PROJECT COST SOLUTIONS
TRANSCRIPTION
Hi, my name is Niall. I’m a co-founder here at LiveCosts.com.
Today, we’re going to take a look at what construction job costing software is. Let’s jump straight into it.
From LiveCosts’ point of view, let’s dive into the software. I’ve already set up a couple of jobs. The goal of job costing software is to help us understand how we’re performing on each individual project. I’ve set up each project with its own budget and different levels of detail.
For example, I’ve broken this one down similarly to a bill of quantities, but it could be as simple as labor, materials, and subcontracting. You can customize the structure however you like. Within each budget, we assign costs. These costs can come from sources like purchase orders. You can raise purchase orders from here or from the mobile app, and each order assigns a committed cost to the job.
We also have an inbox to receive invoices. Invoices arrive there first, then you assign them to the job, and finally post them to your accounting software. We integrate with Xero, Sage 50, Sage Business Cloud, and QuickBooks. When invoices arrive, you can view them and we extract all the relevant information, including line items, so you can assign them to individual budgets or purchase orders.
There’s also a deliveries module to track deliveries from sites, even from the mobile app. We cover timesheets too, whether they’re from your employees, subcontractors, or even your own equipment. All that information comes in daily, so your project costs stay up to date.
Inside each job, you’ll find reporting tools. For example, you can run a phase report at any time to see the budget, work-in-progress, approved costs, and how they compare to the budget. We also offer P&L reports that give you a profit perspective—showing contract values, variations over time, remaining contract value, income from your accounting software, and ultimately the net margin on each job.
If you’d like to see more detail on a project-by-project level, just head over to our website and book a demo with us—or watch the more detailed demo. We’d be happy to help.
