The construction industry faces unique project management/accounting challenges, a substantial part of project activities are outsourced to external contractors and agencies, the complexity of managing and tracking the contracts, phases, deadlines and associated payments increases as it grows to handling multiple vendors. A well integrated project management and accounting application customized to suit these needs becomes mandatory to streamline efficiency, control and optimize costs.
Calsoft as Gold Certified Partner for Microsoft Business solutions leverages on Microsoft Dynamics™ GP to provide a customized solution to address the needs of the construction industry.
Solution Features
Core Financials
Microsoft Dynamics™ GP provides detailed financial management options that range from general ledger, accounts payable, and accounts receivable modules to bank reporting, cash flow management and easy reconciliation.
Extended solution from Calsoft
The Project accounting module of Microsoft Dynamics™ GP has been carefully tailored to meet the unique needs of the construction industry.
Contracts Management
Maintain and store all agreements with customers, suppliers, consultants and other agencies. The agreed terms and conditions are interlinked to respective billing and invoicing. Tracks multiple milestone dates to monitor the project deadlines and closure. Project bank information is captured with the facility to enter local currency and foreign currency bank along with the details of swift codes, IBAN codes and intermediary bank details.
Multi Level Analysis
Analysis at different levels of a project such as Phase, Area, Facility, Project, Sub Project, Building, Cost category etc. is made possible.
- Project Cost analysis
- Project profitability analysis
- Actual with Budget analysis
Work Certification Maintenance
Manage sub-contracts, and associated details of work executions, payment approvals, and work completion certificates. Facilitates periodical payments across financial years with better control towards budget, percentage of work completion, document control and carry forward of balances across financial years. Facilitates automatic posting of financial entries for all work certifications and other components.
Payment Management for sub-contracts
Track payments phases, control and facilitate payments at right time to achieve successful project completion. Validate payments for the mapped vendor, project and costs. Tracks payments based on projects, vendors with the facility to analyze further through multi level analysis.
- Project Cost analysis
- Project profitability analysis
- Actual with Budget analysis
Reconciliation of these payments to financial ledger facilitates inter department reporting.
Cash Flow Maintenance
Maintain cash flows across multiple vendors and schedule payments. Enter project projections during the periodicity of the projects.
Contract Estimation & Budgeting
Budgeting at three different levels to include the original budget values, the revised budget values, awarded contract values. Estimate for the retentions and other deductions for ease of comparison during project closure. Default GP application provides for change order management for tracking budgets and forecasts.
Purchase management
Customized application linked with default GP Purchase Management module. It also provides Liability Management at the invoicing stage. Can be used for tracking of direct consumption projects. Default GP application has requisitions, orders and matching of invoices & orders with payments.
Inventory management
Material costs can be tracked with quantity and value. These can be apportioned to the project cost. Facility for inter-project transfer is also available. Quantity budgets can be created and tracked until the closure of the project.
Transfer, Merger and Closing of Projects
Transfer
System provides for transfer of work execution, retention and other project payments to the project.
Merger
Closing the new project and transferring the work-execution-until-date to the existing project.
Reporting
Project work-certified history, project financial payments as on date along with reconciliation with GL, payment schedules for the year along with previous years, budgets with actuals along with variances, project payments with status.
Advance payment, retention and deduction - summary and detailed reports along with GL reconciliation.
Benefits
- Increased financial control and project efficiency
- Easy and secure access of financial and project information
- Avoid conflicts between disparate Financial and Project management tools
- Regulatory Compliance