Published September 15, 2022 . 3 mins read

“These are precisely the types of data points that go into the analytical tools developed by ProNovos,” noted Bruce Orr, the startup’s founder and Chief Data Scientist. “It’s part of what makes this strategic relationship such a strong fit for both firms.”

In consulting with construction and other clients, AAFCPAs has long advocated the benefits of analytics, said Daniel Stanhope (MSA, CCIFP, CPA), Partner and leader of AAFCPAs’ construction practice.

Even contractors with gross annual revenues of $20 million or more may still rely on manual reporting methods that can be time-consuming and error prone, the executive noted, and some companies still conduct WIP reporting annually or quarterly. By contrast, real-time WIP dashboards give contractors immediate access to data related to project and company performance, allowing them to make better decisions.

“Big data and analytics can tell the story of how your business and projects are performing,” Stanhope said. “That in turn allows contractors to be proactive instead of reactive—a capacity that is critically important in today’s fast-paced construction industry.”

Moreover, analytics could also help contractors get more efficient with their labor-allocation in one of the tightest labor markets in recent memory. “Every industry, not just construction, is struggling with the labor market,” Stanhope said. “Analytics can help contractors avoid over-hiring or incurring costs related to personnel having too much downtime.”

Lastly, Stanhope continued, more of AAFCPAs’ contractor clients are adopting Foundation Accounting Software, Viewpoint Spectrum and other construction-specific digital applications. “We’re excited about the possibility of these clients taking the next logical step in their tech-stack evolution—getting more out of their data through the power of analytics.”