Procore’s mission is to connect everyone in construction on a global platform. By eliminating traditional application silos and providing a single source for accurate data, Procore’s platform connects the field and office and smooths communication across owners, GCs, and specialty contractors–helping you operate and grow your business.
The Procore Platform is open and extensible. That means you can create an experience for your teams that is as unique as your business. Choose from a multitude of apps and integrations on our App Marketplace, integrate Procore with your existing systems, or extend Procore on your own with our REST APIs, developer portal and fully-functional sandbox.
Finally, with new Procore Analytics, all the data put into Procore can be used to measure project or business health. The new product will enable you to surface deeper insights from your data within Procore across tools like prime contracts, commitments, change orders, budgets, invoicing, RFIs, submittals, inspections, observations, and more.
As the industry blends traditional phases of construction, moving toward design-build and integrated project delivery, overlapping processes and bringing players in earlier stages of the construction life cycle, it’s more important than ever to connect everyone on a single platform. Additionally, the insights drawn from the data input into the platform become even more valuable.
In this first post, we want to highlight the benefit of maintaining financial control of a project from bidding to building, all on one platform.
Prequalification - Bidding - Commit (Subcontract) - RFI - Change Order - RFQ - Budget
With Procore’s Prequalification tool, you can qualify companies prior to inviting them to bid on your projects. The “Qualification Status” selected within this tool will automatically feed into the bidder information section of their company profile. While using the Bidding tool, you can filter by “Qualification Status” to ensure you are only soliciting bids from qualified companies.
After awarding a bid, you can convert the bid award into a subcontract or purchase order. Once that contract is converted, in the commitment tool, it can be further developed and issued to the subcontractor through DocuSign. When that contract is signed and approved it can be synced with an ERP accounting system.
At that same time, an RFI can cause a “Change Event” to be created where the rough order of magnitude (ROM) can be established and RFQ's are issued to affected commitments. While all of that is taking place Procore’s invoicing tool is keeping track of those items, so that when there is an open billing period Procore’s commitment contracts can be submitted as an invoice aligned with the original base contract including any approved change orders to date.
Once invoices are submitted and reviewed, the Project Manager on your staff can issue the invoice back to the subcontractor to be finalized through Docusign and also request lien waivers through an integration offered by Lienwaivers.io. Once settled, those invoices can sync to your accounting system and payments are automatically synced back into Procore under that Commitment Contract's payments issued tab.
"If the bidding is done in Procore, it is an easy transition into using Procore for the construction phase and eventually for closeout. Having everything in one, cloud-based location keeps communication centralized and allows us to easily find or distribute the needed information at any point in the project." –David Paquet, Assistant Project Manager at Wolverine Building Group