The main reason construction businesses implement an integrated project management system is for the visibility that they can gain over every aspect of a project. Besides being able to get projects planned and executed on-time, such systems also give businesses access to a wealth of data that can then be used to impact their bottom line.
Here’s a list of key reports that you should be able to pull at any moment from your construction project management software:
- Basic Accounting Reports
At a bare minimum, you’ll need the following for your accounting function: profit and loss report, balance sheets, trial balance and trading summaries.
You’ll also need a general ledger model that supports inter-company transactions and hierarchical reporting across business units and entities.
A modern system will also have integrated contract valuation capabilities (which results in auto-generated work-in-progress accounting entries). These basic reports are critical to business profit and loss, and if your system can’t seamlessly pull them all in a flash it’s time to take a look at what else is out there.
- Forecasting and Cash Flow Reports
These are the reports that will be key to understanding how profitable you are on the projects you undertake. You’ll need reports that help you manage project costs (e.g. revenue, risk and cash flow forecasting) and enable you to assess historical project performance.
The system should provide you with a financial analysis throughout the entire lifecycle of all projects, from tender to completion (bonus points if it gives you access to real-time job analysis and committed and projected cost reporting).
Armed with this information, you can change processes and quotes to improve future margins.
- Payroll and HR
The best systems run off real-time ledgers—making it easy for many of your business’ processes to be housed in one system. This includes tracking timesheets, labour costs and managing human resources.
In terms of compliance, using a system that’s been designed specifically for the Australian and New Zealand markets allows you to comply with legislation regarding monitoring and controlling your labour costs.
- Asset and Plant Management
Integrated construction software systems also offer asset and plant management capabilities. This means assets can be tracked from acquisition to disposal.
A strong system will provide you with tools to calculate asset accounting, depreciation, finance and operating leases. You will be able to track asset profitability and location and have complete control over repair and maintenance costing and billing.
Often in your role you’ll need to quickly pull a report about something very specific and an integrated software solution will enable you to do so.
You should be able to drill down into any report, in real time, and easily, in your system. You should also have the capability to export it as an Excel spreadsheet to enable you to edit and configure data if you desire.
If you’re interested in having all of these reports, we can help. To learn more, download our Request for Information fact sheet or contact us. Or, if you’d like to keep learning about how to choose the best software for your business, download our Construction Software Buyer’s Guide.