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RECOGNIZE

Ensure accurate reporting for long-term contracts

  • li icon Automate the preparation of IFRS financial statements
  • li icon Recognize revenue accurately based on project milestones or percentage completion
  • li icon Track work-in-progress costs and obligations, ensuring compliance with IFRS standards
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ALLOCATE

Streamline project cost allocation

  • li icon Record and categorize expenses according to predefined budgets
  • li icon Accurately distribute costs for labor, materials, and overhead across projects or departments
  • li icon Report and analyze project costs by category or department to optimize expenditures
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MANAGE

Optimize fixed assets accounting

  • li icon Track all fixed assets with detailed records, including categories, acquisition costs, and values
  • li icon Calculate and update depreciation based on asset type and lifespan to ensure accurate financial reporting
  • li icon Schedule maintenance and manage asset sales or write-offs to optimize asset usage and value
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STREAMLINE

Simplify complex financial processes

  • li icon Automate transactions and maintain precise records for all financial activities
  • li icon Generate comprehensive reports to monitor expenses, revenue, and profitability
  • li icon Link accounting data to project costing, procurement, and financial management modules for consistency
  • li icon Integrate multi-currency and multi-company accounting to manage international operations with ease
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Achieve your goals with these features

Here are FirstBit ERP tools and reports to enable better management of construction projects.
Month-end closing

Month-end closing

Automate month-end processes with tools to calculate costs, allocate expenses, and generate accurate financial results.
Statement of account

Statement of account

Generate statements automatically using accurate records of balances and transactions with clients and suppliers.
Fixed assets accounting

Fixed assets accounting

Track acquisitions, calculate depreciation, and manage the lifecycle of assets, including maintenance, sales, and write-offs.
Cash assets management

Cash assets management

Manage and automate cash transactions, including deposits and reconciliations, to maintain precise financial records.
Transactions

Transactions

Handle all financial entries efficiently, linking them to specific projects, activities, or departments.
Multi-currency

Multi-currency

Manage transactions and accounts in multiple currencies, with automatic rate updates directly from the CBUAE.
Multi-company accounting

Multi-company accounting

Consolidate financial activities across multiple companies, with intercompany transaction tracking and unified reporting.
Statement of financial position

Statement of financial position

Generate IFRS-compliant balance sheets detailing assets, liabilities, and equity for UAE regulatory compliance.
Income statement (P&L)

Income statement (P&L)

Prepare profit and loss statements to transparently report revenues, expenses, and net income as per UAE requirements.
Statement of changes in equity

Statement of changes in equity

Track and report changes in equity, including retained earnings and capital investments.

Explore FirstBit ERP solutions for construction accounting

First Bit came with an impressive solution for all our accounting, project and administration needs. All departments are now synchronized which saves valuable time. This way, I can spend ample time on my business opportunities and developments.
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Shiyad Rasheed
Director at MATRIX
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First Bit came with an impressive solution for all our accounting, project and administration needs. All departments are now synchronized which saves valuable time. This way, I can spend ample time on my business opportunities and developments.

Who can get better results with First Bit Accounting module

CFO

CFO

Control costs and project profitability Explore arrow-left
Accountant

Accountant

Make accounting error-free and compliant Explore arrow-left
Operations director

Operations director

Streamline project execution Explore arrow-left

Frequently asked questions

What is construction accounting software?

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Construction accounting software helps contractors track expenses, manage costs, and generate financial reports compliant with industry regulations. In FirstBit ERP, accounting integrates seamlessly with project cost control, HR, and procurement modules. Features like automated transactions, multi-currency support, and IFRS-compliant financial statements ensure accurate bookkeeping while maintaining a unified data flow across the system.

What reports can I generate with the FirstBit accounting module?

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Can FirstBit ERP send statements of account to our clients automatically?

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What data can be transferred from our previous software to the FirstBit ERP system?

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Do we need to update foreign currency rates manually in FirstBit ERP?

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How many companies can we create and manage in FirstBit ERP?

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Don't find an answer? Meet our expert to get a detailed quote.
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Get to know the best FirstBit ERP features

Developed by experts in business automation of construction and contracting companies and united in a single customizable software.
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Project cost control

Project cost control

Avoid going over budget
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Project management

Project management

Keep projects on track
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Procurement

Procurement

Enable cost efficient purchasing
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Finance management

Finance management

Achieve financial stability across projects
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Taxes

Taxes

Ensure UAE tax compliance
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HR & Payroll

HR & Payroll

Manage workforce and payroll with ease
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Warehouse management

Warehouse management

Optimize supply chain
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Equipment management

Equipment management

Control equipment usage
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Production

Production

Integrate manufacturing processes
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CRM

CRM

Ensure all bids are submitted on time
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Sales

Sales

Streamline client negotiations and billing
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See FirstBit ERP solutions in action

Discover how our system solves the unique challenges of contractors in a personalized demo.

After the demo you will get a quotation for your company.