Do you find yourself using up days searching through accounting information trying to determine how long you have spent on your projects? Ever wonder why the system you use to manage Design & Construction is the same as the one the company uses to manage the business, which is often non-construction related? Many owners have realized the power of having their own respective system for accounting for all project commitments and spending. In fact, most owners rely on spreadsheets and makeshift database processes to manage their projects.
While Construction Management systems have grown in numbers and popularity, owners are still struggling with disparate systems for managing, tracking, and forecasting costs. The owner's role in construction is ever-changing and growing as more and more companies consolidate. With millions, and even billions, of dollars of capital at stake, owners are turning to MySmartCost to help them with their growing portfolios.
The maturation process can occur rapidly or gradually for owners managing construction. Whether your organization relies on one contractor or several to execute your capital program, MySmartCost is your solution. Perhaps you are new to the leadership role in construction. Maybe you have been wondering for years if there is a better solution for your organization.
Either way, the opportunity to establish a stable bench of contractors is important. Measuring the success and, more importantly, having the tools to measure your program's success is critical to providing quality direction and feedback to your contractors.
As a leader, you are able to engage your Project Managers in proper dialogue and feedback when you know they have the systems and tools they need. When you establish regular Monthly Project Reporting through MySmartCost you are alerted to challenges sooner than ever before. By developing your Project Managers you are able to improve how you manage your contractors and are able to hold them accountable.
MySmartCost provides the following:
Cost report for leadership in real time summary reporting.
Access to detailed project information regarding cost, scheduling, safety, and risk.
System integration from project inception through closeout.
Consistent Estimating and Capital Funding processing with online routing and approvals.
An automatic Project Request and Project Manager Assignment system.
Knowledge of where Project Managers and staff are spending their time for charge backs.
Justification of the value your construction team provides your organization.
Ability to work in-office, from the trailer, at home, or on the go.
MySmartCost is dedicated to providing Project Managers the most effective tools for managing capital and expense projects: project requests, budgeting, forecasting, cost management, reporting, safety, and schedule milestones. Financial departments in construction and owner based companies are excited to finally have a comprehensive and simple forecasting tool.
The system administration module will allow authorized users the ability to set up components necessary to administer the MySmartCost system. This module supports creating and modifying users, companies, sites, and cost codes. The System Administration module will also be used to manage the project assignment and approval queue. The module will also manage internal, vendor, and contractor contacts and will provide reporting of contact utilization.
In addition, the module allows users to create a custom hierarchy for reporting purposes. The hierarchy can be defined up to 10 levels.
The system administration module will also be used for coordination time sheet activities including creating reports and emailing non-submitters.
Finally, this module also tracks any errors generated from the system. By monitoring the errors, any technical issues can be proactively addressed.
System Configuration & Maintenance
The system configuration and maintenance module will be used to define and set up system variables that MySmartCost will use to process information. These variables include agent types, project categories, service lines and vendor types. These items can be updated throughout the course of the project by the system administrator to ensure the system adjusts to changing conditions for the project.
The project management module will allow users to add and maintain individual project information. Financial information will roll up so users can manage not only individual projects but can report on projects based on your organizational hierarchy.
The project management module will track general project information, status and funding information. The module will then allow you to tie projects to sites, assign project managers, track project and funding statuses, and track and manage project issues and risks. The project module can be used to track contacts assigned to the project.
The project module allows for schedule tracking including assigning and tracking of project milestone dates. The project module will allow you to track a gatekeeper’s list and also track and manage project closeout deliverables. The project module will track the project manager’s comments and status updates throughout the course of the project. This will create a chronological timeline of events that can be reviewed to examine the history of the project.
One of the most powerful features of the project management module is the ability to reconcile project financials versus what has been reported to accounting. This module quickly identifies discrepancies in purchase order amount variances, missing purchase orders in MySmartCost, missing purchase orders in your accounting system and purchase order vendor variances. Items that are deemed to be in variance are quickly identified and users can methodically and accurately resolve the discrepancies ensuring financial checks and balances are in place and the project costs remain accurate.
To ensure quick, high-level oversight, the project module contains a status dashboard that will immediately report status on critical areas by updating indicators to different colors based on variances to plan. Those indicators report on projected final cost – capital, projected final cost – expense, projected final cost vs. spend plan, reconciliation issues, identified project issues and risks, schedule variances, and project safety issues. By click reviewing these indicators, project executives can immediately identify if the key areas of the project are on target or if there are issues that need to be reviewed that pose risk to the project. In addition other status dashboard will automatically update high level financial figures showing original budgets, commitments, spending and projected final costs.
The project module also contains comprehensive reporting features including the monthly project report, project commitments report, project cost detail report, and project cost report and a project reconciliation report.
MySmartCost (MSC) invoice submission allows all MSC vendors to submit their invoices electronically, directly into MSC. In addition, approval/rejection of these invoices also occur within MSC. The invoice submission process ensures that accurate project spending information is being recorded in the system. Also the invoice submission ensures that the invoice is routed to the project manager of the project for approval. This is a critical piece since the project manager oversees and is accountable for project spending. This process will help reduce the overall time needed to issue payment to our vendors. Paying our vendors in a timely manner helps improve our relationship and buying power with them.
This process coupled with the cost reconciliation process provides the proper controls needed for capital project spending management. The current process is all manual which is inefficient and can bough the approval process down. The vendor typically emails their invoice into the project manager and then the project manager has to enter this invoice information into the system.
These modules control budget estimates and financial information.
These modules functionality include setting up the projected final cost and reporting.
These modules keep track of safety incidents, project milestones, user access and managing the vendors on your project.Click to read more