Construction projects require careful planning and organization to be successful. With the right financial and construction management tools, you can keep track of job progress and profitability. You can further streamline your accounting and construction management processes. In this article, we’ll discuss the essential benefits and features of construction financial management solutions, like Sage and RedTeam Flex. We’ll highlight how they help simplify construction accounting and provide tips for improving efficiency. Lastly, we’ll uncover important questions to ask vendors when evaluating construction accounting solutions. So your business is able to get the best fit possible.
Simplify construction accounting with Sage and RedTeam Flex
Construction management software is a valuable tool for managing all aspects of a project, including the financials. It can provide an overview of all costs, revenue, contracts, change orders and invoices associated with a project. This financial oversight helps ensure projects are completed on time and within budget. By using RedTeam Flex with Sage for your construction projects, you leverage two powerful platforms to create a unified space to manage progress and track profit.
The integration allows for greater transparency and visibility into a project’s financial health in real time with a single financial overview report in RedTeam Flex. Project Managers can easily manage their budgets in RedTeam Flex. With help of the Sage accounting integration, vendor payment information and owner payments received can be pulled from Sage into RedTeam Flex. The combined functionality of these solutions enables businesses to better manage their finances and take control of their construction projects.
Sage construction accounting software and RedTeam Flex are popular construction project management solutions available to the market. Both offer various features to help general contractors assess job progress and profit in real time. With Sage and RedTeam Flex, users can easily monitor their projects from start to finish. Enabled by features like automated cost tracking, real-time job costing and advanced analytics.
Tips for improving efficiency with Sage’s construction accounting software solutions
One of the main benefits of working with Sage and RedTeam Flex is their seamless integration with other software and each other.
Sage 300 CRE project management software is a financial management solution for your construction finances. It can help you with sales order management, inventory management and automating financial procedures. Key functionality supported through the RedTeam Flex and Sage 300 CRE integration:
- project costing
- job costing and payments
- general ledger account management
- purchase orders and change order commitments
For small-to-mid-sized contractors in the construction industry, Sage 100 Contractor software is a good option. Sage 100 Contractor helps specifically with service operations in construction companies. It enables handling management for payroll, AIA billings, custom dashboards, proposals and reports.
Sage Intacct is another option for financial management software. It gives you the flexibility of a cloud-based solution to overcome challenges with real-time insights. With the integration of RedTeam Flex and Sage Intacct you can connect and manage WIP preparation, AP approvals, financial notifications and financial management directly on your construction project in RedTeam Flex.
Leveraging RedTeam Flex for maximum efficiency
RedTeam Flex has several features that can help you boost the financial performance of your construction projects. You need a software solution that’s complete, yet flexible.
Project management tools
RedTeam Flex offers comprehensive project management tools. They include the ability to manage your budget, change requests, submittals, RFIs and more, making tracking job progress easier. With Gantt charts and meeting minutes, RedTeam Flex keeps you organized and on top of your work.
Contract and change order management
RedTeam Flex’s contract management functionality offers the ability to easily track and manage owner contracts and changes. You can further manage subcontracts and vendor changes, ensuring projects stay within budget. The robust change management features in RedTeam Flex support vendor quotes and cost estimates, as well as AIA-style change orders.
Integration with accounting software
By connecting with financial management solutions such as Sage 300 CRE, Sage 100 Contractor and Sage Intacct, you can streamline your financial operations and quickly assess the profitability of your projects. These integrations also help reduce administrative costs and error rates associated with manual-entry-systems. Furthermore, double-entry required without an integration between your project management and financial management solutions is eliminated.
Reporting analytics
RedTeam Flex provides configurable reports and analytics to give you critical insights into job costs, earned value, project performance and more.
You can track the number of vendors bidding on your project or determine where submittals are in the process. RedTeam Flex’s analytics will keep you updated in real time. View critical commitments, change orders, RFIs and more on your dashboard for key project analytics in one location.
By leveraging these reports and analytics, businesses can make informed decisions that improve job performance and increase profitability.
What questions should I ask vendors when evaluating construction products?
When looking for the correct vendor or supplier for your business, you should ensure they can give you precisely what you need. These questions should help you with supplier evaluation so you can find the right solutions for you:
- Can your product scale with us as we grow our business?
- Can you fulfill the specific needs of my business?
- Do you have case studies, reviews or testimonials from past customers about their experiences?
- How does pricing work and how flexible is it?
- How do I reach out for technical support?
- What’s your onboarding process like and does it include training?
- What level of customization does the product allow?
- Can this product work with other products I use?
- How often do you update your product or have new releases?
Construction management firm, Wharton-Smith, chose RedTeam Flex’s construction management platform for its ability to integrate with Sage 300 CRE. The integration was crucial for Wharton-Smith to merge Sage’s financial management solutions with RedTeam Flex’s construction management capabilities.
By leveraging the synergies between these two platforms, Wharton-Smith can now ensure projects are running efficiently and effectively. The integration of Sage 300 CRE and RedTeam’s solution enables Wharton-Smith to manage their tasks more efficiently and increase profitability. Accounting, project management, estimating and service management is now effectively run in one unified system with data flowing back and forth.
You can read more about their success with RedTeam Flex and Sage’s construction financial management software.
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