Superior Accounting and Finance management for builders and developers

Monday, 3 August 2009

Relying solely on manual tools and spreadsheets to manage accounting and finance needs may not be enough in today’s competitive marketplace, particularly when organisations have to compete against those that have already automated their finance management processes.

Despite this reality, research shows that many contractors continue to use manual tools, such as spreadsheets, calculators, or even pen and paper, which are fraught with inefficiencies and potential room for error, when calculating their project costs and generating estimates.

While some contractors simply may not realise just how much time and money they may be wasting on collating information from multiple systems and spreadsheets, it is important that they look beyond their current processes and focus on the benefits that specialised construction accounting and finance solutions will bring to their organisation. Without such systems, builders and property developers will inevitably risk increasing their costs, missing opportunities, making costly mistakes, and not getting the information they require to perform effectively.

Integrated project accounting and management solutions, such as Zavanti ERP, accelerate the finance management process, providing one set of information generated at the Quote stage which is then used throughout the Construction Management phase of the Job, and through to complete project accounting.

There is a significant advantage to be gained from consolidating your resource planning and financial information in one system, from cost savings on staff, to more efficient project management and enhanced management agility. In addition, with instant, real-time access to information, organisations can see how the business is performing at any given stage, across all projects. The ability to analyse data on the fly, identify trends and make forecasts is indispensable in modern business, enabling firms to gain knowledge and effectively manage project budgets and timeframes.

Additionally, analysis of finalised projects will enable improved profits and performance going forwards, delivering tangible financial benefits to the enterprise. For example, by exposing and eliminating unnecessary processes and inefficiencies, significant cost savings can be made on future projects.

Zavanti’s UK Director, Nick Virr adds: “In these challenging times, builders and developers need to analyse the economic viability and profitability of proposed projects, as well as keeping track of project costs and revenue.” He adds, “It is imperative that project and cost controls are maintained and managed better than ever. Using an integrated system like Zavanti ERP, calculations for rate of return, budget projections, revenue and expense can be generated with a few mouse clicks. Importantly understanding what the business does well and what it does badly is imperative if the business is to thrive.”

The efficiencies gained by using an integrated project solution, such as Zavanti ERP, are critical to weathering the storm during the current global financial crisis. When the economy begins to recover, those that have investigated and implemented new efficient methods of doing business will be best placed to take full advantage of emerging opportunities.

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