Core is a cloud-based solution that offers integrated business accounting, project management, and business intelligence. It can support the operations of a variety of industries, including legal services, architecture firms, engineering,... Read more
Microsoft Dynamics SL is an enterprise resource planning (ERP) system designed for project-based small and medium-sized businesses. The solution offers industry-specific capabilities for professional services, government contractors,... Read more
Clearview InFocus is a project-based ERP solution designed for large and midsize architecture and engineering firms. Users can manage a firm's project lifecycle from opportunity to project completion with tools for real-time accounting,... Read more
Unanet Project Portfolio Financials is a cloud-based accounting and project management solution for businesses of all sizes. It is designed for industries, including Professional Services, Government Contracting, Advertising & PR firms,... Read more
Deltek Ajera is an integrated accounting and project management solution built for architecture and engineering (A/E) firms. It is suitable for small to mid-size firms seeking an industry-tailored solution to improve project level... Read more
Beyond Software is a project accounting and management software system available for small to mid-size companies. The system allows organizations to manage and execute around their projects by increasing visibility and creating accountability. Industries... Read more
It can be daunting to try to find the right software for an engineering firm. Whether you’re a first-time buyer or you’re replacing a current system, there are a variety of factors to take into account. Between cost calculations, functionality evaluations and deployment considerations, it could take longer than you originally expected to narrow down your software options into a manageable shortlist.
Luckily, we’re here to help you save time as you choose a solution that meets and exceeds the whole company’s needs. Those needs may include time tracking, job costing, billing and project management in addition to core accounting modules. It’s possible to find one specialized system that performs all these functions.
In this guide, we’ll show you how engineering accounting software vendors are optimizing the workflows of businesses like yours. You’ll also learn all the different ways software can be implemented. This knowledge can empower you to make the best decision for your team.
Here's what we'll cover:
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 systems in this category should be composed in a readable fashion for the client. These systems should also break down expenses by service provided, performer of service, location, equipment and materials. Implemented correctly, this allows for the optimal accounting and billing efficiency.
Engineering accounting software should be able to serve any sector in this industry, such as:
- Renewable energy
Common Features of Engineering Accounting Software
Engineering accounting software typically includes industry-specific features in addition to the basic accounting functionalities all businesses need to succeed. Here are some examples:
|Core accounting||These are the main modules needed to manage financial operations, including the general ledger, payroll, accounts receivable and accounts payable.|
|Project management||Engineering software’s project management capabilities allow the user to automate scheduling, allocate resources, build accurate project budgets and manage staff time effectively.|
|Time & resource billing||The system should be able to meet the different billing needs of an engineering firm, billing by hour or by project and tracking employee time. It should also let you track your billable and non-billable resources to maximize cost recovery.|
|Engineering inventory modules||An engineering accounting solution will contain straightforward categorized line items—including pictures—for each of the thousands of different kinds of products and materials used. This way only the correct item will be purchased and/or billed.|
|Client communication||Effective customer relationship management can help you attract new business and strengthen existing relationships. This includes automating client and contact management and tracking leads, marketing campaigns, contacts and sales all using the same system.|
|Comprehensive audit trail||This describes the ability to track any item from opportunity through usage/completion, providing a complete account that can be drilled down for more detail.|
|Data visualization||Many systems allow users to view financial or operational information through visual tools, such as graphs and charts. The data can be customized and is usually presented in a dashboard interface.|
Benefits of Engineering Accounting Software
Professionals can realize multiple benefits as a result of adopting engineering accounting software, such as:
Greater inter-company coordination. This benefit is especially valuable to engineering firms that have multiple locations or that employ staff who regularly work off the company premises. Having one unified software system that is easily accessible to everyone means data can be entered and analyzed simultaneously in different departments. Nowadays, many software solutions offer native mobile device applications to give clients even more accessibility on the go.
Easier compliance reporting. When contracting with government agencies, such as the Department of Transportation or the Department of Defense, it’s very important to ensure every project meets a particular set of regulations. Software can simplify regulatory compliance by providing robust reporting tools that can show time and expense tracking by employee, transaction histories and more.
More transparency. Software users are able to view costs and expenditures in a clear and concise way, which enables business leaders to make informed decisions more quickly. Accounting systems for engineers integrate line items for products and materials used, so you get a more comprehensive view of how resources are being used.
Increased productivity. When a system is designed in an intuitive and user-friendly manner, it helps employees zero in on the exact information they need. This eliminates the need for duplicate data entry. It also allows staff to spend more time focusing on improving the business and less time hunting down spreadsheets or project status updates.
Evaluating Engineering Accounting Software
As with many other service providers, this software benefits from the option to categorize certain expenses in customizable ways, such as billable or non-billable. Engineering firms can also benefit from features that streamline communication to employees and customers to prevent confusion following changes made to a project.
When evaluating these systems, buyers should consider the following:
- Does it 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 it assist in producing documents that ensure client comprehension?
- Does it fit a project-by-project accounting scheme?
One of the most important decisions engineering software buyers must make is whether to buy a cloud-based or an on-premise system. Cloud software is typically hosted remotely on the vendor’s servers while on-premise solutions are maintained on your company’s own servers.
Cloud-based systems are becoming increasingly popular in the market, largely due to the following benefits:
- Remote access
- Lower upfront costs
- Vendor takes care of software updates
- Vendor takes care of system maintenance
That said, some engineering firms already have the IT resources necessary to host an on-premise solution and they enjoy the increased control it provides them over the SQL database.