From the August Issue of Construction Executive Magazine.

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

Construction, more than any other industry, is being reinvented by the latest technological developments and tools. New capabilities such as Document Imaging are allowing contractors to increase the efficiency and speed of document processes while high-speed remote internet access from the field is providing more accurate job information and enhancing the lines of communication between field and office more than ever before.

Document Imaging capabilities are allowing contractors to capture documents, by use of a scanner, and attach them to job files. Now, documents and job photos can be stored securely and permanently in a type of “virtual” folder, replacing the old manila folders and eliminating the frustration of lost papers. These features have revitalized the Project Management department, allowing Project Managers the ability to do such things as scan cut sheets and attach them to submittals or scan drawings and store them in a drawing log. Additionally, by use of this technology, invoices that are scanned in can be routed to remote locations where the proper personnel can easily view and approve them with a click of the mouse.

However, more than any other technology, remote access from the field has revolutionized the industry. With the use of a laptop, field personnel can now access important information that is stored in the office, allowing for more accurate job tracking and field estimates and, for the first time, bringing the field and office personnel together on the same page. Contractors that utilize these products enjoy better financial statements, more accurate projected job costing and more reliable time tracking. With the most recent enhancements to handheld devices, contractors now have the opportunity to receive all of these same benefits and advantages literally in the palm of their hand.