Leading builder-tech company, Buildxact, has today announced a critical new addition to their financial reporting tools, the Cost Tracking Dashboard. This real-time analytics tool is designed to give builders much-needed clarity on the financial health of their projects.
Developed in partnership with specialist building and construction accounting firm, Xact Accounting, the new Cost Tracking Dashboard reveals job-by-job financial performance, allowing users to quickly see whether their projects are hitting profit targets. The tool also provides much-needed clarity on costs that are still in the pipeline for a project, avoiding unforeseen cost blowouts at later stages of a project.
The timing of this new reporting tool couldn’t be better. Our customers continue to operate in a challenging market and need accurate, timely data to make better decisions. says David Murray, CEO at Buildxact. More than ever, businesses need to know how their margins are traveling in real-time so they can intervene earlier in a job to get their margins back on track, David Murray, CEO at Buildxact.
The innovative reporting tool, now available to all Buildxact users, shows data in three layers, allowing users to track costs and profits across all jobs, an individual job, and then down to an item level.
Dan Wilkinson, Head of CFO Advisory at Xact Accounting and the dashboard’s original architect, notes,
Many builders lose sight of their margins once a project begins. This tool’s layered data presentation—from an overarching view to detailed item-level insights—helps in identifying where profit is being eroded, Dan Wilkinson, Head of CFO Advisory at Xact Accounting
The Cost Tracking Dashboard is the product of over a year of joint development between the teams at Buildxact and Xact Accounting. Michael Renton, Founding Partner and CEO at Xact Accounting, said the collaboration has tapped into specialist expertise across both businesses.
Both our teams live and breathe building and construction, and we each bring a different perspective to the table, says Renton. We continue to be impressed by the team at Buildxact. This new feature is just one recent example of their continued investment in developing features that make life not only easier for builders but drive real commercial outcomes, Michael Renton, Founding Partner and CEO at Xact Accounting
Chris Rennie, Executive Vice President Customer Experience and Product at Buildxact, backs this sentiment, suggesting that having specialist accounting and advisory talent involved in the design of the reporting tool has been invaluable.
Dan and the advisory team at Xact Accounting are in the trenches with builders every day. Not only do they know our software inside out, they see things through an expert financial lens. It’s been wonderful being able to plug into this expertise. Chris Rennie, Executive Vice President Customer Experience and Product at Buildxact.
The Job Costing Dashboard is now available to all Australian Buildxact Users. To find out more visit: https://help.buildxact.com/en/articles/8449681-the-advanced-cost-tracking-dashboard-explained
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