Enabling Financial Data-Driven Decisions with Enhanced Reporting
Managing finances on any construction project can be a Herculean task due to many data locations as well as differing perspectives and needs for reporting. To help align all stakeholders to one holistic view of financials, Procore features easily configurable reports within Enhanced Reporting, giving users greater context across their financial portfolio. These reports drive better alignment between the field and office. In addition, stakeholders can create a breakdown of costs to deliver appropriate visibility to the end users, providing better context for their decision making.
The following reports can empower users to make faster, more impactful decisions by taking ownership of their financial data.
With the Enterprise Resource Planning (ERP) Sync Status template, users can report on the sync status of projects, commitments, Commitment Change Orders, prime contracts, Prime Contract Change Orders and subcontractor invoices to their ERP across all of their projects.
Users can leverage the Buyout Summary Report to quickly understand how much of their prime contract has been bought out, the areas it has been allocated to, and how much of the contract remains. Having quick access to this information drives critical decisions and guides users toward the specific scopes they need to focus on.
With the Annual Construction Volume (ACV) Tracker, users can report on owner invoices billed in a specific period of time across all projects, active and inactive, to understand their annual construction volume for planning purposes.
The DBE/MBE/WBE Commitment Report, offers users insight into the value of their committed costs and invoiced amount by company designation including Disadvantages Businesses (DBE), Minority Business Enterprise (MBE), Women’s Business (WBE) and others.
The Change Event Origin report template provides better insight into the financial impacts of RFI’s, Observations and more. Users can gain visibility into the value of change events and change orders across their entire project portfolio, and track these changes to see where they originated from by connecting data from Financials to Project Management and Quality & Safety. A more granular view of those items gives better insight into where, why and how change is occurring.
With Enhanced Reporting on invoices, owners and general contractors now have the flexibility to report on Subcontractor Schedule of Value (SSOV). This allows teams to report on progress and retainage of the granular line items that are attached to a single cost code.
These reports offer a glimpse of what can be created by using Enhanced Reporting for Financials. Learn more about Enhanced Reporting by viewing our webinar to see the tool in action.
