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An appropriate accounting software is very vital for operating all construction companies successfully. Companies of all sizes are continuously dealing with numerous subcontractors, contractors, and temporary construction teams which further complicates procurement, payroll, and several other accounting functions. Pertaining to this fact, a reliable software is required for guaranteeing everything from purchase orders, to inventory and equipment is being tracked, utilized and replenished accordingly.
Construction accounting software offers users with several financial management tools for construction activities and large projects. These solutions provide features such as payroll, job costing, general ledger, audit reporting, and accounts payable and receivable (AP/AR), among others. Certain construction accounting software solutions are developed and focused for specific financial information, while others offer accounting insights into the organization as a whole. Construction accounting solutions are almost equivalent to basic accounting software; however, they are particularly tailored to the construction sector. Through deploying construction accounting software, builders and contractors are capable to enhance project performance by offering all the relevant information to the project managers.
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Impact of COVID-19 Pandemic on Construction Accounting Software Market
According to the latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to COVID-19 outbreak. The outbreak first began in Wuhan (China) during December 2019, and since then, it has spread at a fast pace across the world. The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in the year 2020 and likely in 2021. The outbreak has created significant disruptions in the construction sector. The sharp decline in the international trade is negatively impacting the growth of the global economy. The production shutdowns, restrictions on supply chain, procurement management, labor scarcity, and border lockdowns to combat and contain the COVID-19 outbreak have adversely affected the construction sector. The production slowdown in the construction industry is directly affecting the adoption of various ad-hoc technologies and solutions such as construction accounting software, as the construction companies have reduced their spending on adopting several technology solutions to deal with the current scenario. The impact of COVID-19 outbreak on the construction accounting software market growth in various countries/regions is described in the below sections.
Strategic Insights
The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
Top Mentioned Players in Construction Accounting Software Market are-
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