Comprehensive Accounting and Financial Reporting
Beams Software offers full account reporting, including detailed reports on trade creditors, trade debtors, profit and loss, balance sheet, trial balance, and the general ledger. These reports provide construction managers with a clear view of the company’s financial health, making it easier to manage cash flow, track expenses, and ensure profitability.
Additionally, Beams generates auto-generated cash flow reports, profitability reports, and work-in-progress (WIP) reports, ensuring that construction managers have the insights they need to make informed financial decisions. These reports are essential for tracking project progress, ensuring that expenses remain within budget, and identifying any potential financial issues before they become critical.
ATO-Approved Payroll System with Job Linking
Managing payroll is another critical aspect of construction management, particularly for larger firms with multiple employees or subcontractors. Beams Software includes an ATO-approved payroll system that links directly to individual jobs. This feature allows construction managers to allocate labour costs to specific projects, providing a clearer picture of project expenses.
By linking payroll to individual jobs, Beams ensures that labour costs are accurately reflected in the project budget. This level of detail is invaluable for cost control and profitability analysis, helping businesses ensure that their labour costs remain in line with project estimates.
This payroll system also supports timesheet management, enabling workers to log their hours, which can then be automatically allocated to the relevant job. This helps ensure that labour costs are accurately reflected in project budgets and financial reports.
Auto-Generated Progress Claim Schedule
Beams Software also includes an auto-generated progress claim schedule, allowing users to generate invoices based on either Stage of Works or the percentage of work completed. This feature simplifies the billing process, ensuring that clients are invoiced accurately and on time. Additionally, the software allows users to attach approved variations to the progress claim, ensuring that all additional work is billed accordingly.
By automating the progress claim process, Beams reduces the administrative burden on construction managers and ensures that billing is always up-to-date. This feature also helps improve cash flow, as invoices are generated as soon as work is completed, reducing delays in payment.
Invoice Approval Process and Mobile Device Connectivity
To further streamline the financial workflow, Beams Software includes an invoice approval process that ensures no creditor invoices are processed without proper authorization. The system holds invoices until they are approved by a supervisor or relevant team member, helping to eliminate unauthorized or erroneous payments.
Additionally, Beams provides mobile device connectivity for supervisors, allowing them to approve invoices, manage tasks, and track project progress remotely. This functionality is ideal for supervisors who are often on-site or on the go, providing them with the tools they need to stay connected to the project, even from a mobile device.
Debtor Retentions Deduction and Tracking
Retentions, which are funds withheld from payment until a project is completed to the client’s satisfaction, are common in construction. Beams Software ensures that these funds are managed correctly by offering automatic debtor retentions deduction and tracking. This feature helps businesses track retention amounts, ensuring that they are released when appropriate, and keeping clear records of any amounts withheld.
This functionality helps businesses stay organized, ensuring that retention funds are handled correctly and reducing the risk of disputes with clients over payment amounts
EDI for Creditor Invoices and Built-In Scanning Function
Beams Software offers Electronic Data Interchange (EDI) functionality for creditor invoices, allowing users to import invoices directly into the system. This feature reduces manual data entry and helps ensure that all invoices are accounted for accurately. Alternatively, users can use the built-in scan function to scan and upload invoices, further streamlining the invoicing process and creating a paperless environment.
This feature is particularly useful for large construction firms that handle a high volume of invoices. By reducing the need for manual entry, Beams Software helps improve efficiency, reduce errors, and ensure that all invoices are processed in a timely manner.
Taxation Processing and Bank Reconciliation
Beams Software simplifies the tax process with its one-click Business Activity Statement (BAS) feature. This feature generates BAS reports based on the company’s financial data, ensuring that all tax obligations are met. Additionally, Beams offers import of bank statements for quick bank reconciliation, allowing construction managers to easily match financial records with bank transactions.
Beams also facilitates the production of banking ABA files, which can be imported directly into the bank for payment processing. This feature simplifies the process of paying creditors and employees, reducing administrative work and ensuring that all payments are processed accurately and on time.
Asset Register with Auto-Depreciation Journals
Managing assets is a key part of construction management, particularly for firms that own large quantities of equipment or vehicles. Beams Software includes an asset register with auto-depreciation journals, allowing users to track the value of their assets over time and account for depreciation in their financial reports. This feature helps businesses maintain accurate financial records and ensure that asset values are properly accounted for in the balance sheet.