Connect Your Project and Financial Information to Maximize Business Potential

For project-based businesses, effectively managing projects is crucial for success. However, achieving this can be challenging due to a lack of visibility, poor collaboration between departments and fragmented processes.

It’s not uncommon for organizations in any industry to use multiple tools and spreadsheets to track performance and various stages of the project lifecycle, often resulting in duplicated work and disjointed information that is difficult to connect. The result is an inaccurate and incomplete view of project health that prevents leaders from gaining a 360-degree insight into the business, which in turn impacts decision-making.

Integrating client, project, and financial information through end-to-end enterprise resource planning (ERP) solutions or by linking existing systems to the solution can provide a comprehensive and accurate view of vital project and company data.

Connecting your key project and financial data will help to improve efficiency and accuracy across many areas of your business, including finance and project accounting, client relationship management and project and resource management. By streamlining processes, automating tasks and connecting critical business data you can save time and reduce errors while gaining insight across your business and projects. You will be able to make better-informed business decisions, ultimately helping to improve your bottom line.

Consider these five main benefits of connecting project and financial information for architecture and engineering (A&E) firms

1. Winning New Business

Integrated project and financial data offer valuable insights into the pipeline, enabling firms to track project opportunities, assess resource requirements and make informed decisions. By nurturing client relationships and identifying the right time to pursue projects, businesses can increase efficiency, avoid lost opportunities and create better project plans.

2. Resource Management

Having a full view of current and upcoming projects facilitates better resource planning and management. By considering factors such as experience level, project deadlines and ongoing assignments, firms can optimize resource allocation and prevent burnout or underutilization. Tracking key metrics like resource utilization, estimate to complete and total estimate at completion enhances project control and enables timely adjustments.

3. Project Management

Connecting project plans with financial data empowers businesses to develop comprehensive plans that include projected costs. This business integration allows for real-time tracking of budget projections and actual costs, enabling proactive monitoring of project performance. With improved project performance metrics, project-based businesses can identify risks, make informed decisions and take corrective actions promptly.

4. Project Accounting

Linking project and financial information addresses the unique accounting needs of project-based businesses. Dedicated time and expense management tools enable accurate tracking of project profitability, facilitating better project planning and ensuring accurate billing and invoicing. By simplifying the invoicing process and tracking purchasing costs, A&E firms can streamline financial operations and improve payment accuracy.

5. Business Intelligence and Reporting

Integrating data across the organization empowers firms to leverage analytics and business intelligence capabilities. Businesses can access critical information quickly and generate actionable insights by collecting and analyzing data from various departments. Visual and interactive dashboards provide a comprehensive overview, while key performance indicators (KPIs) enable performance evaluation and timely decision-making.

Connecting project and financial information is essential for A&E firms looking to optimize their operations and gain valuable business insights. With a 360-degree view of project and financial data, firms can unlock their full potential and achieve sustained success in today's competitive market.