5 Critical Construction Project Reports Your System Should Pull Without Fuss
The Importance of Software and Construction Reports
The main reason construction businesses implement an integrated project management system is for the visibility that they can gain over every aspect of a project. Besides being able to get projects planned and executed on-time, such systems also give businesses access to a wealth of data within construction reports that can then be used to impact their bottom line.
Here’s a key list of project management reports that you should be able to pull at any moment from your construction project management software:
1. Detailed Construction Accounting Reports
There are many project management report types, and at a bare minimum, you’ll need the following for your accounting function: profit and loss report, balance sheets, trial balance and trading summaries.
You’ll also need a general ledger model that supports inter-company transactions and hierarchical reporting across business units and entities.
A modern project reporting system will also have integrated contract valuation capabilities (which results in auto-generated work-in-progress accounting entries). More complex, detailed reports offered by these platforms also allow for deeper dives into business data. But capabilities to create basic reports are critical to business profit and loss, and if your system can’t seamlessly pull them all in a flash it’s time to take a look at what else is out there.
2. Construction Forecasting and Cash Flow Reports
These are the construction reports that will be key to understanding how profitable you are on the projects you undertake. You’ll need reports that help you manage project costs (e.g. revenue, risk and cash flow forecasting) and enable you to assess historical project performance.
The system should provide you with a financial analysis throughout the entire lifecycle of all projects, from tender to completion (bonus points if it gives you access to real-time job analysis and committed and projected cost reporting).
Armed with this information, you can change processes and quotes to improve future margins.
3. Construction Payroll and HR Reports
The best project reporting systems run off real-time ledgers—making it easy for many of your business’ processes to be housed in one system. This includes tracking payroll, labor costs and managing human resources.
In terms of compliance, using a system that’s been designed specifically for the Australian and New Zealand markets allows you to comply with legislation regarding monitoring and controlling your labor costs.
4. Tool Management Reports
Did you know the average jobsite loses one day per month in productivity because workers have to search for tools? Contractors lose 10 hours per month per jobsite when a foreman has to call around to different jobsites and find the right equipment, according to research from Hilti. Keeping track of tools is not only critical for productivity purposes but to ensure that your materials and assets are in fact still a part of your inventory—and haven't been permanently lost or stolen.
A strong system will provide you with tool tracking integration, which helps eliminate the administrative task of manually entering tool utilization data, and also saves time tracking tools and equipment in the field.
5. Other Specific Construction Reports
Often in your role you’ll need to quickly pull a report about something very specific and an integrated software solution will enable you to do so.
You should be able to drill down into any report, in real time, and easily, in your system. You should also have the capability to export it as an Excel spreadsheet to enable you to edit and configure data if you desire.
If you’re interested in having all of these reports, we can help. To learn more, download our Request for Information fact sheet or contact us. Or, if you’d like to keep learning about how to choose the best software for your business, read our article on the secrets to switching construction software providers, or get a demo today by clicking on the link below.