Dillon also appreciates the way data visualizations allow for quicker recognition of billing status. “ProNovos will highlight that billing green if it has been sent out, red if it hasn’t, and gray if it’s out but not yet approved,” he said. “In one simple place I can see the billing status on the job. It used to take much more work and time to determine if we were getting our bills out the door.”
WIP Reporting and Analysis
Seeking accurate and accessible insights into the financial health of its projects, Atlas also rolled out ProNovos’ Work-in-Process (WIP) reporting and analysis application.
This tool automatically aggregates all project financial data without any manual exporting or calculating. It allows contractors to track key performance metrics such as profit margin, earned revenue and over/under billings.
Busy construction executives need an efficient way to stay on top of key metrics on multiple projects. ProNovos’ WIP tool allows them to quickly spot where projects are in trouble, whether from cost overruns or under-billings. They can also slice and dice the WIP report by geography, project manager and project type to identify company-wide trends or their most successful projects.
Dillon also points to shortcomings in the traditional approach to WIP reporting, in which project data is pulled out of the accounting system on a particular day, then combined into the WIP report and finally discussed with PMs days or weeks later.
“In our office, we used to make a WIP once a month. We would share it with everybody and for the next 30 days, it was gospel,” he explained. “But the reality is that construction changes every day. The WIP is 100 percent accurate the day it is produced. A week or two later, it is not a great indicator.”