Construction management software provider, Procore Technologies, Inc. has launched product enhancements to its financial management portfolio
The financial management enhancements will provide accurate data and real-time insights into the financial health of construction projects, connecting everyone on a single secure platform.
The new financial tools include Advanced Forecasting to better forecast cash flow, improved financial reporting with robust and Flexible Work Breakdown Structure, and the ability to connect Daywork Sheets to Variations.
“Procore is putting financials and cost management at the centre of everything we are working on because the technology being used to manage project-scope and schedules need to connect to the technology you use to manage cost,” said Tooey Courtemanche, founder, president, and CEO of Procore.
“The benefit of integrated data through the Procore platform is that the Cost Management tools connect with our entire Financial Management portfolio making tracking and predicting cost more efficient.”
Introduced at Groundbreak 2020, Advanced Forecasting is now available to all Procore users globally. With the new Advanced Forecasting capabilities, users can manage financial risk, reduce manual data entry, and streamline reporting with actionable monthly cash flow forecasts.
This financial management enhancement allows users to more effectively protect their profits by automatically aggregating contract data, variations, and the current state of project costs. Project stakeholders are able to stay on top of cash flow needs by streamlining and enhancing monthly reporting, and execute forward-looking financial planning.
Flexible Work Breakdown Structure
The new flexible Work Breakdown Structure gives teams the ability to organise and report on financial data in Procore to the level of detail or customisation that a project or the business demands.
Users can leverage the power of the Work Breakdown Structure to create custom segments, generate unique data tags on financial line items, and produce robust financial reports.
The new enhancement gives users control over their financial data and provides a new tool for visibility into the overall performance of a project or portfolio.
Connect Daywork Sheets to Variations
Through the new integration of Daywork Sheets to Variations, self-perform contractors can now flag, manage, and recoup payment for out-of-scope work more efficiently with a seamless workflow to change management. Site users can initiate out-of-scope work opportunities that command attention by looping in the necessary stakeholders to approve instructions before or while proceeding with work. Office and client stakeholders can follow the status of daywork sheets and, once verified, can seamlessly pull in one or more tickets outlining labour, equipment, and material units needed to perform the work.
With Daywork Sheet details clearly laid out with supporting signatures and timestamps, users can quickly add cost codes and markups, and submit the formal variation within minutes.
Procore’s 2021 Construction Cost Management Summit is being held on 7 April. Join thousands of construction professionals and learn how Procore’s financial management solution can support the financial health of your projects and business.