Construction firms that are wedged with the conventional operational practices to resist expenses on a construction technology are majorly deprived of productivity and revenue. Moreover, the inability to choose and adopt the right construction accounting and project management software turns out to be another potential reason behind the loss of visibility.
Especially, when contractors keep on sticking with tools like spreadsheets, it becomes natural to afflict problems. Also, the use of offline sources for data-keeping related to inventory, resources, job hours, etc. makes it a very time-consuming and error-ridden process.
Moreover, the contractors who stick with legacy technology often find it struggling to pursue construction practices that can improve the data flow and operations for the better.
But how do construction accounting and project management software could change management practices? Let’s find out.
One of the most significant reasons behind the implementation of construction management software is streamlining the day to day operations for efficiency and ease. Either it is the back office or the project site, it should be a technology that can keep project managers, contractors, project owners, and field teams on the same grounds. Some of the reasons for which contractors must switch to construction accounting and project management software include:
› Improved Visibility
Construction projects demand high operational response and working on legacy methods could lead to errors due to limited access to real-time data. The process not only affects project visibility but creates the chances of losing opportunities. On the other hand, using construction accounting and project management software makes it easier to have real-time reporting of the tasks with better control of the operations.
› Job Forecasting
Planning a project and budgeting the entire construction project requires direction which can only be made possible through forecasting. When a construction contractor does not have access to the right technology, it often gets difficult to create the projections. However, using refined and sophisticated construction management software allows the project managers to draw purposeful data that helps with more precise decision making and job forecasts.
› Document Management
When it comes to productivity, the only thing that hampers any construction business is inconsistent document management. However, using construction management software allows architects, engineers, and sub-contractors to have access to up to date and precise information. Also, using construction accounting and project management software lets you keep all your drawings and data centralized allowing easy project tracking and development.
› Data Sharing and Control
When it comes to data or information management for construction projects, contractors need to keep all the data in the same place allowing easy access across teams working on the project. Using construction project management software that offers a centralized platform for service helps to improve the document sharing process reducing any chances of information loss. This can also be of great help to the project managers to plan for future activities and similar projects.
› Improved Workflow
Working with an integrated solution demands a complete understanding of the software tools and it can get overwhelming at times to manage the updates, system integrations, etc. However, using advanced cloud-based construction project management software can help project managers to avoid such issues while continuing routine functions. Besides this, using an all in one solution adds to the convenience since it allows automatic information updates within the system capabilities.
› Change Order Management
Another good reason for which modem construction contractors seek advanced construction management software is driving efficiency to the project. Also, it helps to improve the speed of the project development for improved productivity which helps to generate business opportunities and enhanced cash flow. And using centralized construction project management software helps to align all the change orders for better control. It even prevents any derailing of the construction projects when you need to manage multiple projects at the same time.
Since we have already walked through the features that define construction project management software, it is equally essential to understand the components of the software that helps to develop a comprehensive solution.
Even if you have an industry-leading comprehensive solution, it is essential to ensure that your solution must be implemented and run effortlessly. Though features available with modern construction management technology looks like heavy integration, there are certain essentials that are necessary for the efficient functioning of the system.
Purchasing a comprehensive solution for construction management is one way to ensure that both implementation and the use of the software go smoothly. Today’s top offerings are truly comprehensive, with features reaching every department of a contractor and integrating smoothly across teams.
› Finance and Accounting
Since construction projects demand continuous exposure to the budget and accounting data, using standard solutions such as excel sheets could cause loss to the business. But using accounting software with automated features allows improved control on payables and receivable information along with invoice management, transaction audits, etc. Moreover, modern construction management software can even help contractors to have analytics operations with the technology that can be used for financial forecasting and reports.
› Employee and Payroll Management
One of the most significant features or components that sets construction accounting software apart from others is managing the employee data. Since modern software comes with ERP and CRM features, it gets easier for contractors to track down payroll data, work hours, and other information necessary to keep the records up to date. Also, such features make it easier to avoid unwanted loss of revenue that may happen due to time theft or improper management of the payroll information of the employees.
› Resource Planning & Equipment Management
Construction project management software can be of great help to anyone who needs to improve the workflow for better business efficiency. It can add to the maintenance process and the integrated system approach allows automatic sharing of information for budgeting and finance-related management requirements.
Therefore, it would be nothing wrong to say that using all-in-one integrated construction management software can help you work on tasks related to procurement, compliance reporting, asset management, equipment control, inventory, as well as other demands of the projects.
› Project Lifecycle Management
Taking a project through its various stages is one of the most significant aspects of productivity practices. This is why most contractors upgrade to a solution that can help with real-time team collaboration adding value to the document management and project progress features.
Also, using a high-grade collaboration technology helps to have easier integration of document management and information sharing features. It can help a user to keep a record of all the information related to the project for more efficient and cost-effective management.
› Project Maneuvering & Control
When it comes to the features that can help to empower construction firms, most project managers look for features that can help with change order management, subcontract management, bid and job proposal management, job procurement, budget management, and more. Also, these features integrated within a single solution helps to improve decision-making with better collaboration between the teams.
All in all, automation features can help contractors to get rid of unwanted errors that may lead to loss of time and money. Therefore, contractors must seek solutions that can incorporate all the functions within unified software preventing unwanted purchasing, integrations, or management concerns.
› Enterprise Resource Management
When all the information related to the projects and resources is centralized, it proves to be of great help in the approval process preventing any friction with the project lifecycle. Also, the tools available with the ERP makes it easier to manage the information either it needs editing, changes, fetching data, or keeping the data protected against unwanted access.
Also, an easy to explore resource centre adds to the efficiency with the budget, equipment, and labor resource balance which is actually a very value-adding feature for any contractor. It not only helps to add year over year of productivity but benefits contractors to drive any potential opportunities with the right proposal and quoting information at fingertips saved from the past projects. Further, project managers and project owners find it easier to work on their decisions as construction management software offers the best with financial forecasting, scheduling, and more.
The Crux: What Makes the Best Construction Management Software
Though we have made our way through all the essential and additional features that make construction management software suitable for contractors, there are certain capabilities that set apart any construction accounting and project management software and are a must to meet the needs of advanced construction.
For instance, real-time access to data for construction contractors could simply add value to the tracking of office and job site. Also, mobile features make it easier for field teams, office teams, project managers, and contractors to connect using their smartphones or other devices for easy document access and collaborative decision making.
Moreover, the most refined construction software services not only aim for delivering the features but also provide the essential support and service necessary to streamline great customer journeys for contractors. And this should include all the implementation guidelines, deployment support, integrations, and updates that are vital for performance improvements.
Concluding it all, a complete construction accounting software brings the best of accounting, CRM, ERP, and Project Management features. It allows the users to catch the opportunities with an active approach to multiple projects with the best of communication and document support ultimately leading to enhanced productivity and improved project visibility.