Job cost is one of the main concerns in the construction industry. As a construction project manager, you may already know that gaining a comprehensive and transparent project overview can be challenging. To avoid a pay or bonus cut, it is wise to implement efficient and easy-to-use construction cost-tracking software.
1. Still using spreadsheets (Excel)
Tracking your project job costs, documents, budgets, expenses, sub-contractors performance, and contracts on different spreadsheet pages can be bulky and unwieldy, as all project data is then sitting in other folders or sub-folders somewhere on your computer. Managing your construction project like this is torture, a fact you will realize sooner or later.
However, with the right tool, project managers can directly upload spreadsheets with estimated costs, among other documents, to a centralized database that is easy to access in real-time.
2. Reporting the same cost documents multiple times
With your subcontractor’s scope of work, job costs will likely be re-entered into a main spreadsheet from various other spreadsheets and sub-folders. This is a very time-consuming process with a high risk of manually inserting errors and data mismatches. Moreover, data delay prevents the project manager from making relevant decisions.
By processing your expenses with cost tracking from Planyard, you will have complete visibility for every single article, from estimate to contract until actual costs. Planyard automatically updates the budget whenever any cost is submitted and sends articles and posts straight to accounting.
3. Data is inaccurate or incomplete
There is a high chance that human error and missing data can occur right from the start. Suppose there is no system to confirm that data is authentic. In that case, the project manager will discover these errors later, which is a harrowing discovery, as this will negatively impact the project budget profit.
Planyard ensures that your project budget and job costing data are punctual and match your uploaded estimation.
4. Data delays: the project manager is not able to make decisions
Data Delays can cause longer project durations and budget overruns. It is crucial that project managers are aware of ongoing project processes and can take immediate action whenever an error occurs. Planyard provides a comprehensive real-time overview of your project data and keeps your project processes streamlined.
5. Manual sub-contractor commitments
Using spreadsheets, project managers need to calculate contracted costs and sub-contractor commitments manually, download files, create folders, and update accounting. It grows gradually messier, while any extra work causes further order changes. Inevitably, extra work for project managers means more time and energy for calculation and paperwork.
Planyard gives sub-contractors access so they can submit their amount of work, extra work and contract change orders. The project manager must check that the work submitted corresponds to the actual cost.
6. Sending information to the accounting system via e-mails or on paper
Another time-consuming activity is saving information and documents to your computer and then manually sending them back and forth to your accountant.
Planyard integration allows approved costs and accounts to be sent straight to your accounting software, eliminating double data entry and also mitigating the risk of error. This is another major advantage where the project manager and accountant both can reap the benefits by using an efficient and reliable software tool.