Construction accounting is incredibly complex, with multiple simultaneous projects in separate locations and at various stages of completion; specific contracts that are often tied to milestones; contractors, subcontractors, suppliers and skilled tradespeople who are paid at different rates and on different schedules; and materials in-and-out requirements that can change on a dime. Then, too, there is the occasional day laborer, carpenter’s helper, or independent engineer or consultant to be compensated. Service costs, such as transporting tools and equipment, materials delivery, travel time and expense reimbursements, must be reconciled across hundreds of categories, far more than most businesses have to deal with. Unless you are able to quickly and accurately track, categorize and report costs and expenses, you are at a loss to understand either current or projected P&L.
Even a crack accounting team does not have the ability to capture, post, monitor, and report that many variables in real time. But algorithms do. Add artificial intelligence, accounting automation and cloud computing to the mix, and you also gain the ability to predict delays and cost overruns before they happen and to take immediate corrective action.
Minute by minute, in the field or in the office, Command Alkon’s AI tools give you the power to:
- optimize planning, production, and payment processes
- automate invoice approval and payment processing
- eliminate manual ticket and receipt entry
- confirm material delivery via mobile devices and tablets
- monitor inventory levels in real time
- forecast material usage based on actual demand
- monitor and react to industry changes
- anticipate and respond to disruptions in the supply chain
- coordinate with all supply chain partners
- minimize inefficiency to maximize profits
- improve the customer experience and boost customer satisfaction.
Construction accounting is more than keeping the books. It’s the basis for evaluating the status and ensuring the profitability of current projects as well as a vital predictive tool for planning and calculating bids on future jobs. Count on Command Alkon’s AI solutions and technologies for a seamless flow of information to inform and support your decision-making.
With a transformative ability to replace manual and complex tasks and processes with efficient, scalable, and reliable solutions, AI and predictive analytics are becoming must-have construction tools. Command Alkon’s next-generation supply chain solutions help construction companies monitor inventory levels in real time, immediately make needed adjustments, accurately forecast material usage and demand, and seamlessly coordinate replenishment orders. With the right information, delays and cost overruns can be predicted – and avoided – before they happen.