At Eque2, we speak to companies every day who are looking to implement technology to help them to replace manual processes to save time, reduce risk and gain a quick accurate insight into the performance of their projects – we are pleased to help a range of construction companies of all shapes and sizes achieve these goals every day. Continue reading to find out why this month, more companies are choosing to digitize their job costing processes with Eque2’s cloud construction accounting software.
Panthera Group is a leading construction site set-up company that provides vital site infrastructure services across London and the Home Counties.
This infrastructure is designed from scratch, installed expertly and maintained with ongoing collaboration throughout the project’s lifecycle from a highly experienced and dedicated team.
What were Panthera Group’s requirements?
In the past, Panthera were using Sage 50 and spreadsheets to manage all their accounting processes, because they were holding data through different spreadsheets, this increased the risk of duplication and errors across their finances.
One area that was key for Panthera was the need to track their applications for payment and monitor retentions effectively to ensure they weren’t missing crucial payment deadlines.
Furthermore, they found that there were bottlenecks in their admin processes as custom spreadsheets could only be worked on my certain people, causing work to be delayed when taking on more jobs.
Therefore, they needed a solution that:
- Managed their applications for payments.
- Monitored retentions held by and against them.
- Live reporting to track cash flow, WIP (Work in Progress) and accounts payable/receivable.
- Reduced the possibility of human error and duplication
How our construction accounting software is meeting their job costing needs
After discovering Eque2, an online demonstration was arranged to view the functionalities of Construct Cloud.
During the demo, Panthera saw how Construct could accurately record any applications for payments they have made, including the sales invoices they had received. They also saw how they could easily track any retentions held by or against them, and then ensuring they are claimed on time using the automatically calculated release dates.
Further into the demo, it was demonstrated how they could use advanced reporting to quickly get an insight into the performance and financial position of their construction projects. As well as this they could also build their own custom reports to provide them with the exact information they need at the click of a button.
Panthera will also be able to stay with their existing Sage 50 Accounts software, and with full integration into Construct for Sage Accounts, they will have one fully integrated solution which reduced the risks of duplication and errors, saving them an enormous amount of time.
J B Fabrication (Wrexham) LTD
J B Fabrication (Wrexham) Ltd is a North Wales-based multi-disciplined engineering contractor. They provide their clients with innovative designs and timely engineering solutions.
What were J B Fabrication (Wrexham) LTD’s requirements?
Before Eque2, J B Fabrication were using a group of solutions which didn’t link to one another and lacked the functionality they needed to handle their day-to-day tasks.
They used spreadsheets to manage most of their construction processes, including the tracking applications which have been raised, applied for and which ones were outstanding. They found it a struggle to monitor these processes in real time and it often took them weeks to produce the necessary reports, causing them to miss out on payments, inevitably losing money.
They found it difficult to capture and maintain the documents shared between on-site staff, office staff and subcontractors, causing work to not be completed or incorrectly. Therefore, they needed a solution which:
- Removed the need to handle important processes in Excel
- The ability to accurately track the status of applications for payments
- Reduced the amount of man hours used when producing reports
- Had the ability to collect, collate and organise important documents, then distribute them efficiently and accurately to different people.
How Eque2 is meeting their construction accounting software needs
After approaching Eque2, a demo was arranged. During the demo, J B Fabrication saw how our construction accounting software removes the need to use external spreadsheets entirely with its direct integration with Sage 50 ensuring accuracy across their accounting data. They saw how processes such as applications could be handled in their entirety, enabling them to monitor what has been applied for and ensuring they never miss an application for payment again.
They also saw Construct’s Document Capture functionality. This would enable them to build project folders, break them down into departments, and issue documents quickly to the appropriate people, ensuring information can be shared immediately and accurately.
With Construct’s reporting, they saw how they could instantly generate complex reports on any aspect of their project’s financials and job costing at the click of a button, enabling them to have a greater insight into what work is currently being performed and how costly/ profitable a project is without the need for dozens of man-hours.
Finally, they were introduced to Construct’s Approval Module. This module would allow them to automate the process of approving new or amended documents including Purchase Orders, Timesheets and Invoices, saving them significant amounts of times and reducing the need to organise paper documents.
After the demo, J B Fabrication (Wrexham) LTD adopted Sage50 and Construct Cloud, alongside the Approvals Module.
To find out more about Construct Cloud can benefit your business by reducing your spreadsheet usage and automating your construction-specific processes, click here.
Alternatively, you can register here for a free live online webinar to see Construct in action by clicking here.