Keep track to stay ahead: why cost tracking apps are giving construction companies the edge

Construction projects rely on accurate cost and quantity forecasts using up-to-date financial data. Get this part right and you can take control of your commercial position.

Each day, paper-based financial documentation such as dockets and invoices accumulate on site. What’s the best way to wrestle this information into a system in order to track costs and enable useful forecasting for a construction project?

Spreadsheet

Typically, paper documentation is collected, taken to an office, and then the data is typed into spreadsheets. There are downsides to this type of system:

  • It’s cumbersome and time-consuming.
  • Useful information only becomes available to managers hours later.
  • It’s easy for spreadsheets to become unwieldy and difficult to interpret.
  • Double-handling from site to office can lead to errors and incomplete data.

Mobile app

Spreadsheets begin to look feeble and inefficient when compared with the benefits of recording and processing financial data via a mobile app.

Our siteoffice.mobi app does the work of cost tracking and forecasting for you:

  • Daily costs and production quantities can be captured instantly on site using mobile devices.
  • Data entry takes minutes rather than hours, and doesn’t have to happen in an office.
  • Managers can see activity costs in real time, with live information being captured from the field.
  • Costs and quantity forecasts are updated automatically in real time.
  • The cost register can be filtered by date, resource type, business, docket number or keywords. The full approval history can be viewed for each cost item.
  • Forecasts can be updated daily or weekly, rather than monthly, allowing for more control and proactive management.
  • Cost tracking and forecasting happens on the same integrated platform.