The August 2009 issue of Construction Executive magazine featured a special section known as "Executive Insights from Leaders in Construction Accounting". The issue featured answers to questions from several industry leaders. Below you will find the question and response from our very own General Manager, Will Anderson.

What emerging technologies in construction accounting do you see having the greatest impact on the contractor and the construction accountant?

In the construction accounting environment, the ability to achieve up-to-date information is limited by the amount of time needed to get data from the field back to the office. Even when an integrated software solution is in place, information must be manually gathered and entered into the system before it becomes meaningful. But the emergence of online portal technology is changing the way contractors manage information – and shortening the cycle times for critical accounting tasks.

Recognizing the need for timely information and greater efficiency through the elimination of double entry, accounting solution providers are now developing tools that allow field staff to use secure, Internet-based portals to enter information directly into the main accounting system. This gives construction managers and accountants access to data in near real-time, which dramatically improves decision making.

Early portal solutions focused on singular tasks, like entering labor hours from the field using a simple Web interface. Today, full-featured mobile applications that operate on the PDA platform are in high demand, particularly in the construction service space. Moving forward, advances in portal technology will give project managers and other field staff greater access to core accounting functions, further streamlining the flow of information.

Online portals positively impact the dimension of time. As a result, widespread benefits, such as lower administrative expenses, improved cash flow and reduced service billing times, are realized. Aligning with a software provider that is actively developing portal solutions will undoubtedly give the contractor a competitive edge – now, and in the future.

Read all other questions and answers on the Construction Executive website.