financial management For contracting companies

It is a specialized part for serving contracting companies that aims to improve project management, monitor the performance of the engineering department, control various costs, monitor the performance of contractors, and analyze the efficiency of implementation.
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The basic elements of the contracting management program

Customers

When dealing with a new client or a tender, the potential client’s data is recorded and all communications and interviews conducted with him are recorded to follow up on the performance of the sales team and analyze the reasons for obtaining or losing the client.

Pricing

In which all business items are analyzed and each item is priced based on the expected cost of raw materials, labor wages, subcontractors, equipment and miscellaneous expenses.

Quotations

Price offers are issued after completing the pricing stage, approving them, and sending them directly to the customer through the system.

Issuing contracts

Contract registration includes all customer data, cost center, security reserve, advance payment, and all items with quantities and prices
In addition to deductions and additional work, the project documents and plans must be attached to the contract

Subcontractors contracts

Issuing subcontractor contracts with terms, payments, and security reservations

Subcontractors extracts

Receiving, following up and approving extracts submitted by subcontractors and monitoring completion rates and payments

Completion rates

Recording the work completed daily by the engineers responsible for the project

Owner extracts

Issuing current and final extracts to the owner based on the actually achieved completion rates and following up on the collection.

Purchases

Issuing and following up on purchase orders and invoices while monitoring the quantities planned to be purchased when pricing the project.

Inventory

Inventory management within the project – spending on business items and inventory work.

Employment

Distributing labor among projects and calculating its cost based on the number of working hours in each project.

Compare the cost with the plan

Comparing the actual expenses on the project with the estimated expenses that were recorded in the project’s estimated budget after the pricing stage and determining the deviation percentages.

Guarantees and letters of guarantee

Recording and tracking the balances and expiry dates of guarantees and letters of guarantee.

equipment

Handling the transfer of assets and equipment between different projects and charging depreciations on the projects according to the duration of the equipment’s presence in the project.

financial reports

Financial reports are issued for contracts, clients, contractors, and all accounts in the company’s chart of accounts, such as account statements, trial balances, and profits and losses.

Expected flows

Based on the project implementation plan prepared in advance, the expected cash flows from the projects are determined according to the completion rates.

Analytical reports

Analytical reports analyze expenses and revenues for each project, with monthly and annual comparisons for the project or different projects.