What is CMiC in accounting?: Considering the construction business context, CMiC Accounting is a customized financial management accounting tool that is part of CMiC ERP (Enterprise Resource Planning) software. This is different from the ordinary general accounting software like QuickBooks because CMiC Accounting is a special financial management and accounting system which is based on Single Database Platform™ and integrates back office financial processes and transactions to the field and project management processes.

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Core Pillars of CMiC Accounting.

Unified Job Costing and General Ledger

The strength of CMiC Accounting is that all financial transactions get posted into the Consolidated General Ledger and into the job costing module at the same time. Labor, materials purchase, equipment utilization, and subcontracting bills get posted into the project codes immediately without any manual posting.

Specialized Construction Billing

Construction billing is hardly ever as simple as issuing flat invoices. CMiC Construction Billing takes care of more complicated billing structures such as:

• Progress Billing: Connecting payment application to milestone achievement or percentage completion of the project.
• Retainage Management: Tracking retainages in different stages of the project to improve cash flow control and manage future payments.
• Time and Material (T&M) Billing: Summarizing actual costs in the field plus markups.

Work-in-Progress (WIP) Reporting

It is very important for large-scale contractors to have proper reporting of WIPs in order to see whether their ongoing projects are overbooked or underbooked. CMiC does an extensive analysis of the costs to date compared to original budgets, which is necessary for the assessment of financial well-being by bonders and lenders.

Core Financial Applications

The accounting module has the following features:

• Accounts Payable (AP) & Accounts Receivable (AR)
• Consolidated General Ledger with multicompany and multi-entity consolidation
• Advanced Cash Management with management of multi-bank portfolios, cash flow management, and automated banking

How CMiC Compares in the Broader Tech Ecosystem

When it comes to comparison between general enterprise accounting and project control software, CMiC works within the same high end market niche as software that is reviewed in the CMiC Enterprise Review and the Viewpoint Vista Review.

Although smaller contractors may use products that are reviewed in the Payroll4Construction Review and Payroll Software for Construction, the enterprise solution like CMiC has to be specially designed to manage the large-scale financial picture of millions-dollar projects.

For a wider understanding of operational effects and other related systems, you may also check out ideas regarding "What Is the Best ERP for Construction?", "What Is the Best Payroll System for Construction?" and understand how software helps to streamline processes in "How Can Construction Payroll Software Help Your Business?".