The 4 Important Benefits of Financial Management Software

by Daisy Miksch | Nov 20 2020 | Financial Management

You are managing construction projects that are complex and on the fast-track, with all stakeholders needing transparency and accountability. It is critical to work with a project management solution that can help you reduce risks and keep your projects running on time and within budget.

VPO Project Management Software gives you the ability to access your financials at the Portfolio and Project Levels through the Microsoft 365 applications you already use; there is no need to learn a new/separation application. You can define project cost codes and/or categories, as well as establish and track budgets and funding per project and across your portfolio. Contracts, Change Orders, Potential Change Orders, Purchase Orders, Applications for Payment and Invoices can all be tracked per line item.

We have compiled the Top 4 Advantages of using VPO to manage your project financials:


 

1. Reduce Risks

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The chance of human error is always high when trying  to maintain your financial data in multiple systems and without the help of a project management software that has financial management capabilities. By tracking your financials through Excel spreadsheets, e-mails, and other traditional methods, you increase the chance of costly errors on your project. This duplication of effort also steals your organization’s time and resources.

 

2. Customizations

Not every project is the same, and every organization does things a bit differently. At VPO, we have found that the ability to customize the financial management modules and processes within our software is highly valuable for our clients. Our product is designed to fit your needs and the way you want to do business. 

 

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For example, Adobe turned to VPO for a customized construction project management solution that would centralize their PM delivery process and integrate with their ERP system, SAP.

In return Adobe got budget management, portfolio-wide views, customized dashboards, automated status reports, document and drawing management, robust project sites, unlimited support, and an A+ from internal auditors. Read more about Adobe's experience with customizations and financial management integrations here.

The budget management module that VPO customized has been really great. The application allows us to compare budget forecasts, approvals, change orders, and actual results to determine variances from expected performance.

Justina Hyland, Director Project Management Office, Adobe

 

3. Integration Capabilities

As mentioned in the Adobe Case Study, VPO also allows you the ability to integrate the budget and financial dashboards with your current financial system. This allows your systems to “talk” to each other and ensures that your financial data is real time and accurate.

VPO Project Management Software has integrated with SAP and Oracle as well as developed customized budget integrations for our clients.

 

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4. Track Everything in One Place 

You can see all project information in one place through the Microsoft 365 applications you are already using. Furthermore, you can create customized budget reports for executives and project stakeholders so they can easily see the financial health of each project. Reports are easy to read and can be access quickly and easily without needing to navigate into each individual project. Having all your data in once place provides transparency and reduces risk.

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Whether it is at the individual project level or across your portfolio, VPO gives you the ability to roll up and see your financials in one place. Our software will help you reduce risk, provide transparency, and give you greater peace of mind. To learn more about our project management software, watch a demo today.

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