Managing Finance & Accounts using Construction ERP Software to save time and increase efficiency

Managing Finance and Accounts using Construction ERP Software

Finance is the lifeline of all business operations. Finance is also the reason why there exists the need for a business operation in the first place. Money makes machines run, and machines are run for making money. 

Neglecting to effectively manage finances may end up in cost overrun scenarios which the modern-day contractor are most worried about. Many researchers suggest that wrongful/over utilization of finance and leakage in the cash flow channel to be the most dominant factor responsible for cost escalation beyond the permissible limits. 

In this context, it becomes vital for any business to properly manage its finances and accounts for the effective utilization of scarce resources. 

Tactive Construction Finance & Accounts software for the effective utilization of financial resources

Tactive Construction Accounting Software - Finance & Accounting Module Tactive Construction Accounting Software – Finance & Accounting Module

Tactive has taken the approach of digitization and automation to cover the entire construction workflow process and other allied activities of an organization. This provides the birds-eye view of the company and its internal designs including the structure of hierarchy, standard procedures followed, work patterns, etc. 

Once implemented, the Module captures all these aspects of the client database and provides the status, reports, timeline, etc, in a single platter for ease of access and convenience. 

This software module leaves no room for error as there is no manual work needed except for the part where the data at the initial stages has to be registered. From there on, no manual intervention is required. This improves process speed, agility, and precision. 

Imagining a construction company without the Module

  1. It takes long man-hours to verify and make the entry.
  2. The actions taken by a person can not be tied to him/her as there is no digital proof.
  3. There is no clarity in the approving authority.
  4. No clear process flow is defined.

Role-based benefits of having the Module implemented

For the finance head: 

  • A single dashboard option for real-time visibility and control over his department
  • Raise and revise Payment Request Approvals digitally in a click
  • Approve/Disapprove bank vouchers
  • GL master approval

For the Finance Managers:

  • Manage Payable/Receivable transactions and store them for future reference. Also, bring back the recorded history of similar transactions for cross verification and other purposes deemed fit. 
  • Make bank reconciliations by receiving the statement electronically. Make a periodical audit of the statements and rectify if needed instantaneously. 
  • Keep a digital record of all transactions related to the legal and compliance affairs like the taxations and cess. 
  • Monitor asset value in the stock, rate of depreciation, and capitalization. 

For Finance Executives:

  • Make an entry when there is a payment request raised. (Will be raised through the construction ERP software)
  • DLR (Daily Labor Report) – receive and verify the report sent via ERP by the site engineers for appropriate disbursement of incentives and other perks & benefits. 
  • Generate Voucher and record the inflow and outflow of material, and make entries for the advances issued to labours in cases of emergency and later deduct it from his/her work done. 
  • Invoice booking for petty cash bill copy entry in the ERP.

The module in a nutshell…

Consrtuction Account and Finance Modules

Tactive makes simple what has always been very complex to deal with. Simplifying and streamlining the construction business operations through automation and digitization at the site and the back office level makes Tactive user-friendly and effective. If you want to know more about the software up close and why you have to choose it, take a free DEMO

 

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