Cloud-based Financial Software Puts Project Managers in Control of the Bottom Line
Thanks to mobile, cloud-based solutions, there’s a better way for field teams to monitor project budgets with full visibility, minimal legwork and fewer surprises.
The new generation of cloud-based field financial software takes the sting out of managing budgets—putting project managers firmly in control of the bottom line. Construction financials shouldn’t be any more difficult than this. Knowing this, why is it that only 52 percent of construction companies use mobile software to manage their projects?
THE SOLUTION IS IN THE TEAM’S HANDS (AND DEVICES)
Change can be intimidating, but with today’s intuitively designed mobile solutions, mastering construction field financials is as easy as using a smartphone. To convince the other 48 percent of the field financial teams who may be hesitant to say goodbye to traditional ERP systems, show them what’s in it for them.
CREATING MONTHLY JOB COST REPORTS
For project managers, digging through point solutions for monthly cost data is time-consuming. Using a cloud-based budgeting solution makes creating job cost reports easier and more efficient. With dynamic dashboards and a configurable custom reports and configurable budget, financial stakeholders have access to the insights they need to make informed decisions. Once reporting templates are set up, generating the job cost report takes just a few clicks. With job costing report no longer taking days to complete, employees can get back to doing what they were actually hired to do—managing projects.
COLLABORATING WITH ACCOUNTING
The old business model of forcing both accounting and field teams to work off of legacy ERP software that was designed with only one of those teams in mind is inefficient and bad for camaraderie. While the manual process of inputting data is still a tedious task, employees no longer have to repeat the time-consuming process two or three more times because the ERP system doesn’t integrate between its modules (like accounting and project management).
By going mobile, project managers no longer have to wait on the accounting department to receive the most up-to-date financial data, or be forced to work with antiquated job costing tools embedded in an accounting system. They’ll have the tools to manage a dynamic, living budget that provides a real-time pulse on the financial health of their project, enabling them to deliver their project on time and under budget.
Mobile financial tools simplify the payment process for project managers by allowing subcontractors to electronically submit requisitions and automatically send notifications when payments are overdue. Helping people get paid that much faster and helping project managers avoid time-consuming phone calls or tasks can easily be automated.
SOLVING THE MYSTERIES OF MISSED BILLS AND CHANGE ORDERS
The days of struggling to keep up with change orders and waiting for superintendents to hand over updates are long gone, thanks to mobile technology. It’s the easiest way to deal with transactions in real time and keep track of what the company owes others without payments tallying up in the darkness only to appear last minute.
TRAVELING TO MULTIPLE JOBSITES EACH DAY
One of the biggest advantages of mobile technology is the ability to access information from anywhere. See budgets across the entire portfolio, from anywhere, any time by logging into software accounts. Account for potential costs as they occur in real time without setting foot on the jobsite to see what’s going on.
Thanks to the cloud, tools are available to help project managers bring job costing out of the office and into the field. Understanding exactly where the project stands against the budget every day saves time and effort and establishes reasonable financial guard rails to help maintain a healthy portfolio of projects that company executives will appreciate.