Working example:
Case Study:
Construction project cost overruns
scenario:
Construction companies are working on large infrastructure projects. As the project progresses, cost overruns occur due to unexpected delays, material price fluctuations, change orders from customers, etc. The company’s cost accounting system fails to effectively address these challenges, resulting in inaccurate cost tracking and financial reporting.
Discovery Questions:
What are some common cost accounting challenges that construction companies face?
What impact can inaccurate cost tracking and financial reporting have on construction projects?
What are the potential benefits of implementing an ERP system like NetSuite in the construction industry
“In the world of construction, cost overruns can quickly turn a promising project into a financial nightmare. Let’s take a closer look at a real-life case study.“
Construction manager:
“We faced significant cost overruns on the project. It became clear that our existing costing system was inadequate to meet the challenges we were facing.”“The company’s cost accounting system failed to account for unexpected delays, material price fluctuations, and change orders from customers, resulting in inaccurate expense tracking and financial reporting.”
To meet these challenges, we recommended NetSuite ERP, a robust enterprise resource scheduling solution customized for the construction industry.
“NetSuite ERP provides a dedicated module for construction management, including advanced costing functionality.”
“With NetSuite ERP, contractors can track costs in real-time, manage change orders more efficiently, and gain an accurate insight into project profitability.”
“By leveraging the power of NetSuite ERP, the construction company was able to successfully overcome cost accounting challenges and improve project financial management.”
Contracting Company choose us to help implement NetSuite ERP to streamline its operations. They have successfully integrated various modules such as financial management, project management, and supply chain management. The implementation improved cost control, increased project transparency and streamlined the procurement process.
“By leveraging the power of NetSuite ERP, the construction company was able to successfully overcome cost accounting challenges and improve project financial management.”
Business & Tax News
Tax Planning | Tax Refund | Tax Advisors
visit http://simcllc.com
contact us @ info@simcllc.com
whatsapp tax questions & biz chat
📷(405) 252-1090
📷https://ewinter.youcanbook.me
Serving areas across the United States
