LiveCosts

Construction Financial Management Software

Reporting Tools for Real-Time Construction Financial Insights

Stay ahead with real-time Budget vs Actuals, detailed WIP Reports, and P&L Statements tailored for your projects.

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Client Success Stories

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"Construction Financial Management Software dashboard showing project P&L metrics, including Contract Value, Total Costs, Gross Margin, and Net Profit, with visual progress bars and financial figures."

Contractors trust us to report their Project Finances

I think it’s fair to say without LiveCosts, we’d probably have to beef up our finance team by another two or three people.

Mark Grant

South Coast Building Company

LiveCosts offers an intuitive system with excellent support, enabling real-time cost tracking across projects and easy report access.

Shannon Quinlan

LSH Developments

I think that the month-end WIP process is a lot slicker. Now when Finance and Operations leave the room, we’re all on the same page.

Gordon Spence

Hankinson Whittle
More Client Success Stories

Contractor Cost Reporting Made Simple

 Managing construction finances effectively is crucial for project success. With our Construction Financial Management Software, you can gain real-time insights into your budgets, track WIP Reports, and generate accurate Profit & Loss Statements. 

Designed specifically for the construction industry, our reporting tools streamline your financial processes, helping you stay on top of costs and maximise project profitability.

Contractors using project-specific financial software improve project profitability by 15–20% due to precise cost tracking and real-time budget alignment. (Source: Dodge Data & Analytics)

Key Features of our Financial Management Software

Budget vs Actuals Tracking

Easily compare your project budgets to actual costs in real time. Identify variances early and make informed decisions to stay on track and within budget.

 

  • Gain real-time insights into project spending.
  • Avoid cost overruns with accurate tracking.
  • Improve decision-making with clear budget comparisons.
"Construction Financial Management Software budget report showing two projects, 'Fit Out' and 'Linc Building,' with total budgets, total costs, and 'Under Budget' status indicators, branded with LiveCosts.com."

Work-In-Progress (WIP) Reporting

Generate comprehensive WIP Reports to track project progress and committed costs. Ensure transparency and accountability for financial performance across all active projects.

  • Simplify project tracking with WIP reports.
  • Maintain financial control with clear visibility into project statuses.
  • Reduce manual work and reporting errors.

Project Profit & Loss (P&L)

Create accurate P&L Statements for individual projects or your entire portfolio. Understand profitability in detail and ensure financial health at every stage of your construction projects.

  • Assess project profitability with precision.
  • Identify trends and opportunities for cost optimisation.
  • Streamline reporting for internal and external stakeholders.
"Construction Financial Management Software dashboard displaying Project P&L metrics, including Contract Value, Total Costs, Gross Margin, and Net Profit, with visual progress indicators and financial summaries."

Connect your favorite accounting softwares

"Xero Logo: A blue circular background with the word 'Xero' written in white lowercase letters, representing the cloud-based accounting software."
"Sage Business Cloud Accounting Logo: Green 'Sage' text above grey words 'Business Cloud' and 'Accounting,' representing Sage's cloud-based accounting software solution."
"Sage 50 Logo: Green 'Sage' text followed by grey '50,' representing Sage's accounting software solution for small to medium-sized businesses."
"Intuit QuickBooks Logo: A green circle with white 'qb' initials, alongside black text 'Intuit QuickBooks,' representing the popular accounting software for businesses."

What are the Benefits of using our Reporting?

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Gain real-time insights with Budget vs Actuals tracking.

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Avoid manual effort with accurate WIP reporting tools.

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Streamline profitability analysis using detailed P&L Statements

What Our Customers Say

Managing day-to-day material costs is now effortless with LiveCosts. The platform ensures we can track every expense in real time, match costs to budgets, and avoid unnecessary overspending. It’s an essential tool for keeping our operations running smoothly while maintaining control over project finances.

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FAQ's

What is construction financial management software?

Construction financial management software is a specialized tool designed to help construction professionals manage budgets, track expenses, and generate reports like WIP (Work-in-Progress) and P&L (Profit and Loss) statements. It provides real-time financial insights, ensuring better control over project costs and profitability.

What are the key features to look for in construction financial management software?

