Construction companies have many operational and accounting needs that can be difficult to manage efficiently with unintegrated business applications and regular accounting software solutions.
However, with a reliable ERP management software solution, such as MYOB Advanced Construction, construction managers can gain real-time visibility across all aspects of their projects, allowing them to streamline their construction project management capabilities.
In this blog post, we’ll take a look at the reasons why construction businesses should consider switching to MYOB Advanced Construction.
Effective cash flow management
If your construction company has issues with cash flow, this may lead to serious problems in your business. Even large-scale construction companies may face dissolution if they can’t manage their cash flow properly.
Also, when faced with a shortage in cash flow, your company may experience delays in project completion.
With an ERP management system like MYOB Advanced Construction, you can get a comprehensive view of your cash flow by bringing together invoices, billings, and bank balances. Also, this system allows you to respond to changes in real-time.
Additionally, you can keep track of various aspects of your construction projects, such as task progress, time clocked by employees, and the overall profitability of the project.
Tighter project controls
When a construction company’s systems are disconnected, the business processes become overly complicated. For instance, if you take reports from different systems and present them in one report, this could lead to misunderstandings and errors.
With MYOB Advanced, however, you’ll have complete visibility of everything going on in your business. With the help of features such as real-time dashboards, you can ensure that all your projects are on track while staying within the budget—and you can view these dashboards from anywhere at any time, thanks to MYOB’s mobile compatibility.
Also, you can define key project metrics and make them visible to your team. Afterwards, you can measure these metrics as the project progresses. This will, in turn, help you increase productivity, reduce risks, and boost customer satisfaction.
Before, construction companies had to rely on paper-based processes to get information across from the office to the construction site. This often led to misinformation and misunderstandings between stakeholders.
Fortunately, MYOB Advanced can be used on mobile devices, eliminating the need for archaic paper-based processes, which can help ensure that everyone is seeing the same information, reducing costly mistakes.
Connections between all aspects of the business
Oftentimes, construction companies use multiple software systems alongside their accounting systems. When these are legacy systems, chances are that they will not be integrated.
When the business’s systems aren’t well-integrated, staff members will end up wasting time switching between different applications to get their daily tasks done. Also, your finance teams and management teams will have trouble analysing the profitability of your projects.
MYOB Advanced connects all aspects of your construction projects, including job costing, sales, project management, document management, compliance, and finance. By creating connections between different aspects of your business, everyone in the organisation will have full visibility of all business processes. This will help save time and reduce costly mistakes.
Cheaper than having multiple systems
While an integrated ERP system like MYOB Advanced Construction may seem like a hefty investment, it’s still much more cost-effective than running several unconnected systems.
When you have several systems running simultaneously, you may need to assign a team member to oversee them or hire an external party to do so. In the long run, this can lead to higher operating costs.
So, having an ERP system that integrates with all your business’s existing systems will allow you to manage all these systems at once, saving you from spending money on managing each system separately.
Implement MYOB Advanced Construction today
MYOB offers construction companies a range of benefits that can help them improve their ERP capabilities, save money and time, improve collaboration between various teams and serve their customers better.
However, if you want to get the best out of MYOB Advanced <Should be linked to the MYOB Advanced page once it’s live>, you should consider working with a reliable MYOB Advanced partner in Australia.
Make the choice today and watch your business grow.