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Construction Contract Management Software
Built on collective industry knowledge and best practices, Projectmates construction project management software provides construction accounting software based on AIA standards. The construction contract management modules provide ability to create budgets, bid packages, analyze and compare supplier bids, and convert bids to contracts. Contracts, proposal requests, and change orders can be tracked, purchase orders can be issued, and invoices and pay applications can be created. The built-in logic and approval process makes it easy to keep contracts, purchase orders and invoices synchronized. The budget becomes the capture all for all financial details within a project.
Projectmates construction budget management provides the ability to link your estimated, committed, anticipated, and actual costs to your project’s scheduled work breakdown structure, allowing you to track your costs throughout the project’s lifecycle. Projectmates cost management tool is flexible, allowing you to track your costs by a specified group/category, cost accounts, funding sources, or WBS, and calculate subtotals automatically. Projectmates will red flag commitments that are over budget.
The budget is the capture all for all financial aspects of the project. Costs are automatically updated as contracts, change orders, purchase orders, and invoices are created in Projectmates, and are tracked as separate columns in the budget. Cost and invoice totals are also automatically calculated Key Performance Indicators are displayed if any potential problems arise such as commitments that are exceeding your original budget.
Bid Buyout Package
Line items in your budget group can be selected, packaged together, and sent out for bids to various contractors. If you do not wish to create a package using line items in the budget, there is also the option of creating a package by entering items manually or importing them. Multiple bid packages can be prepared and associated with a single bid.
After bids have been received through the Bids and Plan Room, the procurement manager can compare the bids side by side. The bid analysis grid highlights the lowest bidder for each division or section of the buyout package.
Contract Change Order
Projectmates contracts module is the equivalent to having your own construction contract management software and construction change order software. From beginning to end, Projectmates can automate the entire lifecycle of your contracts. Contract data can be exported into Microsoft Word format using the pre-formatted Word templates. With Microsoft Word’s mail merge feature, contract data can be populated from Projectmates into your custom contract.
Projectmates project management software for construction provides modules for RFIs, work directives, proposal requests, and change orders to document changes that happen during a project that affect time and cost. Proposed change orders and change orders can be created if changes are needed to the original scope of a contract. Clients can configure and track the reason codes for all change orders.
Once a contract has been approved, external contractors can create Change Order Requests and Change Orders in Projectmates. With one click, the vendor starts the approval process. Responsible parties will be automatically notified. Internal and external project participants can attach or upload supporting files.
Purchase orders can be created to formally track purchases in the system and then dynamically linked to the budget as committed costs. Purchase orders may contain items, information about the vendor, shipping arrangements, and attachments. Once a purchase order is created, it can be routed through an approval process.
Projectmates construction purchase order software gives you better oversight because it allows the field to receive and record items delivered at the jobsite so you know the vendor has fulfilled the PO obligation. Once the job is complete, buyers can also track materials returned to a vendor. Later, an invoice can be created against the purchase order.
Invoice Pay Application
Projectmates construction invoice software automates the entire invoicing process. Invoices can be created electronically in alignment with a contractor’s or vendor’s contract structure or task level billing detail. The schedule of values is pulled from the approved contract or purchase order automatically and prohibits payment in excess of contract or purchase order amounts. When there are approved change orders associated with a contract, they will automatically be added to the schedule of values. Retainage is calculated automatically.
Documents like affidavits and lien releases can be uploaded to the invoice before it’s routed through an approval process. Retainage information is calculated, and invoice information links back to the budget automatically, avoiding double entry at multiple steps.
In addition, Projectmates web based construction management software has the capability to integrate with almost any existing ERP solution, including PeopleSoft, SAP and Oracle. Once pay applications and invoices are approved in Projectmates, data is transferred to your AP software. Then, once checks are cut, payment information can be sent back into Projectmates. The process works seamlessly, reduces data entry mistakes, and can eliminate costly late payment fees.