The most important features include:

  • Budget vs Actuals Tracking: Compare planned vs actual spending.
  • WIP Reporting: Monitor project progress and financial status in real time.
  • Profit & Loss Statements: Assess profitability for individual projects or the entire portfolio.
  • Real-Time Insights: Get up-to-date financial data for decision-making.
  • Integration Capabilities: Seamlessly connect with accounting tools like Xero or QuickBooks.

How does construction financial management software improve project profitability?

By offering real-time visibility into costs and budgets, the software enables teams to spot variances early, make informed decisions, and avoid overruns. Automation reduces manual errors, and comprehensive reporting helps identify areas for cost optimization, boosting overall profitability.

How does construction financial management software integrate with other tools?

Most solutions integrate seamlessly with accounting platforms like Xero, QuickBooks, or Sage, ensuring accurate financial data across systems. This integration streamlines workflows by automating data transfer for invoices, budgets, and reports, reducing duplication and errors.

What are the benefits of using construction financial management software?

  • Real-Time Financial Insights: Access up-to-date data on budgets and costs.
  • Improved Decision-Making: Spot variances early to keep projects on track.
  • Streamlined Reporting: Automate complex reports like WIP and P&L.
  • Enhanced Budget Control: Track and allocate costs efficiently across projects.
  • Time Savings: Reduce manual effort with automated processes.

How to choose the right construction financial management software for your business?

When selecting software, consider:

  • Key Features: Ensure it includes Budget vs Actuals, WIP Reports, and P&L tracking.
  • Ease of Use: The software should be intuitive for your team.
  • Scalability: Choose a tool that grows with your business needs.
  • Integration: Ensure compatibility with your existing accounting tools.
  • Customer Support: Look for responsive support to assist with setup and troubleshooting.

 

What are the key challenges SMB contractors face with project finances?

SMB contractors often struggle with inaccurate cost tracking, budget overruns, and poor cash flow visibility. Financial management software helps address these challenges by providing real-time data, improving accuracy, and streamlining financial processes.

What are the first steps in adopting new technology for SMB contractors?

Start by defining clear objectives, testing with a pilot project, and involving your team early. Choose user-friendly solutions, and work with vendors who understand your industry for smooth implementation.

How do I ensure my team adopts new financial management tools?

Engage your team early in the selection process, provide thorough training, and gather regular feedback. Prioritise intuitive, user-friendly tools to reduce resistance and encourage adoption.

What benefits does construction financial management software offer?

This software enhances project visibility, improves cost control, automates financial processes, reduces errors, and provides detailed insights into budgets, cash flow, and profitability, ultimately improving financial decision-making.

Why should SMB contractors prioritise user-friendly financial software?

Complex systems can frustrate teams, hindering adoption. User-friendly software that integrates seamlessly with existing processes ensures smoother operations, reduces training time, and encourages better overall use by your team.

How do I choose the right financial management software for my construction business?

Focus on tools that align with your business needs, integrate easily with existing systems, and offer strong vendor support. A clear ROI, ease of use, and scalability are key factors to consider.

These FAQs cover key considerations and benefits, offering helpful guidance for SMB contractors considering construction financial management software.

View More Resources

"Construction Financial Management concept featuring a calculator surrounded by building materials, including bricks, wooden planks, cement bags, insulation rolls, and construction tools."

8 Methods to Track Construction Project Costs and Increase Profitability

This article outlines eight strategies for effectively tracking construction project costs, emphasizing the importance of accurate budgeting, managing project changes, and understanding labor and material expenses to enhance profitability.

"Webinar promotion for 'Benefits of Detailed Project Cost Tracking' hosted by LiveCosts, featuring Niall Brennan (COO) and Ciaran Brennan (CEO). Scheduled for April 24th, 2024, at 1:00 PM, the webinar covers budget structures, progress reporting, and data management."

Benefits of Detailed Project Cost Tracking

This webinar delves into how detailed project cost tracking can enhance profitability. It covers project budget progress reporting, data collection and management, and simplifying detailed budget structures.

"Team meeting in a modern office setting with laptops displaying financial charts, documents, and a presenter explaining data insights on a whiteboard, symbolizing effective project cost management."

The Limits of Traditional Accounting Software for Construction SMBs?

This article highlights seven key insights into the limitations of traditional accounting software for construction SMBs, focusing on challenges such as poor real-time cost tracking, lack of project-specific reporting, and inefficiencies in managing labor and material expenses.