Procore Technologies, Inc., a leading provider of construction management software, today announced product enhancements to its Financial Management portfolio. These tools provide accurate data and real-time insights into the financial health of construction projects, while connecting entire project teams on a single, secure platform. The new tools include Advanced Forecasting to better forecast cash flow, improved financial reporting with robust and flexible Work Breakdown Structure, the ability to connect Time & Material Tickets to Change Orders, and an enhanced EPR Connector Platform.
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Procore Advances Construction Cost Management With Its Financials Management Portfolio (Graphic: Business Wire)
“Construction projects’ scope and schedules need to connect to cost management, so that teams can accurately predict and track project costs,” said Tooey Courtemanche, Procore CEO. “That’s why Procore is putting financials and cost management at the center of our platform. The benefit of integrated data through the Procore platform is that our financial management tools are seamlessly integrated with the rest of the platform, making tracking and predicting costs more efficient, mitigating risk easier, and making it faster for contractors to get paid.”
Advanced Forecasting is now available to all Procore users globally. With the new Advanced Forecasting capabilities, users can manage financial risk, reduce manual data entry, and streamline reporting with actionable monthly cash flow forecasts. This enhancement allows users to more effectively protect their profits by automatically aggregating contract data, change orders, and the current state of project costs. Project stakeholders are able to stay on top of cash flow needs by streamlining and enhancing monthly reporting, and execute forward-looking financial planning.
“With the addition of Procore’s advanced forecasting feature, our project teams can finally move away from offline spreadsheets,” said Carl McFarland, Market Sector Executive, Kitchell Contractors. “This will enable us to enhance our cash flow projections, volume of earned revenue, and profit forecasting by leveraging this new feature in conjunction with Procore Analytics.” Kitchell Contractors is a general contracting company managing commercial builds in healthcare, higher education, hospitality and more.
Flexible Work Breakdown Structure
The new flexible Work Breakdown Structure gives teams the ability to organize and report on financial data in Procore to the level of detail or customization that a project or the business demands. Users can leverage the power of the Work Breakdown Structure to create custom segments, generate unique data tags on financial line items, and produce robust financial reports. Users have control over their financial data and a new tool for visibility into the overall performance of a project or portfolio.
“Many of our clients today are developing large capital projects, with multiple phases, and various funding sources,” added McFarland. “Procore’s new Work Breakdown Structure will provide the flexibility and transparency that will deliver efficiency to our project managers and financial certainty to our clients. Procore continues to deliver industry-leading enterprise-grade features with its financial management product.”
Connecting Time & Materials Tickets to Change Orders
Through the new integration between Time & Materials (T&M) Tickets and Change Orders, self-perform contractors can flag, manage, and recoup payment for out-of-scope work more efficiently with a seamless workflow to change management. Field users can initiate out-of-scope work opportunities that command attention by looping in the necessary stakeholders to move forward with Field Work Authorization or Extra Work Authorization (FWA/EWA) before or while proceeding with work. Verified tickets outlining labor, equipment, and material units are pulled into a change event, cost codes and markups are added, and a formal change order can be sent out within a matter of minutes.
“Procore has significantly improved our close-out and billing process by providing our field team with the tools necessary to capture all relevant information and backup documents for changes,” said Sussan Jarvis, Project Manager, A-1 Modular Inc. “We are saving days of investigation as we receive legible and instant notification on the status of work completed. Everything is clear, the work is verified, and it is submitted in a timely manner.” A-1 Modular Inc. is a specialty contractor focused on installing and configuring commercial furniture packages offering project management and custom casework to a wide range of clients.
ERP Connector Platform
Users can more easily connect Procore with their ERP systems through the new enhanced ERP Connector Platform. This will allow users to build more connectors to leading ERP systems, bridging the gap between operations and accounting teams with access to real-time financial data. The ERP Connector platform makes building customer integrations faster and simpler as users can create integrations themselves, work with Procore’s professional services team, or utilize one of the dozens of Procore certified consultants available globally.
Procore is bringing together construction industry experts to discuss how real-time financial tools can improve bottom lines and redefine what’s possible for the future of cost management. Join Procore’s 2021 Construction Cost Management Virtual Summit on April 7 at 11:00am PDT.
Procore is a leading provider of construction management software. Over 1 million projects and more than $1 trillion USD in construction volume have run on Procore’s platform. Our platform connects every project stakeholder to solutions we’ve built specifically for the construction industry—for the owner, the general contractor, and the specialty contractor. Procore’s Marketplace has a multitude of partner solutions that integrate seamlessly with our platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices around the globe. Learn more at Procore.com.