It is essential to centralise construction company financials, comprehensive Construction ERP Platform streamlines critical systems allowing your entire construction team ease of use while delivering valuable financial reporting.

The golden rule in construction cost management, make recalling financial information easy with confidence, without the need of report translation or consolidation.

Construction projects move quickly, firm hands on project financial outcomes are vital – achieving consistent predictable financial tools are key.

Labour and Equipment costs carry a large portion of project financial risk.  Run away direct costs can dramatically effect project outcomes. MYOB enables weekly even daily job site cost reports so stakeholders have direct knowledge of current costs accrued onsite.

Signs there’s more work to do:

• Are you transposing timesheet information to process payroll?
• Manually updated budget reporting?
• Have no project cost budgetting because your payroll doesn’t support
• Unable to cost equipment to the project?

Contractors rely on effective AP process that govern purchase approvals, invoice payments and open collaboration with internal and external teams.  Designed correctly, a single string of Accounts Payable automation will speed up procurement without the risk of unapproved supplier payments.

Signs there’s more work to do

• No formal process to populate P.O’s from estimate data
• Lack of purchasing and invoice approval process
• Inability to support bank feeds
• Relying on transacting directly to the General Ledger, no project cost code

Managing multiple projects with varying cost structures requires a firm reporting structure that empowers team members so everyone can contribute to the project success. 

Developing and maintaining reporting structures can be challenging without in-built job cost reporting.

Signs there’s more work to do

• Job cost reporting is time consulting to produce
• Managing monthly progress claims from spread sheets
• Retention being tracked outside of AP Reporting
• Not able to manage variations as a profit centre

Running multiple entities in construction to reduce financial risk is common, but this can create challenges down-stream to achieve accurate easily produced company financials and cashflows.

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Signs there’s more work to do

• Spending unproductive time consolidating Excel reports
• Unable to easily produce rolling cashflow reports 
• Unaligned company to company general ledger structures
• Complex or blotted account structures