A significant proportion of construction companies are investing in advanced technologies to meet shifting industry demands, track projects, and manage costs in a high-inflation market. A multitude of industry-specific software solutions are available in the market. And these solutions promise construction companies to support delivering high-quality projects that can be completed under budget while exceeding customers’ expectations.
You might be thinking about which software could be the best fit for your construction business. From many different types of technologically advanced solutions, enterprise resource planning (ERP) can provide a host of perks to your company.
Implementing Construction ERP Software will offer support tailored to your company’s specific needs. The system will help your construction business improve project performance or create a strategy to efficiently manage, streamline, and control projects.
Read More – Construction ERP Software in India
Let’s dive in to learn three critical tools ERP solutions often use to support accounting and administration teams to simplify construction accounting.
- Optical Character Recognition Tools
Optical character recognition (OCR) technology leverages automation to extract data from a document or image file like an invoice attached to an email. With this technology, you can accurately collect the required information and improve the efficiency of your administration and accounts payable departments by minimizing manual data entry time and human errors.
In the past, ERP software versions used to require construction companies manually enter AP bills after receiving an invoice attached to an email from the vendors or suppliers. This process consumes a lot of time and is prone to human errors. However, integrating optical character recognition (OCR) technology into ERP systems has empowered the accounting team to easily manage documents and automate data entry tasks.
OVCR features and modern software can be easily configured in the construction industry-specific ERPs to automatically recognize attached invoices and create AP invoices with just one click. When looking for the right OCR tool fitting your construction company, search for solutions that could easily integrate into the ERP system to combine approval logic, workflows, and automation.
- API Integrations
Application programming interfaces (APIs) typically define how different applications interact with one another, playing a crucial role in the modern construction business strategy as these are one of the building blocks of advanced software applications.
APIs can significantly improve the use of ERP systems for your construction business. Many specialized applications such as AutoCAD or estimating tools are integrated with ERP software to enhance, automate, and streamline the financial accounting processes in construction companies. Moreover, APIs ensure that your ERP platform is easily accessible by other applications and systems installed in your company.
With APIs, you can export data from your ERP application to other platforms, including business intelligence service, where personalized dashboards, reports, and graphics make it easier for analysts to gain valuable insights and make informed decisions leading your business to success.
- Trade Portals
Billing delays can make it difficult for construction companies to track and manage project costs. Every company wants a faster, more collaborative, and more accurate billing process to monitor real-time project expenses and streamline communication across key stakeholders, including owners, management, traders, and general contractors.
A construction erp solution can provide your trades and vendors access to a safe and secure online portal. This one-stop location will enable flexible, real-time, interactive communications between your company’s employees and stakeholders.
ERP platforms and trade portals integration will also offer the ability to send documents and reports to the users in the form of individual or group messages. It will simplify communication by keeping it all in a single place instead of making phone calls, sending emails, or performing downloads to wireless devices. Moreover, you can mitigate the risk of missing important accounting information.
To sum up it all!
Enterprise resource planning (ERP) designed for the construction industry offers a host of tools to help your construction enterprise complete projects on time and within budget with appropriate accounting information. Optical character recognition (OCR), trade portal tools, and application programming interfaces (APIs) integrations are three main ways a construction ERP system can leverage to simplify accounting processes.
You can also integrate many other technologically advanced tools into your ERP platforms to automate tasks, track costs, and analyze results to remain competitive in the ever-changing business environment.
Eresource infotech is mutlinational ERP Software company. its aims to improve operational efficiency, increase productivity, and provide real-time visibility into various business processes. It is suitable for small, medium, and large enterprises across industries such as construction, manufacturing, trading, retail, and services.
