For many years, construction companies have been limited in their ability to communicate key project updates between the field and office. While companies across every industry have dealt with the consequences of silos between important software systems, construction companies have had the unique challenge of attempting to connect teams in different locations that must work together to provide the best value to customers.
Accounting staff and project management teams rely on each other to communicate daily updates from the field to the home office. However, lack of integration between software programs that capture this information can lead to errors in decision-making due to not having access to the latest information from the field, or feedback from accounting personnel. While it may simply seem inconvenient, any gap in project data communications can have serious financial consequences on projects of every size.
That’s why project management technology experts have increasingly recommended that construction companies combine their accounting and project management systems. New cloud-based collaboration software makes this integration seamless and helps project management and accounting personnel work more closely without the need to physically be in the same place.
Below, we’ll look at some of the benefits of integration and how to choose a construction technology platform that will connect your field personnel and accounting teams in real-time.
When project managers are forced to rely on either phoning home or visiting the office to address accounting-related tasks in person, significant delays can occur. In addition, project information can change in the time since they left the jobsite, affecting critical decisions project managers may have assumed were already made. An integrated approach ensures managers on both sides of the equation are equipped with the freshest information no matter their location.
In addition, integrating accounting and project management platforms can benefit the contract management process, with purchase orders and subcontract documents ingested directly into the accounting system. This helps eliminate errors caused by duplicitous entry.
Improved cost management is another advantage, as project managers can access cost data updated in real-time to ensure they are making the best decision for the jobsite. By utilizing continually updated figures, project managers are acutely aware of the state of their budget – and the possibility of going over.
Finally, one of the clearest benefits of real-time project cost data access involves forecasting. The accuracy of cost data versus estimated expenses is essential for forming forecasts that reflect what’s happening on the jobsite. Integrated accounting and project management tools help produce more accurate forecasts to the benefit of the building owner and project staff.
Mobile Projects software makes it easy to stay connected between the jobsite and home office. Not only that, it integrates all members of the construction team, from subcontractors to architects, to ensure data is accessible by all, regardless of how often they visit a jobsite.
Other fully-integrated construction platforms include construction project management software that integrates front-to-back office processes. These solutions can also provide automated features to help reduce mistakes and other inefficiencies.
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