At the forefront of any national growth is the growth of the construction industry. As at the start of 2014, the UK’s construction sector has shown strong growth for the past 8 months, with house building being the fastest, followed by infrastructure and commercial buildings. This has meant an increase in jobs within the industry, although companies still recognise the need to be wary of not over-extending themselves and remaining flexible. As a consequence of the past 5 years, those involved in construction, need to adopt a continuous planning approach to setting budgets. There’s no point trying to guess events 12 months out and then sticking with that decision once the year has started. Instead, organizations need to set plans by project, which are carefully monitored against forecasts and actual results, so that future resources can be adjusted as required. This kind of planning can’t be done using a spreadsheet, as they are far too inflexible to cope with continuous adjustments. To start with spreadsheets are single user so they would need to be duplicated before handing them out to those responsible managing individual projects. Then they need to be collected in and consolidated. If this wasn’t bad enough, when monitoring actual results or collecting forecasts, different version would need to be distributed – but you then have no control over what version gets used or what gets sent back in. But that all changes with Financial Driver
Continuous Planning with Financial Driver
Financial Driver allows you to set plans by construction site. You can determine what information you need from which site, set budgets against them and then track actual and forecast results. Because Financial Driver is a cloud-based application, all users need is an Internet connection and any Internet enabled device. Financial Driver will remind project managers as to what is required and when, and will show administrators the status of all submissions. As projects progress it’s easy to produce reports that compare actual and forecast with the original budget, and to then re-allocate resources as required. Financial Driver links to an organisation’s general ledger to update actual results and it produces a range of consolidated reports through which performance can be investigated and variances highlighted. At no time are administrators required to load software or write programs, and any changes they do make, for example to a budget, are automatically made available to users without them having to do a thing.
All the benefits of an enterprise solution but without the complexity or cost
In the past these types of systems were only for those that could afford the cost and complexity involved in setting up and maintaining them. Financial Driver now provides the same capabilities but through a simple to learn application that is a fraction of the cost of traditional systems. Take a look and see for yourself how Financial Driver could transform the way your organisation plans and manages performance: