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Construction Tech Review | Monday, November 23, 2020
Investing in technology that effortlessly connects operations data with financial data helps both project and accounting teams stay in their software of choice while integrating real-time data between systems.
FREMONT, CA: While in the field, project managers face any number of questions that must be answered speedily, with accurate financial data. By employing integrated project management and accounting system, firms can be confident that their project managers will get what they need and when they require it.
When project managers operating in the field are urged to contact accounting staff for project-related financial information before making decisions, expensive delays can occur. This problem can be solved by integrating the system. Investing in technology that effortlessly connects operations data with financial data helps both project and accounting teams stay in their software of choice while integrating real-time data between systems.
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The more integrated the accounting and project management systems are, the more the firm will reduce the risk associated with the office and field’s disconnections, saving the construction business time and money.
Benefits of Using a Comprehensive Integration Solution Comprise:
Synchronized Data
Data from one system is synced with another, removing the need for error-prone manual reentry.
Enhanced Decision Making
Project teams gain admittance to accounting data to empower data-driven decisions.
Consistent Data
Up-to-date project and accounting information become accessible in real-time, offering a single source of the entire company’s truth.
Improved Contract Management
Subcontract and purchase order detail can be brought directly into the business’s accounting system without the necessity for double entry. Errors are subsided, and one gets an accurate read on committed expenses.
Better Cost Management
Project managers can recover cost information in real-time, helping them make adjustments if projects are in danger of going over budget.
More Accurate Forecasting
Project managers can immediately see committed costs set against estimated expenses, allowing them to create forecasts swiftly, accurately, and competently.
For businesses struggling with subcontractors sending in their invoices on excel spreadsheets, pieces of paper, and even paper napkins typically with incorrect calculations, the integration of project management and account systems can help evolve the complete invoice processes.
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