Cloud accounting technology can help you manage your routine accounting and bookkeeping tasks — but what are is best accounting software for architects and engineers?
Tech well-suited to your industry won’t just help you manage the basics. It can also give you greater insights into your finances, making it easier to track your spending across individual projects and budget more effectively.
So which cloud accounting software package should you choose?
Best accounting software for architects and engineers
What to look for
With projects often spanning more than one tax year, accounting for architectural and engineering firms can be complicated.
As a result, standard accounting processes may not be enough to manage your finances properly. Instead, you may need to use software that allows for project accounting for better insights and a more frequent reporting schedule.
Time-tracking functions can help you measure the time spent on each task so you can calculate the total costs of projects. This can also make compensating your employees for any overtime or extra work easier.
Meanwhile, invoicing tools can cut down on admin and human error by automatically generating client invoices, sending reminders and paying your suppliers for you.
This may be particularly useful if you struggle with cashflow management or your clients often pay invoices late.
Our top picks for architects and engineers
Taking all the above into account, here are our top three accounting software picks for architectural and engineering firms.
Xero’s intuitive interface and seemingly endless customisation options make it popular with businesses of all shapes and sizes. You can use Xero to handle everything from VAT returns and claiming business expenses to managing payroll and automatic invoicing.
Budgeting is also easy with Xero. You’ll be able to set up engineering projects, track your spending on individual tasks and collaborate with your accountant on the go.
Another significant advantage of using Xero is that you’ll get access to the Xero app store. You can integrate a vast number of apps with Xero, from project management software to invoicing and time-tracking tools.
This can allow you to automate more of your processes, helping to cut down on extra admin and giving you more time to focus on your area of expertise.
If you work as a sole trader or run a small architectural or engineering company, we’d recommend Sage accounting software.
Sage’s standard plan costs just £26.00 a month and allows for unlimited users, making it easier than ever to collaborate with your employees and your accountant.
Meanwhile, its user-friendly dashboard lets you view your real-time financial data at a glance. Access to up-to-date information on different architectural or engineering projects can help you make well-informed business decisions quickly.
Depending on your chosen software package, features may include:
- advanced financial reporting
- VAT return filing to HMRC
- creating and sending sales invoices
- sending quotes and estimates for projects
- cashflow forecasting.
If you’re an engineer and employ or work as a contractor, Sage can also help you manage your responsibilities around the construction industry scheme (CIS).
For example, Sage can automatically create and submit your monthly CIS returns directly to HMRC, minimising human error and making it easier to stay compliant.
If you need quality cloud accounting on a budget, Intuit Quickbooks may be the solution you’re looking for.
With plans starting from just £10 a month for sole traders, small firms can manage their finances and automate many accounting processes without breaking the bank.
Furthermore, each plan comes with a free onboarding session, and you can contact the QuickBooks support team any day of the week. This can make it easier to resolve any problems — plus it helps the service feel more personal.
Weighing up your options
As tech-savvy accountants for architects and engineers, we can help you find the software package that works best for your business.
We partner with Sage, but our experience using other software packages means we can adapt our services to suit you.
Want to know more? Contact us today to discuss your accounting software options for architects and engineers.