Last Updated on July 17, 2023 by WP Buffs
Aug 26, 2015
Do you feel like most of your day consists of sitting in front of a computer, manually entering data into an Excel spreadsheet? Are you thinking to yourself, there must be a quicker and more efficient way to not only enter, but organize your financial data? Are you confident that all of the information on these Excel spreadsheets are even accurate and up-to-date? Is manually consolidating, adjusting, and visualizing the data just to get reports out taking up too much time? If these are some of the thoughts that run through your head each day, then it may be time to make the move to an integrated construction management solution.
Below are a few key signs you may be ready to make a change:
Growth is becoming an issue
While Excel may be good enough for smaller jobs and simple calculations, when it comes to the construction industry specifically, Excel leaves much to be desired regarding bigger and more complicated jobs. It will leave you guessing what your current cost is on the job and unsure of whether you are over/under budget. A construction management solution can help solve these issues, as these systems inherently offer full job cost tracking and create better workflow, resulting in the knowledge to make the right decisions at the right time.
Accuracy is difficult achieve
Manually entering data into a spreadsheet can result in double entry and error prone mistakes. These errors, whether small or large, can have a troublesome impact on the business. For example, managers rely on financial data to make decisions about the business, but if this data is inaccurate, how will they be able to make the right decisions looking at wrong information? Also, having data locked inside of various spreadsheets increases the amount of time it would take to locate an error or search for necessary information, especially if many spreadsheets are involved. Having an integrated construction management solution in place leads to better tracking and analysis capabilities, thus streamlining operations and attaining greater financial accuracy for your business.
Improve tracking and workflow
Spreadsheets typically are saved and stored directly on a computer, and are e-mailed to internal associates as well as customers on a regular basis. With financial information being sent out to various locations such as payroll or accounts receivable, workflow becomes increasing hard to manage. Customers may also be sent duplicate invoices, or even worse, may not be sent an invoice at all. This does not reflect well on your company and really demonstrates the benefits of having a construction management solution to automate these processes and avoid costly errors.
Ready to upgrade from using Excel spreadsheets to a more integrated construction management system? Check out Jonas’ construction management solutions for accountants and see how we can help your business today!