Procore adds a raft of financial reporting capabilities to better manage construction projects
California-based construction project management software company, Procore, has released a number of product enhancements to its SaaS-enabled Financial Management portfolio. The new features delve deeper into project costings and enable real-time insight into the financial health of projects hosted by their system.
The new tools in the Procore Financial Management portfolio include ‘Advanced Forecasting’ to aid cash flow forecasting, financial reporting taking into account work breakdown structure, the ability to connect time & material tickets to change orders, as well as API links to popular ERP solutions.
The Advanced Forecasting feature in the Procore Financial Management portfolio enables users to manage financial risk, reduce manual data entry, and streamline reporting with actionable monthly cash flow forecasts. This enhancement allows users to more effectively protect their profits by automatically aggregating contract data, change orders, and the current state of project costs.
‘Flexible Work Breakdown Structure’ capability gives teams the ability to create custom segments, generate unique data tags on financial line items, and produce robust financial reports. Users have control over their financial data and a new tool for visibility into the overall performance of a project or portfolio.
By connecting time & materials tickets to change orders in the Procore Financial Management portfolio, contractors flag, manage and recoup payment for out-of-scope work more efficiently. Field users can initiate out-of-scope work opportunities that command attention by looping in the necessary stakeholders to move forward with Field Work Authorisation or Extra Work Authorisation (FWA/EWA). Verified tickets outlining labour, equipment, and material units are seamlessly pulled into a change event, cost codes and markups are added, and a formal change order is then issued.
No financial software is complete without the ability to connect to ERP systems. Procore has enhanced its ERP Connector platform enabling faster development of connectors to ERP systems, faster and more deeply than ever before. This year Procore will be releasing integrations with Sage Intacct, Yardi, MRI, and Acumatica.
“Construction projects’ scope and schedules need to connect to cost management, so that teams can accurately predict and track project costs,” said Tooey Courtemanche, Procore CEO. “That’s why Procore is putting financials and cost management at the centre of our platform. The benefit of integrated data through the Procore platform is that our financial management tools are seamlessly integrated with the rest of the platform, making tracking and predicting costs more efficient, mitigating risk easier, and making it faster for contractors to get paid.”