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ACCOUNTING & FINANCIAL CONTROLS
Take control of your financials, no matter how often the status of your construction projects changes. Through real-time reports, instantly evaluate operational transactions as they occur for maximum control over project completion and profitability. The CMiC Accounting & Financial Controls suite is construction accounting software that unifies core functions—such as Budgeting, Corporate & Project Forecasting, General Ledger, Accounts Receivable and Accounts Payable—in one place. In addition, it also gives you control over all aspects of Human Capital Management and Asset Management, which improves visibility and accountability across the organization.
By leveraging a single version of truth and allowing for rich drill downs into the data, CMiC Accounting & Financial Controls helps you monitor and optimize cash flow, maximize your ability to win new projects and improve vendor relations by ensuring on-time payments—all while striking the right balance between stringent data security and key stakeholder accessibility.
Automated Financial Controls Streamline AP and AR Management
With Financial Controls, you capture and analyze financial data in real time and from all sources, share the datawith all stakeholders and act on the insights with confidence. For example, the accounts payable capability allows you to track invoices, access online historical financial information, allocate revenue across companies, and provide vendor support by company and across companies. In addition, the system enables automatic inter-company balancing with automated pre-defined transactions for recurring complex journal entries. You can access a full audit trail on each transaction and deliver financial statements in multiple formats.
The accounts receivable capability not only captures project-related billing automatically, it also generates non-project related (ad-hoc) invoicing, providing a complete view of all open receivables. A central customer repository—with built-in duplication checking—allows your organization to share the same customer record across entities without duplicate setup, while enforcing access and company security paradigms. Standard logs, queries, reports and business intelligence dashboards deliver real-time, actionable information—on demand.
|Access current and past customer and vendor transactions||View and understand the financial health of your projects and your organization—in real time|
|Enable automatic inter-company balancing with predefined transactions for recurring complex journal entries||Shorten the month/year end close and minimize the cost and risk of manual data entry|
|Track invoices across the enterprise||Access a full audit trail for every transaction, allowing users to answer business questions in real time|
|Work with a single book of record for all financial transactions||Achieve greater data integrity, which enhances confidence in decision-making|
|Allocate revenue accounts across companies||Optimize credit risk|
A Better Approach to Corporate & Project Risk Management
Ensuring compliance across all levels represents a key challenge for large and mid-sized construction firms. Accounting and financial standards can vary by geography. As an organization, you need to ensure compliance across all standards, including regulatory compliance at the state, country and international levels (e.g., GAAP, IFRS, SOX) as well as at the divisional and project level.
CMiC’s risk management capabilities are embedded throughout the platform—beyond Accounting & Financial Controls—in several components of the system, such as vendor pre-qualification, workers compensation codes and rates tied to jobs, and cash flow management (e.g., aging payables and receivables), just to name a few. All system modules work seamlessly to deliver an accurate and comprehensive view of corporate risk.
|Monitor and enforce compliance at the state, national and international level||Monitor key risk indicators, make adjustments and elevate accountability|
|Monitor and enforce compliance at the divisional and project level||Elevate accountability across the organization|
|Create and easily access audit trails for all transactions||Connect key performance indicators to risk indicators|
|Leverage a central, pre-qualified vendor database||Lower the risk profile of every project|
SCALE YOUR CONSTRUCTION BUSINESS WITH CMiC
Your business has the potential to grow faster and for longer—but your teams need to keep up. Invest in the software to help them do just that. The CMiC platform is purpose-built for the construction industry, ensuring that your users, and the unique workflows that they manage, are not just supported, but also enhanced by the right capabilities. Speak with an expert to learn how CMiC can help you grow faster while boosting your profits.
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