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Products, Technology

Procore releases new cost management tools

Procore Technologies has announced new cost management tools that provide users with accurate data and real-time insights into the financial health of construction projects, while connecting entire project teams on a single, secure platform.

Procore Technologies has announced new cost management tools that provide users with accurate data and real-time insights into the financial health of construction projects, while connecting entire project teams on a single, secure platform.

The new tools include Advanced Forecasting to better forecast cash flow, improved financial reporting with robust and flexible Work Breakdown Structure, the ability to connect time and material tickets to change orders, and an enhanced enterprise resource planning (ERP) connector platform.

Procore CEO Tooey Courtemanche said construction projects’ scope and schedules need to connect to cost management, so that teams can accurately predict and track project costs.

“That’s why Procore is putting financials and cost management at the centre of our platform,” Courtemanche said.

“The benefit of integrated data through the Procore platform is that our financial management tools are seamlessly integrated with the rest of the platform, making tracking and predicting costs more efficient, mitigating risk easier, and making it faster for contractors to get paid.”

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With the new Advanced Forecasting tool, all Procore users can manage financial risk, reduce manual data entry, and streamline reporting with actionable monthly cash flow forecasts. This allows users to more effectively protect their profits by automatically aggregating contract data, change orders, and the current state of project costs. Project stakeholders can stay on top of cash flow needs by streamlining and enhancing monthly reporting and execute forward-looking financial planning.

Kitchell Contractors is a general contracting company managing commercial builds in healthcare, higher education, hospitality and more.

Kitchell Contractors Market Sector Executive Carl McFarland said with the addition of advanced forecasting, its project teams can finally move away from offline spreadsheets.

“This will enable us to enhance our cash flow projections, volume of earned revenue, and profit forecasting by leveraging this new feature in conjunction with Procore Analytics,” McFarland said.

The flexible Work Breakdown Structure gives teams the ability to organise and report on financial data in Procore to the level of detail or customisation that a project or the business demands. Users can create custom segments, generate unique data tags on financial line items, and produce robust financial reports.

“Many of our clients today are developing large capital projects, with multiple phases, and various funding sources,” McFarland said.

“Procore’s new Work Breakdown Structure will provide the flexibility and transparency that will deliver efficiency to our project managers and financial certainty to our clients. Procore continues to deliver industry-leading enterprise-grade features with its financial management product.”

By connecting time and materials tickets and change orders, users can flag, manage, and recoup payment for out-of-scope work more efficiently with a seamless workflow to change management.

Field users can initiate out-of-scope work opportunities that command attention by looping in the necessary stakeholders to move forward with Field Work Authorisation or Extra Work Authorisation before or while proceeding with work. Verified tickets outlining labour, equipment, and material units are pulled into a change event, cost codes and markups are added, and a formal change order can be sent out within a matter of minutes.

A-1 Modular Inc. is a specialty contractor focused on installing and configuring commercial furniture packages offering project management and custom casework to a wide range of clients.

The company’s Project Manager Sussan Jarvis said Procore significantly improved A-1’s close-out and billing process by providing its field team with the tools necessary to capture all relevant information and backup documents for changes

“We are saving days of investigation as we receive legible and instant notification on the status of work completed. Everything is clear, the work is verified, and it is submitted in a timely manner,” Jarvis said.

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