From funding sources, to budgets, to contracts, to actuals, cost management in construction is critical for project success.
A comprehensive project management software platform can seamlessly track each step of your financial process from budgeting to bidding all the way through contracts, change orders and invoicing. That way you can slash processing times and eliminate cost overruns.
So, where do you start? Here’s what you should look for in a project management software to make cost management in construction much easier:
Capital Planning/Budget Allocation Capabilities for:
- Strategizing, allocating and tracking capital projects and funding sources
- Grouping projects and funding sources by the arrangement that best fits your team workflows
- Narrowing down fund sources by phase, project, fiscal year and more
- Linking allocated funds directly to a project
Project Budget Capabilities for:
- Showing real-time visibility into every project cost
- Calculating roll-ups automatically
- Flagging any items that conflict with your approved budget
Bidding Capabilities for:
- Creating bid packages directly from the approved budget
- Allowing bidders to download documents, submit bid RFIs and upload proposals in one central place
- Leveling bids for you to award contracts seamlessly
Contract Capabilities for:
- Creating contracts directly from winning bid packages
- Generating contracts directly from items within your budget
- Automating the approval process
RFIs & PCOs Capabilities for:
- Receiving RFIs and easily linking them to potential change orders (PCOs) to see budget impact
- Rolling all PCOs into one change order
Change Orders Capabilities for:
- Notifying responsible team members immediately of change orders through an automated workflow
- Linking approved change orders directly to corresponding contracts and budgets
Invoice/Pay Apps Capabilities for:
- Ability for contractors and vendors to submit their pay apps and invoices easily
- Auto-populating the schedule of values and retainage from corresponding contacts
- Pushing approved pay apps and invoice data seamlessly into your ERP system
Analytics & Reporting Capabilities for:
- Showing real-time information and tracking progress
- Improving forecasting for better data-driven decisions
- Giving you the insight to sustain your company’s growth
- Providing real-time dashboards to see crucial analytics at a glance
- Reporting on a single project or an entire construction program
From the concept of every project, all the way to closeout, having total visibility into every aspect of your financials will ensure you control project costs so you deliver on or under budget.
