An enterprise construction management software should be capable of tracking any and all costs associated with your construction projects. These cost tracking features should not only extend to the construction phase, but also the entire financial life cycle of a project—from site selection all the way to closeout.
Projectmates robust cost tracking features address these needs in spades. Use the system to track your initial budget estimate and compare it against how much you’ve committed from contracts and purchase orders across all phases of the project.
Your contractors, architects and vendors can collaborate with you in the system and enter their change orders and invoices directly through Projectmates. All of this is moderated by an electronic approval process that you have complete control over.
A Projectmates budget is the primary hub for tracking all costs related to your project. This includes hard costs from construction work, soft costs from professional services and surveys, and even FF&E costs as the project is being closed out and furnished. Want to keep your new construction and capex costs separate? Several budgets can be managed simultaneously in a single project.
Not only does the budget have fields for tracking your project’s budget estimate, but also any commitments, change orders, and invoices as well. Manual entry is kept to the utmost minimum; as your externals submit change orders and invoices through Projectmates, the corresponding budget fields will automatically upload to reflect these items.
For example, when your contractor submits a pay application, the Spend to Date column in your budget automatically updates to reflect their new invoice. When you award a contract, the Commitments column in your budget will update to reflect these committed values. It’s like having a live spreadsheet that never locks and never shows the dreaded REF# error.
Electronic versions of your GC and professional services contracts can be easily created using Projectmates contract management tool. Every bit of information can be tracked, such as retainage, scope of work, substantial completion date, and the entire schedule of values down to each line item. Contract line items can be designated as lump sum or unit price, depending on the type of work.
Whether you are handling hundreds of $100K contracts or a single $250MM contract, Projectmates accommodates it all. With our integration with DocuSign, contracts can even be signed and sealed using a simple electronic signature process. No more emailing contract copies.
Projectmates excels at managing the myriad of purchase orders that could be associated with your projects. Track costs for not only construction work and professional services, but also the purchasing of televisions, beds, kitchen equipment and more. Projectmates POs are flexible and can detail not only the cost of materials, but also shipping and taxes.
Once a contract has been approved, its schedule of values has been locked down and can only be modified through change orders. Change orders can be created to request additional funds for existing line items, brand new line items, and/or specify changes to the substantial completion date.
Projectmates thrives in a collaborative setting. Instead of submitting it on their behalf, your externals can access Projectmates and submit their own construction change order form for you to approve electronically.
Accountability is important when additional costs are on the table. Each change order must be prefaced with a reason code on why it is being submitted, whether it is for code compliance, changes to design, drawing errors, a request from the owner, or unforeseen site conditions.
PCOs are a common workflow requirement for many GC contracts. Your contractors are able to submit PCOs for your approval. PCOs that have been approved can then be rolled up into a change order to be billed against.
Construction Contingency and Owner Betterment Allowances can also be managed within Projectmates. You can designate specific funds to contracts or as overall contingency for your entire project.
The Projectmates Change Order module also doubles as a tool to approve expenditure allowances. A change order can be created to approve the usage of funds from an allowance or contingency fund. Once approved, the external can bill for these approved funds in their next invoice or pay application.
Projectmates features an easy and robust tool for your externals to submit construction pay applications and invoices against their contracts. Line items can be billed against by entering the actual amount or a percentage.
Security protocols are organically built into Projectmates billing to make it as straightforward as possible for both you and your externals. Pay periods must be specified to prevent double billing on the same pay period.
Each line item will display how much of its commitment has already been billed for and prevent any overbilling. Change orders can only be billed against once it has been completely approved by your designated approvers.
Your contractor can log into Projectmates each month to submit a standardized pay application against the line items you define. This simple, easy-to-use tool will guide them through the steps of specifying the pay app details, billing against their line items, attaching necessary files such as the lien release or affidavit of payments, and sending it in for approval by your team.
Projectmates can integrate with any common ERP accounting system. The instant integration tool can facilitate a push of all invoice and pay application data required to cut the check in your accounting system.
The structure of you Projectmates invoices can be customized to contain all of the fields necessary for a successful integration. In addition to the invoice date and billed line items, this can include PO Number, GL Business Unit, Department ID and more. Your accounting team will be astonished by how easy it is to retrieve data from the system.
For example, fully approved invoices can be pushed to your accounting system on a regular schedule to be processed. If the invoices contain all the information required by your accounting system, it will cut the checks and notify Projectmates of the successful payment. A follow-up report will be dispersed to your accounting team notifying of all successful payments, as well as invoices that could not be processed and require additional info.
Every financial item in Projectmates can be exported out into a customized format. In addition to default exports for AIA G702 and G703 documents, the Projectmates team will work with you to create any customized exports that would benefit your team.
Every organization has different needs and priorities when it comes to managing the financial life cycle of their projects. Projectmates cost tracking features are designed to conform to your workflow processes and enhance them through standardization and automation. It provides your team the tools needed to expedite payments, easily track costs, and ensure that projects stay under budget.
New to construction management software? Check out our complete guide for choosing the right one.