There are multiple key connections between invoicing, estimating, project tracking and procurement in 4castplus. These tight connections offer users a unique ability to create controlled and accurate invoices in just a few clicks.
Calgary, Alberta (PRWEB) October 09, 2012
Jetsoft Group Inc., a leading global provider of business project software for Contractors, EPC (Engineering, Procurement, Construction Management), Owners and Services firms, today announced their release of a fully integrated Construction Invoicing system to their 4castplus Project Cost Management software solution.
As most contractors will tell you, coordinating all the information needed to complete a billing cycle is one of the biggest headaches they encounter. With the valuable time savings, reduction in errors, and comprehensive reporting delivered by 4castplus project cost management and invoicing; contractors can focus more on their business and cash flow rather than working late nights assembling documents, just so they can submit their progress draw.
Construction project invoicing is full of unique complexities that just aren’t seen in other industries. Each of the varying contract types that contractors work under have specific billing methods: Fixed Price billed on a progress draw; Time & Materials and Cost Plus billed on LEM and expense transactions; and Unit Price billed on units of progress. The added twist is that many projects have a mix of multiple different billing methods within the same project. On top of which, snags like retainage, multiple LEM tax scenarios, deposits, discounts and late penalties can impose further invoicing hurdles. Compounding the whole effort, there is the additional challenge of ensuring all the documents required for billing are accessible and available. Documents like executed Change Orders, signed customer Purchase Orders, Completion Reports, etc.
4castplus has built-in comprehensive knowledge and tracking of all these details and is the first and only cloud-based construction software that is capable of managing and organizing these intricacies – and then is also able to produce a detailed invoice in just a few clicks.
Without a purpose-built solution like 4castplus, controllers, project managers and business owners are saddled with having to shuffle through piles of paper, spreadsheets, vendor invoices and payroll reports to cobble together the numbers and supporting documentation for their weekly or monthly invoicing. Wasted time, missed items and errors are common – and all with a direct impact on cash flow.
4castplus truly delivers a One-Touch data solution for Contractors and EPCs that are seeking the power of a full project cost controls capability, with the added punch of integrated invoicing. “Keeping the invoicing process closer to the project makes so much sense,” says Kim Tremblay, CFO of Jetsoft Group. ”There are multiple key connections between invoicing, estimating, project tracking and procurement in 4castplus. These tight connections offer users a unique ability to create controlled and accurate invoices in just a few clicks. When data is centralized like that, the user truly benefits from more than just one-touch simplicity; they also get all the financial controls that 4castplus has built in. To a financial person, knowing that data is accurate, complete and valid is critical.”
Integrated Estimating, Project Tracking and Invoicing
With its integrated construction estimating, tracking, procurement, change management and invoicing, 4castplus provides a closed-loop and centralized solution for project data. Reporting on key billing metrics are available in a single click. For example:
- What’s been billed to date,
- What’s currently billable and
- What’s remaining to be billed
Every item entry in any of the 4castplus project tracking components (labor, equipment, materials, purchase order commitments, project progress, expenses, etc.) is immediately available for billing in the invoicing module. So invoicing can happen in the same real-time pace of the project tracking. And, as invoicing is completed, the financial controls in 4castplus ensure that those transactions, or progress, cannot be billed again – improving the accuracy of billing and reducing the potential for customer disputes from billing errors.
The 4castplus One-Touch data solution and integration with financial systems ensures that billing data moves quickly and accurately from user input, to preparation of billing, to invoicing and reporting, to upload into the company financial system; all without ever having to re-key information again.
When it comes to invoicing, anything an organization can do to shorten the lag time between invoice preparation, approval, distribution and time of arrival to the customer – all means a faster AR turnover. Simply put, AR turnover is an indication of the average amount of time an organization needs to turn receivables into cash. Along with the inherent risk with offering credit to customers, AR turnover is impacted by an organizations accounts receivable management.
A key aspect of accounts receivable management is ensuring that the challenges posed by the billing process are managed well. The lack of timely information for invoice preparation, lack of complete billing information or inaccurate information, time-consuming approval processes and lack of proactive customer communication about billing all impact an organization’s ability to maintain a target AR turnover. Which, again, directly impacts turning receivables into cash.
Efficiency and Control Lead to More Cash, Faster
4castplus integrated construction invoicing delivers maximum efficiency and control in an organization’s billing process to eliminate the many challenges experienced in accounts receivable management:
- Billing information is available in real time
- Billings are based on accurate billing rates, project progress, and/or unit progress
- Billing is subject to 4castplus rigorous financial controls, ensuring no double billings will take place
- Billing approvals are logged and tracked for strict billing control.
- Invoices and Billing Reports are accessible to all parties anytime anywhere – project managers, finance, management and customers.
Which all leads to an improved AR turnover – and more cash, faster.
For more detail information, please have a look at this article:http://www.4castplus.com/top-4-construction-invoicing-tips-to-accelerate-cash-flow/.
More on 4castplus
4castplus is the first web and cloud-based solution to offer total real-time Project Cost Management in a single powerful software tool. With its performance-driven features, 4castplus delivers a centralized and streamlined solution to Construction, Energy, Utilities and EPC organizations. Features that include: Estimating, Time-Phased Budgeting, Change Management, Procurement, Real-time Project Tracking & Reporting for LEM, Purchase Order Management, Cash-Flow Reporting, Customer Invoicing, Document Control and Forecasting for Earned Value Management. 4castplus helps companies around the globe get better project results while enhancing their competitive edge; all at a low total cost of ownership that delivers up to 30 times ROI. For a quick tour of features, visit http://www.4castplus.com/quick-tour/.