RSMUS.comIn the construction industry, challenges like labor shortages, rising costs, regulatory complexities, and pressure on margins are common. Success stories often involve companies embracing digital transformation. They are reevaluating how data flows, enhancing collaboration between office and field teams, and using technology to make smarter, quicker decisions. At RSM, we support construction leaders in modernizing their finance and operations with solutions like Sage Intacct Construction. We aim to align technology with business goals to unlock insights that boost profitability and growth. Effective data management and analysis are crucial for success. Robust tools like advanced dashboards and reporting systems provide the insights needed. These systems allow companies to customize dashboards, track performance, and handle financial data, boosting efficiency and effectiveness throughout their operations.
Sage Intacct Construction: Boosting Financial Management in Construction
Sage Intacct Construction is a cloud-based financial management system designed specifically for the construction industry, addressing issues such as financial blind spots, workforce inefficiencies, and data integrity problems. It provides real-time insights into job costs, allowing project managers to make informed decisions that improve project outcomes. Its strong job costing and reporting features efficiently manage all financial aspects, reducing mistakes and project delays.
The system handles multi-entity consolidations effortlessly, giving a comprehensive view of an organization’s financial health. This is particularly helpful for firms with multiple subsidiaries or divisions that have outgrown simpler accounting systems like QuickBooks. Its open API ensures easy integration with other construction-specific solutions, enhancing overall functionality and delivering a holistic approach to construction management.
Automation is a key advantage of Sage Intacct Construction, featuring advanced AP automation, purchasing automation, and AI-driven insights. These features streamline back-office processes, cut down manual data entry, and improve accuracy. The AI-powered Copilot assists with continuous monthly close processes, budget variance analysis, and automating routine tasks, increasing efficiency so finance teams can focus on strategic activities that drive business growth.
Continuous Innovation: Regular Updates and Enhancements
Sage Intacct Construction shows its commitment to innovation with regular updates and enhancements, undergoing four major releases annually. These updates integrate customer feedback and industry best practices, recently improving the work-in-progress (WIP) management tool, vendor compliance features, and tax handling capabilities. This ensures the system stays aligned with the changing needs of the construction industry, providing ongoing value to its users.
Custom Dashboards for Every Stakeholder
The dashboards’ power lies in their seamless integration of various components. Project managers can track project progress through dedicated dashboards, while CFOs can view company-wide financial dashboards. This customization ensures all stakeholders have the necessary information readily available.
Advanced Reporting and Automation Tools
The report center offers a wide range of financial graphs and interactive reports, facilitating easy report generation and customization, thus saving time and enhancing data accuracy and relevance. Automation is crucial, cutting down the time and effort needed for routine tasks like generating P&L reports and monthly statements. The custom report writer lets users duplicate and modify reports to fit specific needs. Automation also applies to project management, integrating with construction management solutions to streamline project data, contracts, and schedules, ensuring efficient information management while minimizing errors and delays.
Leveraging AI and Machine Learning for Accuracy
AI and machine learning capabilities further boost these systems’ functionality. Tools like Sage Copilot offer step-by-step instructions, perform tasks, and generate insights based on company data, improving user experience and helping quickly identify and fix mistakes. Features like outlier detection and automated checklists promptly flag and address potential issues, enhancing overall data accuracy and reliability.
Best Practices for Successful Implementation
For businesses adopting these advanced systems, a structured approach is vital. This includes setting clear objectives, building the right team, documenting current processes, and tidying up data. Engaging an implementation partner with industry expertise can significantly improve project success. Setting realistic timelines and ensuring thorough training and communication ensures a smooth transition and maximizes the benefits of the new system.
Advanced dashboard and reporting systems enhance data management and analysis capabilities, providing customizable, automated, and AI-driven tools. These systems offer valuable insights, improve efficiency, and support informed decision-making. Implementing such systems requires careful planning and execution, but the resulting improvement in performance and competitive advantage is significant.
Embracing digital transformation is crucial for construction firms to stay competitive. Solutions like Sage Intacct Construction support modernizing financial and operational functions, enhancing decision-making and driving profitability. At RSM, we offer construction-specific solutions and guidance to assist clients in navigating this change. By leveraging Sage Intacct to tackle unique challenges, construction firms can achieve sustainable growth and long-term success. For more information on Sage Intacct, implementations, or optimizations reach out to RSM today.
Watch our on-demand webinar to see the most significant release updates in Sage Intacct Construction in action.
Mark Cronin
Mark Cronin is a director in the Sage Intacct technology practice at RSM US LLP, based in Baltimore, Maryland. With over 25 years of experience leading ERP implementations, he helps clients optimize business processes and deliver technology solutions that drive efficiency, scalability, and long-term value.
