Financial details are pertinent whenever decisions need to be made out on the field. Without access to current accounting data, construction teams must contact accounting directly or rely on guesswork from potentially outdated information. But, an accounting integration with your project management solution, like Procore Sage 300 CRE, real-time financial data is available instantly, from any Internet-connected device, allowing professionals to make accurate and confident decisions directly from the jobsite.
One of the main advantages of an accounting integration is the ability for customers to enter subcontracts and purchase orders within their project management solution and push the data directly to accounting. An accurate reflection of committed costs is then visible in accounting without the need for double entry.
Previous to an accounting integration, you would have to enter commitments in your project management solution and then going to the accounting system to manually retype the same information. This not only takes more time, but drastically increases the risk of incomplete or incorrect data. The reduction of manual data entry reduces the risk of errors.
It’s also vital that project managers out in the field need have access to current financial information in order to manage costs and accurately create forecasts. Once the cost of a particular piece of a job has been estimated and a dollar amount committed, project managers need to have insight into how much has been paid on commitments in order to make budget projections. The beauty of cloud-based construction software is the ability for the entire field staff and office staff to have access to the same system. All employees can harness the same reliable information from one centralized repository, from anywhere at any time.
Having access to accounting data in real-time also increases flexibility and preparedness for those on the job site. Since all data is accurate and current, employees can be certain that it can be used to positively inform any decisions that have to be made on location. For example, a project manager is looking at costs and knows they are 85% complete with the current section, but costs are already at 90% of what was estimated. If accounting data is available on site, the project manager can see that cost to completion is likely going to exceed the estimate, cutting into profits. Every time a contract adjustment is made, a commitment is entered, or a change order is submitted, integrated accounting data allows all steps to be done entirely within your project management software.