Contractor Accounting Software for Diverse Corporate Structures
Inherent in PENTA Accounting Software for contractors are sophisticated multi-company management capabilities, designed to improve performance by automating the most common multi-company construction accounting challenges:
- Maximize Resource Utilization across companies and locations.
- Manage Profit & Loss by Business Unit, whether by geographic location, line of business or manager.
- Track Asset, Liability and Equity Values by legal entity; establish Balance Sheets by entity.
- Meet Reporting Requirements for legal entities, including W2, 1099, income tax and more.
PENTA has been designed from the ground up to meet the needs of large firms with sophisticated requirements such as complex multi-company organization structures, diverse project management requirements, multiple locations, and international operations. A key requirement to meeting these needs is a foundation that supports an organization structure that grows and changes over time. In PENTA, this begins with the Organization Unit hierarchy.
PENTA’s Organization Unit hierarchy facilitates:
- Unlimited levels of business units within the corporate hierarchy
- Ability to roll up financial results using the parent/child hierarchy, but just as easily roll up similar business units across the hierarchy without having to hardcode reports
- Chart of accounts is set up one time, not once for each company and business unit
- As your corporate structure changes over time PENTA allows for insertion of new levels in the hierarchy or changing the relationships of the existing business units
- User security may be tied to any level in the hierarchy. For example, user ABC may be allowed to view activity in division 1 but not division 2 within company X
- Ability to define business rules by organization unit. Some examples include:
- Establish different overhead rates by company, division, department, etc.
- Authorize the use of specific data elements by business unit – e.g., work order status code “out to lunch” is valid for use in the Denver service department but not the Portland service department, or customer location #99 is valid for use for a subset of business units, but not all
- The approval workflow for a purchase order may differ between the engineering and construction business units
Inter-Company and Intra-Company Accounting Software for Contractors
PENTA simplifies inter and intra-company transactions between business units by recognizing the existence of multiple companies on transactions and automatically creating the necessary balancing inter-company AP and AR entries.
Customer Invoicing / Billing
PENTA contractor accounting software provides automated billing for lump sum, unit price, cost plus and time and material jobs. A single job can include one or all billing types. When using multiple jobs to manage a project internally, PENTA gives you the ability to easily roll jobs into a single customer invoice. PENTA offers many standard invoice layouts including formats for the AIA G702 / G703 documents.
Keys to a Successful Construction Software Rollout
Evaluating Construction Accounting Software? Learn the three Keys to a Successful System Rollout.
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Penta Technologies develops enterprise software that helps construction, service, and engineering enterprises improve business performance.
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