This article is part of Construction Junkie’s coverage of Groundbreak 2020, Procore’s annual technology conference. Sage will be in attendance in the virtual exhibitor hall. More details can be found below.
There’s no doubt that one of the most important aspects of managing a construction project is being able to quickly and easily analyze your financials. There are a ton of moving parts on each project, from the estimate, to ordering materials and equipment, to billing, and having that information where and when you need it can make all the difference.
The rise of emerging technologies and the realization that project financials need to be readily available from anywhere drove Sage, a popular provider of construction financial management solutions, to develop a cloud-based financial system for the industry, Sage Intacct Construction.
Sage Intacct Construction
Officially announced in March of 2020, Sage Intacct Construction gets its name from a combination of “internet” and “accounting,” as that’s precisely what it is. Your company’s construction financials no longer need to reside on servers, making it easier to use outside of the office and creating a much better environment for integrations with other software.
As the name also suggests, Sage Intacct Construction was designed with the construction industry specifically in mind, and includes functionality and reporting tools that are unique to the industry. Reports within the dashboard have many different configurations to meet your needs. Financials can be sorted, viewed, and filtered by project type, cost code, project manager, labor & material, and self-performed work vs. subcontracted work, among many other options.
The Evolving Role of the Construction Financial Manager
The system’s open API allows data to flow into the system from outside software, saving you from data redundancies and double data entry. Financial data in construction can come from a variety of different avenues, like field productivity and payroll apps, CRM solutions, Artificial Intelligence, robotics, and even drones, so having that open API allows Sage Intacct Construction to collect all of the data in the background for real-time analysis.
The ability to integrate with these emerging technologies puts your financial manager in a much better position to forecast, rather than only making decisions based on the past. These systems can also create alerts and organize data in such a way that financial managers can spend more time actually analyzing the data, as opposed to collecting and organizing it.
Interview with Dennis Stejskal, Director of Sage Construction and Real Estate
I held an interview with Dennis Stejskal, the Director of Sage Construction and Real Estate, which you can watch below. We discussed the evolution of construction financial software and the role cloud-based financials can play in a construction project. The interview also includes a demo of Sage Intacct Construction, so you can see exactly how it works.
Sage + Procore
Sage and Procore have a long-standing partnership regarding cross platform integrations, starting with Sage 300 Construction and Real Estate, the company’s flagship construction and property management software, and Sage 100 Contractor, an accounting solution for small to mid-sized contractors. These current integrations allow a ton of information to flow back and forth between Procore and Sage, such as project information, insurance documents, change orders, contracts, invoices, and many others.
The two companies are also currently building out an integration with Sage Intacct Construction, which is expected to be released towards the beginning of 2021.
Find Sage at Groundbreak 2020
Groundbreak will be held virtually this year on October 27 and 28. For those interested in finding out more about Sage, the sponsor showcase hours for the virtual exhibitor hall will be held:
Tuesday, Oct 27 – 11:10am – 12:30pm
Wednesday, Oct 28 – 11:10am – 12:30pm