Construction firm's operations and finance systems

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Introduction

There are times when teams do not communicate and collaborate properly, and it shows up on the bottom line as a result. It has been estimated that more than a third of the time spent by project teams is spent dealing with the fallout of poor communication and researching answers to questions that should be answered easily.

When it comes to financial workflows, this is one of those scenarios that are all too common. The reason for this is in part that these workflows are involving pretty much everyone you can think of as a stakeholder. There is also another reason for this, which is that the financial health of a job is a reflection of all aspects of the project. The work being done, the progress being made as well as any hidden conditions, such as schedule pressures, design resolutions and changing requirements that have to be addressed.

It is not uncommon for project managers to encounter a number of financial questions on the field that need to be answered as quickly and accurately as possible. In the absence of this data, work can be slowed or even halted. You can be confident that your office team and project managers will get exactly what they need when they need it when you implement integrated project management and accounting system.

Other Factors To Consider

It is not unusual for project managers to be faced with a variety of financial questions in the field that they have to answer quickly and accurately. It is possible that work can be slowed or even halted if you do not have access to this data. In order to provide your project managers and the office team with the exact information they need when they need it, you should implement a project management and accounting system that integrates the two.

Project teams are held back by disconnected, unavailable financial data. Costly delays can develop when project managers on the ground are compelled to speak with accounting employees in the office to get project-related financial information prior to making decisions. You can be sure that your project managers and office staff will get what they need when they need it by putting in place integrated project management and accounting system.

The project and accounting teams may continue to depend on their respective systems of record while investing in technology that seamlessly links operations data with financial data, elevating the data in both systems through a real-time data interchange.

Your construction company will save time and money as well as increase trust and collaboration among your teams if your accounting and project management systems are integrated better.

What are the benefits of using comprehensive integration?

Complementary integration solutions offer a number of benefits, including:

The synchronization of truth sources

As a result of this integration, real-time project and accounting data are available in real-time, so that both teams will have access to up-to-date information in real-time. Making it possible for both the field team and the office team to agree on a single set of facts.

Collaborative and participatory work also gets improved

Depending on the stakeholder, the tools used by that stakeholder may differ in terms of their requirements. Team members who work in the field as well as those in the office can work together within the system that was designed specifically for their needs, providing their entire team with the transparency that is normally absent when working in different systems.

There is a consistent set of data available to all members of the team, and they are also free to access this data independently to do their job.

Monitoring cost management in real time

The Project Manager is able to retrieve online data about the costs and profitability of a given project in real time, providing the team with the visibility they need to identify potential problems and find smart solutions that can help keep the budget intact.

Data with lesser errors

By synchronizing data from one system with another, it eliminates the need for duplicate entries and increases the confidence that the data entered is free of errors by eliminating the need for duplicates.