Published on:
July 25, 2024
General contractors face a myriad of challenges, particularly when it comes to ensuring project profitability. With tight margins, fluctuating costs, and the complexities of managing multiple projects simultaneously, it can be all too easy to lose sight of the financial health of a project. Many contractors rely on outdated methods—shared files, endless email chains, and chat messages—to track financials, which can lead to miscommunication, errors, and ultimately, financial losses.
General contractors must juggle numerous cost drivers, from labor and materials to equipment and subcontractor expenses. Without a robust system in place, it becomes increasingly difficult to monitor these costs in real-time, leaving contractors vulnerable to unexpected budget overruns. The risk of losing money on projects is high, especially when financial data is scattered across various platforms and formats.
Enter Steer’s Construction Project Financials module, specifically designed with contractors in mind. This innovative solution empowers general contractors to never lose sight of project profitability. With Steer, contractors can instantly know whether they’re losing money on projects by keeping tabs on all cost drivers in one centralized platform.
Steer lets you upload the Bill of Quantities (BOQ), to establish planned costs as well as progress. This will be the basis for both progress monitoring as well as cost tracking.
Link the BOQ to project milestone accomplishment reporting, for real-time visibility into actual vs. planned progress. More importantly, ensure timely progress billing so you can get paid on time.
Steer will provide you with real-time reports on your various cost drivers (materials, labor, and equipment) and compare budgeted vs actual costs, as well as provide you with an Earned Value (EV) chart
Steer’s Construction Project Financials is designed to drive efficiency in monitoring project costs, as well as progress. Its key features include:
- BOQ Set-up
- Accomplishment Log & CPM Approval
- Labor, Material, and Equipment Cost Log
- Contract Management
- Document Library
- Project S-Curve and Earned Value Report
Steer’s Construction Project Financials is not just about tracking costs; it’s about driving efficiency in project management. By consolidating financial oversight into a single platform, contractors can streamline their processes, reduce administrative burdens, and focus on what they do best—delivering high-quality projects on time and within budget.
In conclusion, Steer’s Construction Project Financials solution is a game-changer for general contractors looking to enhance their financial management practices. By providing the tools necessary to monitor project costs and progress effectively, Steer helps contractors safeguard their profitability and navigate the complexities of the construction industry with confidence. Don’t let financial oversight be an afterthought; try Steer and take control of your project financials today! Book a meeting with the Steer Team to get started!
