How Construction Accounting Technology Could Help Reshape the Pandemic Affected Construction Industry
The spread of COVID-19 created severe business downturn, bringing a massive loss of revenue to the construction industry.
Though the damage COVID-19 has made to the ongoing construction projects is still persistent with a shortage of material supply and labor, technology has turned to be a boon for all those who need to adjust their business practices and keep moving toward success.
Since the federal, state, and local authorities are doing their best to compensate those who have suffered financial loss, the retaining of projects still demands significant revival planning. Let us take a quick look at how construction accounting technology could help construction firms have a progressive business approach with significant stability.
Construction Accounting Technology: The Overview
Even though most contractors and construction firms are leaning on insurance claims and compensation for the significant business loss, the technology that has emerged has helped weather the decline of revenue. Thanks to the innovative project management and accounting software that have streamlined construction solutions with potential tools like Business Intelligence.
The technology has not only helped the contractors with unorganized data, but also has made it easier to check on business aspects related to CRM, ERP, and Project Management. Most construction firms have taken advantage of this project data to track delays. Aside from this, contractors are using their accounting and resource data to justify their qualifications for government funding programs such as CARES Act and other tax and loan relief programs.
Overcoming the Liabilities
Even if the United States is moving towards the gradual reopening of all the sites, there is a consistent challenge of dealing with late deliveries. Using a construction accounting and ERP software could help to keep track of project progress, costs, and other resources that need to be audited in order to avoid unwanted liability claims or lawsuits.
Defining Productivity with Project Management
When it comes to bringing the construction business back on the track by restarting halted projects, project management tools bring ease to move the project forward even with limited resources. Aside from this, software like Microsoft Dynamics 365 Business Central makes it very easy to track business opportunities. Also, the advanced features to track project progress and define cost categories for all the equipment, labor, and material help define the scope of the project with greater accuracy.
ERP (Enterprise Resource Planning)
When it comes to streamlining project data and past construction records, construction ERP software could help offset liabilities and define payroll data, especially taxes. This makes it easier for the construction firms struggling with the downtime to carry the operations in a more controlled manner.
In other words, using a technology that always keeps track of business activities and resource consumption makes it easy to specify the special operation costs associated with unique project needs. Ultimately, the construction accounting and ERP technology help in improved material management with effective business continuity leading to timely deliveries.
The Essential CRM Support
Sustaining a business through pandemic demands extreme coordination with the clients. CRM practices offered with a construction accounting and project management software helps to cut down the crisis. The technology put to customer relationship management can help establish transparency amongst the stakeholders reducing chances of clashes, in case of project suspension during emergencies.
When dealing with emergencies such as COVID-19, having construction accounting and project management technology can be utilized to map errors, limitations, and opportunities. Moreover, technology-assisted project progress makes it easy to acquire defined goals while maintaining contact between contractors and project owners.
Looking for the right construction accounting solution that can bring you all essential ERP, CRM, and Project Management support? Try ProjectPro, an expert solution that can help you capture all potential opportunities, thus driving your goals related to progress and sustainability.