Accounting built for construction and contracting businesses
Track project costs, manage suppliers, monitor cash flow, and understand profitability across projects with accounting designed for project-based businesses.
Track revenue and expenses per project
Manage supplier invoices and payments across projects
Understand project profitability and business cash flow in real time
Key benefits
Trusted by construction businesses across Oman
Track financial performance across multiple projects
Assign projects to invoices, expenses, and supplier bills
Monitor profitability and cash flow across projects
ZATCA Phase 2 compliant invoicing and VAT reporting
Construction Accounting Software
Financial challenges in construction and contracting
Project cost overruns
Without clear tracking of expenses and supplier payments, contracting projects can exceed their budgets before businesses realize it.
Supplier and material management
Contracting and construction companies work with many suppliers across different projects, making it difficult to track invoices, purchases, and payments.
Limited visibility into project profitability
Many contracting businesses cannot easily see whether a project is profitable until it is already completed.
Compliance and invoicing requirements
Construction companies must generate compliant invoices and maintain accurate financial records for VAT reporting and regulatory compliance.
Cash flow gaps between expenses and client payments
Contracting companies often need to pay suppliers, subcontractors, and materials before receiving payment from clients. Without clear cash flow visibility, businesses can struggle to manage working capital across multiple projects.
Track finances across every project
Wafeq allows you to organize financial activity around each project so you can track revenue, expenses, cash flow, and profitability in one place.
Organize your workflow
Create and manage projects
- Define projects, organize financial activity around them, and monitor each job independently.
- Assign invoices, supplier bills, and expenses to projects and cost centers for clear financial visibility.
Monitor project cost and profitability
Track and analyze costs and revenue
- Track materials, subcontractor payments, and customer invoices to assess project performance.
- Analyze how incoming payments and outgoing expenses impact cash flow across active projects.
Project allocation and compliance
Allocation & filtering
Cost center and project allocation
Track revenue, costs, and financial activity across multiple projects and understand the profitability of each project.
Organize financial activity by projects and cost centers. Track expenses and financial performance across departments or construction sites, or operational units.
Reporting
Cash flow reporting
Construction businesses experience delays between paying suppliers and receiving payments. Understanding cash flow keeps projects running smoothly.
- Cash flow reports using both direct and indirect methods
- Visibility into incoming and outgoing payments
- Project-level filtering to understand how each project affects cash flow
- Real-time insight into available cash and financial commitments
Compliance and automation
ZATCA-compliant invoicing & VAT reporting
Wafeq helps construction companies issue invoices that comply with ZATCA Phase 2 requirements and automatically generate VAT reports while maintaining accurate financial records.
- ZATCA Phase 2 compliant invoicing
- Automated VAT reporting
- Organized financial records for audits
Understand project performance and cash flow in real time
Reports in Wafeq help construction businesses track project profitability and company cash flow while managing multiple projects.
Payables and receivables tracking capabilities
Advance management
Advances & progress billing
Construction projects often require advance payments. Record them from customers and apply them to project invoices later for accurate financial tracking.
Advance payments can be recorded before invoicing and linked to future invoices through credit balances.
Retention handling
Retention tracking for contracts
Construction contracts often include retention, where part of the invoice is withheld until the work is completed.
Record retention directly on invoices and track retained amounts using a dedicated retention account. Issue a separate invoice later to settle the outstanding balance.
All-in-one solution
Supplier and purchase tracking
Record supplier invoices, track purchases for materials and services, and manage supplier payments across projects.
Receivables and payables visibility
Managing receivables and payables is essential when working across multiple clients and suppliers. Wafeq reports help track outstanding balances and payment timelines.
Customer Aging Reports
For monitoring outstanding invoices by aging bucket
Supplier Aging Reports
For monitoring unpaid supplier bills
Detailed Aging Reports
For monitoring document-level balances
Balance Summaries
For monitoring the visibility into receivables and payables
Complete financial visibility for construction businesses
Wafeq helps construction companies track project profitability, manage supplier costs, handle advance payments and retention, monitor cash flow, and stay compliant with tax regulations — all from one platform.