One of the most common disconnects in today’s increasingly digital world is the link between the data used to manage projects and the methods used for payroll, purchase orders and other business activities.
A cloud-based procurement and administration platform can provide a bridge that streamlines workflow helping manage contracts, POs, COIs, invoices, lien and waivers—and just as importantly, bridging the gap between project management and ERP/accounting.
Here are three ways a construction administration solution can help your organization:
- Analytics/Insight: When invoice and payment status is current and readily available, contractors are able to get answers to questions that would normally require considerable time and energy. Need to see contract specifics or recent changes? Want to track contract payment clauses by project or contractor? Need to see outstanding invoice approvals and payments? How about retainage quotas? These types of reports are all available at the click of a button because the construction administration solution combines project management data from solutions such as Procore, Sage and Vista, with accounting data from solutions such as Viewpoint, Sage, CMiC and Quickbooks.
- Secure/Send Payments: Invoice and payment management can be one of the major roadblocks in owner/contractor/subcontractor relationships. A contract administration solution connects invoice status to actual payments. Just as importantly, it can automatically hold payments if a compliance issue is detected. A dashboard for A/P and A/R makes current invoice and payment statuses immediately visible while project or contractor level reports help resolve potential issues.
- Automate Compliance: In many cases, certificates of insurance (COIs) are managed separately from invoices—and yet the two are necessarily connected. With a contract management solution contractors can integrate with their ERP/accounting system to automatically import key project details about requests, approvals, and renewals. These solutions even automatically send reminders and alerts when action is needed.
A contract administration solution, such as Constrafor, is more than a way to manage contracts—it’s a way to bridge and in many cases automate critical business activities under one umbrella. Eliminate your ERP/accounting and project management disconnect with help from a cloud-based procurement and administration solution.