At CompuData, we’re committed to empowering your construction business with cutting-edge solutions and expert guidance. As a trusted Sage partner, we recently had the opportunity to attend Sage Transform 2024, we are thrilled to bring you an exclusive overview of our experience, particularly focusing on Sage Intacct Construction. Here’s a comprehensive summary of our key takeaways, including valuable tips and tricks, upcoming releases, and insights into how Sage Intacct is revolutionizing construction financial management.
Construction Tips and Tricks
Here are some tips and tricks gathered from Sage Transform 2024 to optimize your construction project workflow with Sage Intacct.
Application Configurations:
- Set summary frequency to individual documents or transactions for easier reconciliation.
- Prevent over-invoicing an order by turning off editing during conversion.
- Reduce keystrokes by prefilling conversion price or quantity with 0.
- Create project and project contract templates for duplication.
- Utilize Duplicate function for adding new project contract lines.
- Import data for creating new projects and project contracts.
Item and GL Account Allocation Workflow:
- Enter bills in Accounts Payable with item and GL account retrieved from cost type setup.
- Record project estimates and change requests with item and GL account retrieved from transaction definition.
- Enter timesheets with item retrieved from project task or cost type and GL account from Earnings type or Time type setup.
Primary Document Workflow:
- Establishes relationship between source transaction and downstream transactions.
- Required for viewing commitments on project setup, lien wavier compliance records, commitment-related compliance records, and construction report packages.
- Enable primary document workflow and designate one transaction definition as primary.
Project Setup Best Practices:
- Use Ship-to contact for jobsite address.
- Ensure required project setup information is filled.
- Utilize Smart Rule for mandatory fields.
Project Contracts:
- Create rate tables for billing rates.
- Set maximum billing amount for calculation purposes.
- Map time and materials billing lines to cost codes.
Commitments and Retainage:
- Select appropriate Reporting category and enable primary document workflow on transaction definition for commitment orders.
Project Estimates:
- Select appropriate Estimate category for Source type in Project detail reporting area.
Construction Payroll Solutions
During Sage Transform 2024, we explored various payroll solutions tailored specifically for the construction industry. These Sage Market Partners include:
Sage Construction Payroll: Sage Construction Payroll is built to handle the complexities of construction payroll, offering accurate rate determination and simplified reporting. Key features include streamlined payroll processing, automated calculations, and certified payroll reporting. Testimonials from users highlight the effectiveness and ease of use of Sage Construction Payroll.
Sage Intacct Payroll powered by ADP Workforce Now for Construction: This partnership between Sage and ADP offers comprehensive HCM solutions tailored to construction. Key features include compliance insights, compensation management, benefits administration, payroll processing, recruiting, performance management, and analytics.The solution is designed to integrate seamlessly with Sage products, providing a holistic offering for construction companies.
Miter – The Construction HCM: Miter is a cloud-based HCM platform designed specifically for the construction industry. Key features include payroll and compliance management, expense management, workforce management, HR, benefits administration, and talent acquisition. Miter offers a single app solution for construction teams, simplifying management and communication.
Criterion HCM: Criterion provides comprehensive HCM solutions with integrations to Sage products. Key features include payroll processing, tax reporting, HR, benefits administration, talent management, and workforce management. Criterion emphasizes its customer-focused approach, continuous innovation, and global ecosystem of partners.
Arcoro Construction HR Solutions: Arcoro offers HR solutions tailored to the construction industry, focusing on workforce management and compliance. Key features include payroll processing, benefits administration, talent management, and workforce optimization.
WorkforceGO: WorkforceGO provides workforce management solutions, enabling construction companies to manage their workforce efficiently. The platform offers features for time tracking, scheduling, attendance management, and workforce optimization.
Vendor Compliance
Managing vendor compliance is made seamless with Sage Intacct Construction. With compliance management features, you can track insurance, miscellaneous, lien waiver compliance items (such as licenses) related to vendors. Compliance validation occurs when you pay vendor bills in Accounts Payable. Ensure that your vendors provide the required compliance documents before you pay them. The Vendor Compliance subscription helps you track compliance-related documents, such as proof of liability insurance or business licenses.
