Disclosure: The following content was written and sponsored by NexTec Group.

According to a recent report by Deloitte, the construction industry brought more than $900 billion to the US economy in the first quarter of 2020. Then, the abrupt slowdown caused by the COVID-19 pandemic wiped out nearly two years of GDP gains and four years of job gains. Like many other industries, though, construction is poised for a major comeback as restrictions are eased, businesses reopen and people are eager to get back to work. One thing construction companies can do to set themselves apart is to invest in digital strategies for growth. As a whole, the industry is lagging in digital maturity and the pandemic underscored the importance of shifting to digital tools and connected systems to ensure resiliency and business continuity.

Construction Software: Why Construction Businesses are Struggling Without It

Many construction companies manage their construction, accounting, project management, and field services with multiple disconnected systems. A construction business may be using QuickBooks for accounting and separate, perhaps proprietary, systems to manage estimating, bid management, scheduling, and more. On top of this, they may still be relying on manual, paper-based processes to manage tedious workarounds.

Unfortunately, relying on disconnected systems leads to data silos, poor visibility, data integrity issues, and an overall lack of control. Additionally, employees are unable to coordinate their actions out in the field with the right data, which affects the customer and your bottom line.

One System to Manage Your Construction Business

Successful construction projects require the coordination of people, plans, financing, materials, and equipment. Trying to manage these moving parts with disconnected systems creates delays, overruns, and waste.

To truly succeed, construction businesses require an all-in-one accounting and construction software solution, also known as an Enterprise Resource Planning (ERP) system, that brings together financials, job cost accounting, project management, payroll, inventory, service management, and more into a single platform.

Let’s start by explaining what an ERP solution does. ERP is a centralized business management platform that provides users with a complete, real-time view of their business. It does this by:

• Handling accounting, project management, payroll, and more in a single system
• Establishing a single source of information for all teams
• Ensuring critical project information is captured
• Allowing real-time collaboration between field and accounting teams

A Cloud ERP solution can be accessed anywhere, at any time. This puts your company’s critical business data in the hands of all employees, whether they’re out in their field or back at headquarters. With Cloud-based construction ERP, business leaders can eliminate delays, trim costs and help office staff work together to improve efficiency.

Cloud ERP Connects and Simplifies Construction Finance Management

Construction professionals from all walks of life can agree that to successfully compete in the new digital economy, they must turn to modern technology to optimize their businesses. Cloud ERP software built for the construction industry provides the automated, integrated, and mobile capabilities needed to satisfy customers and remain competitive.

The benefits of integrating multiple, disconnected systems into one single platform include:

• More Streamlined Communication: With an ERP software solution, users can set up project alerts to keep team members informed, use Outlook integrations to update project activities, and centralize the storage of all project drawings, photos, and change orders for greater efficiency.
   
• Real-Time Project Tracking: With an ERP for construction management, project managers can easily track costs and compare them to budgets, view and sort important documents and ensure all users are accessing the most current documentation (such as RFIs, daily field reports, and change orders).
   
• The Elimination of Costly Delays: Cloud construction software syncs if someone makes changes to items such an RFID, project issues or timecards, so managers are able to address important issues immediately because everyone has access to the same data.
   
• Mobile Access Anytime, Anywhere: Cloud ERP software and mobile access to critical business data allows users to document and update projects from the field, stay connected to stakeholders, keep projects moving by not having to track down important documentation, and enhance the flow of information between teams.

Features to Look for in Connected ERP Construction Management Software

With an ERP solution purpose-built for the construction industry, you can connect all your departments, including accounting, sales, purchasing, operations, and workers on the job. With everything in one system, management will be able to see all projects running simultaneously and know which ones are progressing profitably and which ones need some adjustment. This gives you a huge advantage over the competition and improves customer service. With a connected ERP system, you can eliminate delays, trim costs, and help office staff and field teams work together to improve efficiency.

Here are some of the features to look for in an ERP built for the construction industry:

• Accounting: A construction solution needs to be able to closely monitor expenditures and drill down into the costs of each project. It should help project managers oversee hundreds of projects simultaneously and be able to automate functions such as payroll, work order entry, accounts receivable, and accounts payable with the flexibility to modify based on each specific job or client.
   
• Project Management: A good ERP solution should automate many of the details associated with a construction project. Tasks such as planning resources, tracking progress, encouraging collaboration, managing new client requests, adjusting timelines, and ensuring a project is profitable are easier to manage when they are tracked and visible from one single solution like an ERP.
   
• Job Costing: Construction management software needs to be able to define the costs of a project based on a number of factors, including the cost for each employee, contractor, or supervisor. With the right solution in place, users can track costs by pulling mobile time reports, equipment timecards, field receipts, and invoices from staff, subs, and suppliers for complete project visibility.
   
• Equipment and Inventory Management: Because the resources that go into a construction project are extremely complex, it’s critical that an ERP solution has the ability to manage inventory, track assets on the job site, distribute equipment, streamline equipment maintenance processes and ensure consistent performance on the job.
   
• Mobile Capabilities: Modern construction businesses need software that can work whether users are on-site or back at the office. With mobile access, managers can review project specifications, job progress, worker schedules, available resources, and more for faster, more accurate decision making.

Download our Guide to ERP for the Construction Industry to learn more about the features to look for in construction management software and how to run a successful construction ERP selection process.
 

Acumatica Cloud ERP – Construction Edition is Built to Connect your Business

Acumatica Construction Edition provides industry-specific features and functionality to improve the way construction professionals work. It is a true Cloud solution that provides a consistent experience for all users, whether they access the system from a phone, tablet or desktop. Acumatica’s unique pricing structure focuses on the computing resources a company uses, not the number of user licenses needed. This means that the solution grows with your company and you’ll only pay for what you use.

NexTec Group can help you select and implement the right ERP for your business. We are a gold-certified Acumatica implementation partner with more than 26 years of experience in the consulting industry. We take a holistic approach to integrating the many moving parts of your business to remove the manual guesswork and improve your ROI. With deep industry experience in construction, NexTec understands the challenges construction companies face and provides solutions tailored to their specific needs.

 Ready to take the next step? Reach out to us. We’d love to chat.