Correct Success: New Financial Management Updates Provide Real-Time Project Cost Management Solution

Press Launch Abstract:

Customers can handle monetary danger and scale back handbook information entry with the superior forecasting function
Actual-time monetary productiveness function assist customers keep away from overruns with real-time insights into labor’s influence on the venture funds
Funds element report offers clients the power to customise and configure their report

Authentic Press Launch:

Procore Makes Development Monetary Administration Even Higher with Superior Value Controls for Challenge Groups

Additions to Actual-Time Monetary Productiveness, Superior Forecasting, Funds Element Reporting, Sage CRE Connector, and Invoicing Assist Customers Higher Arrange Development Financials

Carpinteria, Calif., Oct. 27, 2020 /PRNewswire/ — Procore Technologies, Inc., a number one supplier of building administration software program, right this moment introduced updates to its Monetary Administration merchandise. These updates drive much more effectivity with venture financials, offering a real-time venture value administration resolution that integrates with ERP programs to supply a single monetary ecosystem for building tasks. Customers can join all monetary stakeholders to an built-in monetary resolution that’s purpose-built to empower venture groups to handle the underside line.

“At Procore, we all know that monetary administration might be one of the crucial detailed, difficult components of a building venture. And whereas the underside line is most essential, there are numerous steps taken to get there,” mentioned Geoff Lewis, VP Product Administration, Procore. “Our newest updates to Procore’s Monetary Administration merchandise are designed to make these steps simpler to handle, and in flip, defend our clients’ backside line.”

Actual-Time Monetary Productiveness

Via the Real-Time Financial Productivity function, customers can now see the monetary influence of labor prices and productiveness the second a timesheet is submitted, making it simpler for specialty contractors to plan, handle, and monitor labor prices and productiveness with unit-based budgets. Customers can eradicate handbook information switch between a number of apps and see all related data in a single place. This function helps customers keep away from overruns with real-time insights into labor’s influence on the venture funds, defending their income.

“From an organization management degree, that is the data we have to make essential selections with regard to useful resource allocation,” mentioned Rob Krueger, VP Operations, Fessler & Bowman, Inc. “In right this moment’s world of specialty contractors, manpower is probably the most treasured useful resource – Procore’s Actual-Time Productiveness function helps us be higher with that. Throughout the portfolio of tasks, we will combination productiveness and prices in order that executives can have suggestions on the corporate’s effectivity.”

Superior Forecasting

With the brand new Advanced Forecasting function, customers can handle monetary danger, scale back handbook information entry, and streamline reporting with actionable month-to-month money movement forecasts. This resolution permits customers to simply generate and replace money movement forecasts throughout the venture lifecycle at any time limit, with the assistance of mechanically aggregated monetary information and spending curves. The aim of this function is to assist venture stakeholders keep on high of money movement wants by using information aggregated in Procore to streamline and improve month-to-month reporting and forward-looking monetary planning.

Enhanced Funds Element Reporting

As one of the crucial steadily requested product enhancements, Procore’s new Funds Element Report offers clients the power to customise and configure their report. This function permits customers to see all detailed monetary data in a single view, configure what and the place monetary data is displayed, and generate stories with detail-level data. Customers can now entry all monetary data in a single view, group, and filter based mostly on their wants.

Enhanced Funds Element Reporting makes monetary information simple to handle immediately with the Procore platform—streamlining month-to-month reporting, stopping handbook information entry and the necessity for a number of programs to fulfill monetary reporting wants.

Sage 300 CRE Connector

Procore’s Invoice Management is now built-in with Sage 300 CRE, enabling venture groups to streamline their invoicing course of. This new function streamlines fee to subcontractors and additional eliminates pointless double information entry by permitting customers to export subcontractor invoices from Procore to Sage 300 CRE. Customers can now improve visibility and simplify building financials with the Sage Connector.

“The addition of exporting invoices immediately from Procore to Sage 300 has reduce time in half for our Accounting Staff,” mentioned Kardi Barton, Senior Data Know-how and Human Assets Supervisor, Cumby Group, LLC. “As an alternative of manually typing in each single line merchandise, the road gadgets at the moment are populated in Sage 300 CRE as soon as they’re exported from Procore. This additionally eradicated human error, as we not want to fret about errors being entered into Sage 300. No extra time can be wasted backtracking errors which will have been entered previously. Every little thing is changing into extra automated,” she continued. “This course of goes to proceed to evolve and get higher over time. Now we will belief the integrity of stories generated from Sage 300. We’re so enthusiastic about this addition to Procore, and within the brief period of time we have been using this improve, we’re already seeing a number of constructive modifications.”

Redesigned and Improved Cellular Expertise

Procore’s cell utility now helps quick access to vital Prime Contract and Dedication information with the contact of a finger, placing data within the palms of venture groups the place they want it and once they want it. Moreover, Procore delivered a totally redesigned expertise for its Change Occasions, which permits venture groups to seize potential value and schedule impacts from the sphere and talk the information to the workplace in real-time. This function surfaces venture dangers quicker between discipline and workplace groups to maintain the venture shifting ahead.

New and Improved Invoicing

Lastly, Procore’s Invoicing residence web page has a brand new person expertise, designed to assist customers handle their invoices extra effectively. Customers can now simply monitor bill standing and gross bill quantities to floor excessive precedence gadgets shortly, maintaining billing processes operating easily.

“We have now a row of displays in our bullpen with a number of KPIs and dwell jobsite cameras linked. Now, by means of Procore’s Invoicing instrument, once we see any bill state that hasn’t modified or open invoices on the finish of the month that have not been permitted, the staff can simply see that on the monitor with out having to dig by means of spreadsheets or emails,” mentioned Cameron Pumphrey, VP Enterprise Operations, Cumby Group, LLC.

Procore understands the vital significance of clear, real-time, actionable financials to the success of a venture construct and continues to spend money on its Financials Administration options to be able to help builders.

Learn more about Procore’s Monetary Administration options and register for Groundbreak 2020, Procore’s annual business occasion, to listen to extra about these product updates. Groundbreak can be held just about on October 27-28, 2020.

About Procore

Procore is a number one supplier of building administration software program. Over 1 million tasks and greater than $1 trillion USD in building quantity have run on Procore’s platform. Our platform connects each venture stakeholder to options we have constructed particularly for the development business—for the proprietor, the final contractor, and the specialty contractor. Procore’s App Market has a mess of accomplice options that combine seamlessly with our platform, giving building professionals the liberty to attach with what works finest for them. Headquartered in Carpinteria, California, Procore has places of work across the globe. Be taught extra at Procore.com.

Contact:
press@procore.com

Supply Procore Applied sciences, Inc.