Sure, you can probably get by managing one or two construction projects in Excel. However, as change orders begin to stack up in various projects and invoices continue rolling in, your functional spreadsheet has become an error-ridden mess.
The reality is, you’re not just running one or two projects. Your construction program likely has dozens, if not hundreds. And, a bunch of error-prone spreadsheets won’t tell the full story of your construction finances. With the construction cost tracking tools in Projectmates, every contract, change order, pay app and construction cost is tracked for you, ensuring a small spreadsheet miscalculation doesn’t become a seven-figure complication.
Within Projectmates’ construction budgeting tools, all project financial data has a relationship. As you send out bids, receive change requests, and pay your vendors, everything tracks back to your budget in real time. This allows you to immediately see the anticipated costs and how they impact your budget on that specific project, and better yet, how it affects the budget for your entire construction program.
Your construction budget in Projectmates is a live record that provides visibility into every project cost. You’re able to view by groups, cost accounts, funding sources or work breakdown structure.
Roll-ups are automatically calculated and Projectmates flags any items that conflict with your approved budget. With the real-time snapshot of all anticipated, committed and actual construction costs, you can be proactive instead of reactive.
Create and send out construction bid packages directly from your construction budget. Contractors can view, download and print all required construction documents and drawings.
You can then see who is interested in bidding on your project, who submitted proposals, and even award the contract directly from your Projectmates platform. And by using the automated bid leveler, you and your team will save hours of manual bid comparisons.
The seamless process for contract creation is so easy you’ll wonder how you did it any other way. Projectmates’ cost tracking tools allow you to quickly create contracts either directly from your project bid packages or from items within your budget.
And with one click, you can start the automated approval process. Responsible parties will be notified and they can approve or reject contracts from anywhere by using the Projectmates app. Close the loop with digital signatures to further reduce those paper processes and save time.
Projectmates’ construction cost tracking tools also provide your team the ability to create and track purchase orders (POs). Once a PO is created, you can send it out to all responsible parties for digital approval. From there, your field personnel can easily verify delivery from any mobile device on site.
You’ll be able to track committed costs with a dynamic link to the project budget. Any unused materials? Your team can track those in Projectmates once the job is complete.
In construction, change is inevitable. It’s how you manage those changes that will make or break your budget. If your team needs to pivot, quickly create a change order in Projectmates. Decision-makers are automatically notified and will see the potential change reflected in the budget before approval. Once approved, your contractor is notified in real time and your crew is back on track. Reducing these bottlenecks means less impact on your schedule and budget.
Manage Your Contract Contingency Funds
Manage additional costs through in-contract contingency funds as opposed to traditional change orders with a streamlined process to track, manage and reallocate contingency funds to other line items in a contract. It’s an excellent way to plan for unexpected costs from your external partners.
Pay your vendors, consultants and contractors faster. Projectmates is built to safeguard against double billing or over payment — which are all-too-common problems in the construction industry.
Projectmates also auto-populates the schedule of values and retainage from the corresponding contract. The only thing your vendors have to do is submit their percent of work completed and materials stored. Your team then attaches any relevant documents and pushes it through straight to your ERP system.
What about accounting? Projectmates integrates with all modern ERP systems. You can send all financial data from Projectmates over to accounting in just a few clicks.
Once checks are cut, accounting can then push that information back into Projectmates. The goal is to save you time, double entry and improve your bottom line.