Sage Intacct Real Estate
Sage Intacct Real Estate (SIRE) is a versatile solution catering to both commercial and residential real estate markets. In the commercial sector, SIRE tracks intricate details for leases across various property types, including offices, industrial spaces, retail units, and medical office buildings (MOBs). In the residential domain, SIRE efficiently manages leases for market-rate properties, affordable housing units, and condo leases.
Product Overview: SIRE offers a comprehensive system designed to streamline real estate management tasks. With an intuitive user interface that facilitates quick execution, users can navigate through organized functions for setup, task management, and reporting. The system adopts a lease-based structure, simplifying lease management for users.
Lease Management: Administering leases becomes more straightforward with SIRE. The system effectively manages properties, units, and tenants/residents, facilitating tasks such as lease management, charge generation, and reporting. SIRE empowers users with tools to efficiently handle lease-related activities, ensuring smooth operations and accurate financial reporting.
Future Release Highlights: New features are released quarterly, focusing on enhancing the lease-based structure to support various scenarios such as subleased spaces, premises expansion, roommate arrangements, and lease options. These updates ensure that SIRE remains a cutting-edge solution for real estate management, providig users with the tools they need to succeed in a dynamic market.
Sage Construction Management
Sage Construction Management (CM) offers an end-to-end integrated suite for construction. Combined with Sage Intacct Construction Financials, it provides a comprehensive solution accessible anywhere, anytime by all stakeholders.
This integrated platform aligns operational and financial teams through Account & Contact Management, Awarded Projects & Contracts, Procurement/Subcontracts, Change Management, and AR/AP Invoicing & Payments.
Key Benefits Include:
Preconstruction: Managing leads from bids and estimating to awarded projects.
Project Management: Connecting field and office teams for on-time, on-budget project execution.
Financial Insight: Empowering informed decisions with Projects 360, Analytics & Dashboards, and operational & financial integration.
Built for collaboration and mobility, CM offers a range of tools and platforms to enhance accessibility and flexibility. These include browser solutions, mobile apps for Android and iOS devices, TeamLink Portal for external project team members, and Accounting Link for seamless integration with Sage Intacct.
Departments served include Preconstruction, Project Management & Field Staff, and Accounting, with tailored solutions for each, including Contract Administration, Procurement, Timecards & Misc. Expenses, Project Financial Analytics, Correspondence, Documentation, QC & Safety, Scheduling, and Financial transactions and reporting.
Construction Technology Trends from Associated Builders and Contractors (ABC)
The construction industry is witnessing a rapid evolution driven by technological advancements. Current trends include the adoption of artificial intelligence (AI), machine learning, deep learning, equipment automation, and generative design. These technologies are reshaping traditional construction processes and paving the way for more efficient and sustainable practices. Examples of AI applications in construction include chatbots, generative design, and computer vision.AI-powered equipment, such as the Hyundai Concept X excavator, demonstrates the potential for automation in construction. These initiatives and trends highlight Associated Builders and Contractors’ (ABC) commitment to leveraging technology for the benefit of its members and the construction industry as a whole.
Introduction to the Construction Financial Management Association (CFMA)
As a dedicated member of the CFMA’s Alaska Chapter, I am proud to be part of an association that has been a cornerstone in the construction industry since 1981, with over 10,000 members and 99 chapters in the U.S. and Canada.
- Membership consists of general members representing various contractors and associate members supporting the construction industry.
- Opportunities for involvement include volunteering with local chapters or committees, shaping chapter leadership, and participating in various CFMA programs and events.
- CFMA offers resources such as live and on-demand education, peer groups, content hub, annual conference & exhibition, federal tax answers ebook, financial benchmarker, state tax law guides, and a career center.
- CCIFP certification is available for industry financial professionals, enhancing value, credibility, and leadership.
- The CFMA Financial Benchmarker allows benchmarking of financial performance against industry peers, with key areas monitored and KPIs measured.
- CFMA Financial Benchmarker KPIs can be analyzed in conjunction with Sage Intacct Financials to gain deeper financial insights and drive success for construction financial professionals.
The CompuData team is excited to implement these insights and updates from Sage Transform 2024 to enhance your construction business and optimize your Sage Intacct experience. We’re here to help you transform your finance operations and drive growth in the ever-evolving construction landscape.
