Core Benefits of Integrating your Construction Firm’s Financial and Operations systems

The secret behind a successful construction project is effective management. To make this happen, it’s important for companies to ensure they’re following the best practices for managing core functions of a project throughout each phase. As firms continue to invest in technology to seamlessly connect operational data with financial data, there will be better planning and execution by reducing risk associated with the disconnect between the field and office; ultimately saving both time and money.

Benefits of using integrated financial and operational systems include:

Synchronized Data: Data from one system is synced with another, eliminating the need for error-prone manual re-entry.

Consistent Information: Up-to-date project and accounting data become accessible in real-time, providing a single source of the truth for your entire company.

Improved contract management: Subcontract and purchase order detail can be imported directly into your accounting system without the need for double entry. Errors are reduced, and you get an accurate read on committed costs.

Better cost management: Project Managers are able to retrieve cost information in real-time, enabling them to make adjustments if projects are in danger of going over budget.

More accurate forecasting: Project managers are able to immediately see committed costs vs. estimated expenses, allowing them to create forecasts quickly, accurately, and efficiently.

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