BAS Construction. Financial Management helps a construction company plan budgets, control payments, track cash flow and monitor deviations between planned and actual figures.
The system is needed where several construction sites are managed at the same time, with many contracts, contractors, payment requests, advances, cost items and financial obligations.
This page presents the key functions of the solution: budgeting, payment calendar, limit control, plan-versus-actual analysis, debt management and financial reporting.
Which financial functions are implemented in the system
Budgeting by site
Creating budgets for construction projects by cost items, departments, contracts and periods.
Payment calendar
Planning payments, controlling payment dates, forecasting cash gaps and prioritizing financial obligations.
Plan-versus-actual control
Comparing planned budgets with actual expenses by sites, contracts and budget items.
Payment requests
Registration, approval and control of payment requests from departments, project managers and responsible persons.
Debts
Control of accounts receivable and payable by counterparties, contracts, payments and repayment dates.
Financial reporting
Preparation of management reports on budgets, payments, cash balances, expenses and financial results.Functionality for managing construction company finances
In construction, financial management is not limited to accounting. A company needs to plan expenses in advance, control payments to contractors, see upcoming payments, check budget limits and respond quickly to overspending.
BAS Construction. Financial Management makes it possible to combine budgeting, a payment calendar, payment requests, obligation control and financial analytics in a single system. This gives the manager not just after-the-fact reports, but a tool for daily financial control.
The system is especially useful for companies that manage several construction sites at the same time, work with many contractors, have a complex payment structure and want to see their financial position during the work process, not only at the end of the month.
A general description of the solution is available on the BAS Construction. Financial Management page, and information about licenses and cost can be viewed on the BAS Construction. Financial Management prices page.
Key system capabilities
- creation of budgets by sites, contracts and cost items
- budget execution control based on planned and actual data
- maintenance of a payment calendar with forecasts of future payments
- approval of payment requests before actual funds are written off
- control of accounts receivable and payable
- preparation of management reports for the manager and finance department
Detailed functions of BAS Construction. Financial Management
Income and expense budget
Planning income, expenses and financial results for the company, individual business areas, contracts and construction sites.Cash flow budget
Control of future receipts and payments, forecasting cash balances and timely detection of cash gaps.Expense limits
Setting financial restrictions by budget items, departments, sites or responsible persons.Payment approval
Approval of payment requests before payment execution so that expenses do not exceed the approved budget.Plan-versus-actual analysis
Comparing planned figures with actual expenses, payments and cash balances for each site.Reports for management
Operational reports on the company’s financial position, budget execution, debts, payments and project profitability.What the company gets after configuring the functionality
- the manager sees upcoming payments and financial risks before payment is made
- the finance department controls budgets, limits, requests and actual expenses
- project managers work within approved budgets for each site
- the number of unapproved payments and uncontrolled expenses is reduced
- the company gets a single system for planning, controlling and analyzing finances
Who needs financial management functionality
Company manager
For controlling budget execution, the financial position of sites, upcoming payments and risks of cash gaps.Chief financial officer
For budgeting, limit control, payment approval, deviation analysis and preparation of management reports.Project managers
For controlling site expenses, payment requests, available budgets and actual use of funds.We will show financial management functions using your processes
We will help you understand how the system can control budgets, payments and financial risks in your construction company.