In an industry where day-to-day operations are continuously changing, staying on top of your construction financials is vital. Still, that’s not to say it isn’t extremely challenging. This is especially true for companies like Lydig Construction, Inc., which processes several million dollars in financials each month.
In December, the Washington-based company set out to make the process of capturing important financial data easier, more efficient and collaborative. It did just that by using Procore’s Viewpoint Vista Connector by Ryvit.
As the first ERP-certified Procore Partner, Ryvit has leveraged its experience and technology to enable a highly strategic position for the customers of both companies.
Integration Saves Time & Money
“As construction managers and project teams we deal with two major things: time and money. It’s the lifeblood of any project,” says Sean Woerman, Lydig’s Senior Account Manager who is helping oversee the new integration. “Having this connectivity with your accounting software, and being able to use the portal of Procore to see and manipulate that financial data, and understand it in real time is vital to any construction project, big or small.”
With our new Viewpoint Vista integration, Lydig’s project managers can now pull the most accurate and up-to-date financial information from the field. The ability to share important cost data between the field and office teams has vastly improved, collaboration is easier, and maintaining secure financial data in Procore is now a reality.
"With the Viewpoint Vista Connector, what used to take project teams on major projects between 10 to 20 hours per quarter, now only takes a fraction of the time."
This means projects move faster and more efficiently and the risk for errors is diminished. No more waiting on accounting to find out how a purchase order or this week’s labor costs are impacting budget line items.
Before the Viewpoint Vista Connector, a project team would code their time and send it to accounting by close of business on Fridays. Lydig processes some 300 paychecks and hundreds of payables each week, which means a lot of financial information needed to be processed before the project team could get a clear picture of the budget’s health.
“The earliest that our project team would be able to understand how (labor costs) affected a budget line item would be a solid three to four days after the pay period,” explains Sean.
For small purchase orders, it sometimes took longer to appear on job cost reports.
“We’re no longer a week behind seeing the most current information for labor or material cost.”
The Viewpoint integration also allows project teams to document and track purchase orders easily and in real time.
“With Procore, you’re able to enter that cost code in the notes field and use the forecasting tool to say to team members, 'when you write a purchase order make sure you make a record of it in the forecasting column notes that way it never slips past you when you are ready to do formal reporting to project executives,’” explains Sean.
Lydig can now confidently forecast from the field, where it often matters most.
“Our project managers used to spend dozens of hours calculating their quarterly forecasts by matching accounting export reports with the data in Procore for systems alignment purposes,” says Sean. “With the Viewpoint Vista Connector, what used to take project teams on major projects between 10 to 20 hours per quarter, now only takes a fraction of the time. Teams can spend their time simply forecasting their projects instead of verifying the accuracy of the data for any given cost code or commitment prior to forecasting the balance of the project.”
Empowering Project Teams
Bringing financials to the field not only saves time and money, it gives teams the ability to do the best work they can, in the most efficient and seamless way possible. That’s powerful.
“I think any smart company is going to try to figure out how to empower their people to run their projects effectively. A great way to do that is to be connected and integrated and allow people to access the best cost information and project data they can at any given time,” Sean says. “Be it on a mobile platform or in a job trailer, in the office or wherever it is, I believe they’re going to need the proper tools to be successful."