Time-Phasing the Remaining Budget: What Does it Mean?
7 Things You Need to Know About 4castplus Resource Forecasting
One of the most important functions of project controls and cost engineering, is the ability to accurately forecast remaining costs-to-complete on a construction project. With the new Resource Forecasting tools in 4castplus, project controls professionals can now achieve ultimate accuracy and take full control of how projects are forecasted.
Paper-based Ledgers are a Thing of the Past
Several decades ago, organizations used to manage all their finances using big paper-based ledgers, where they’d spend much of their day “doing the books”. These large ledger books worked for hundreds of years, however it would be a challenge to find any modern company today that runs their business on paper-based accounting methods.
Notley's $1B Upgrader Plan: Alberta Tech Company Ready to Help
The recent announcement by the Alberta government to invest $1B in grants and loan guarantees to partially upgrade its bitumen, is great news for the Alberta energy industry. As a landlocked province with no access to tidewater for access to diverse markets, and no pipeline to transport its bitumen, Alberta is not getting full value for its products. It’s the government’s hope and expectation that this will incentivize a further $5B in private investment to build and improve the local upgrader infrastructure.
Top 5 Reasons Why an ERP Won’t Work as a Cost Management Solution
It’s not uncommon for organizations to consider the idea of using their ERP as a one-stop-solution for all their technology needs – even when it comes to managing the many-layered complexities of cost management on major projects. It’s an appealing idea: everything in one place, under the tight control and scrutiny of the finance department. The challenge with this of course, is that the target users of an ERP are in the finance department, not those who are managing the day-to-day operations of a large construction project.
Construction projects have many moving parts and a colossal amount of data to carefully manage in order to keep the project running to plan. Not only that, but there are numerous different types of users that need to work collaboratively in real-time. Such as: Project managers, project controls, engineers, field staff at the jobsite, subcontractors, project owners and others, that all need to work together, sharing data and workflows, to seamlessly bring a project to a successful conclusion.
Cost Tracking from the Jobsite: 10 Ways to Reduce Project Errors
It’s typically not until the end of the day at the construction site that the field personnel sit down to collect and enter all the time and expenses for their crews, equipment and other charges for that day. It’s late and they are in a rush to get it done so it’s inevitable that mistakes are made. Things get coded to the wrong place, charges are missed, incorrect rates are used, etc. All these errors are compiled, submitted and ultimately routed to the finance team for processing. And this is where the nightmare begins.
Finance is responsible for ensuring data accuracy in cost tracking before billing clients, paying vendors or routing charges through payroll. It’s not that site foreman can’t be detailed – it’s just that they have a very different spectrum of priorities. What this translates to, is that the finance team is tasked with finding and correcting data entry errors from the jobsite.
Top 9 Signs you need Construction Cost Tracking Software
If you’re like most companies that run construction projects, you know that getting accurate and real-time cost data from the jobsite can present many challenges. If you’ve never considered a software system to take on the heavy lifting of that process, here are the top 9 signs you need construction cost tracking software.
Top 9 signs you need construction cost tracking software and how 4castplus can help:
#1. You have way too many spreadsheets
Your Site Foremen probably use one or more spreadsheets to capture the daily hours and activities of your crews and equipment for each of your jobsites. You may also have a few contractors working for you that submit their spreadsheet to your site personnel for approval. Then there are the expenses, documents, scanned receipts, safety and inspection reports, etc. that you need to include into the mix, and if you’re a contractor yourself, everything needs to be combined and organized for your client’s Site Superintendent to sign and stamp.