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Q: Comparison of accounting platforms for construction lending business ( No Answer,   0 Comments )
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Subject: Comparison of accounting platforms for construction lending business
Category: Business and Money > Accounting
Asked by: loanguy1-ga
List Price: $75.00
Posted: 20 Jun 2005 13:12 PDT
Expires: 22 Jun 2005 18:53 PDT
Question ID: 535204
I am working with some partners to start a new non-bank construction
and development finance company that will provide asset based loans to
local single and multi-family home builders and developers.  We have
selected Fair Isaac's The Construction Lendor (TCL) as our loan
management platform, and now I need to select a general accounting
platform.  I would like some advice on which platform, of the many
available, would best fit our needs for the lowest cost.

TCL will contain all the detail on our construction and development
loans.  It will write checks to pay vendors, it will handle loan
disbursements and payments from borrowers and it will calculate
interest and principle on all outstanding loans.  TCL has the ability
to aggregate GL entries using its own internal chart of accounts and
then it can send those aggregrated entries (presumably monthly) over
to another third party accounting platform.  The chart of accounts in
TCL can be set up to match the one in the accounting platform.

Since most of the work will be done in TCL, we only need GL and AP
functionality in the accounting platform.  The AP is to pay vendors
not related to loans like rent, utilities, etc.  We plan to use an
outside service for payroll.

My main question is can we get by with a Peachtree or a Quickbooks
Enterprise or should we be looking at spending more money on a MAS90
or ACCPAC type of platform?  Is there another platform out there? 
Please provide some detail that supports your recommendation(s).

Please feel free to email me will any questions.

Thanks.
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