When teams aren’t communicating and collaborating properly, it shows up on the bottom line. Project teams waste more than a third of their time dealing with the fallout from poor communication, and investigating answers to questions that really should be easy to answer.
This scenario is all too common when it comes to financial workflows. That’s partly because these workflows involve just about every stakeholder you can name. It’s also because the financial health of the job is a reflection of all aspects of the project. All of the work, the progress, all of the hidden conditions, design resolutions, schedule pressures, changing requirements. All of these factors impact the budget in one way or another.
Financials are a measurement of the success of the project so far — and an indicator of the risks ahead. When field and office teams can’t see that financial information, or can’t trust that it’s accurate and current, then they can’t work together to do anything about it. Both GCs and specialty contractors need a way to allow their teams to manage project financials in tight cooperation.
When in the field, project managers face any number of financial questions that must be answered quickly and accurately. Lack of access to this data can slow or even halt work. By implementing an integrated project management and accounting system, you can be confident that your project managers and the office team will get exactly what they need when they need it.
Disconnected, inaccessible financial data holds project teams back. When project managers working in the field are forced to contact accounting staff in the office for project-related financial data before making decisions, costly delays can occur. By implementing an integrated project management and accounting system, you can be confident that your project managers and your office team will get exactly what they need when they need it.
Investing in technology that seamlessly connects operations data with financial data allows both project and accounting teams to continue to rely on their respective system-of-record while the integration elevates the data in both systems by way of a real-time data exchange.
The better integrated your accounting and project management systems are, the more you reduce risk associated with siloed field and office data, helping to save your construction business time and money as well as increasing trust and collaboration across your teams.
Benefits of using a comprehensive integration solution include:
1. Data Confidence
Information from one system is synced with the other, eliminating duplicate entry and increasing confidence that the data is free from errors by eliminating double entry.
2. Synchronized Sources of Truth
Up-to-date project and accounting data become accessible in real-time, providing synchronous, single sources of truth for both teams. Allowing both field and office teams to agree on a single set of facts.
3. Improved Collaboration and Participation
Different stakeholders have different needs in terms of the tools they use. Field and office teams can work within the system that was designed for their needs while giving the whole team the transparency that’s normally missing when working in different systems. Teams are united by a consistent set of data and the freedom to independently find the information they need to do their jobs.
4. Real-Time Cost Management
Project Managers are able to retrieve project costs and profitability data in real time, giving the team the visibility needed to identify potential problems and find smart solutions that help preserve the budget.
Leave a Reply