Construction Executive Magazine invited Jeffrey Gerardi, President of CMS, to provide executive insight around the question:
"What emerging technologies in construction accounting will have the greatest impact on contractors and construction accountants?"
Jeffrey Gerardi's Response to the interview question:
The paperless office concept has been around for a long time and is finally starting to take root within the construction industry. A few years ago, contractors had limited choices for managing information electronically. Today, many companies are developing technology specifically designed to electronically manage the mountains of paperwork generated by construction companies.
The paperwork starts piling up during the estimating process and continues through the accounting, job costing and project management processes. From POs and invoices to payroll timecards and project correspondence, the amount of paperwork generated during a single day of construction accounting is staggering. But electronic document management provides a better way to address construction paperwork.
Even the estimating process has begun to benefit from this emerging technology. The development of digital takeoff capabilities, for example, provides the ability to perform takeoffs on-screen with a mouse and eliminates the need to produce paper blueprints. Not only does this support the Green movement by saving trees, it offers tremendous time and cost savings to construction firms.
The ability to manage construction processes using paperless workflow provides instant access in the need-it-now world of contracting. Companies that adopt electronic document and blueprint management will undoubtedly reduce administrative expenses and gain greater control over costs, which will allow them to remain competitive in a tightening construction market.
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