Use Nexus’s Job Costing Functionality to Account for Construction and Development Projects
Every time your Multifamily or CRE company upgrades the lobby, renovates the bathrooms or embarks on another development project, there are a lot more costs to track.
Nexus lets you do it easily with its job cost tracking functionality, available through NexusPayables. It’s designed to let you keep up with demolition, flooring, painting, permitting, lighting and all other costs for every construction/development project – whether you do one project a year or 100s.
Nexus job cost tracking works with all the other Nexus modules to present a full picture of the costs associated with construction/development – both large and small.
Here’s how it helps:
1. Helps AP teams track construction projects to budget
- Nexus pulls job cost information about projects directly from a client’s GL using an automated integration. These job cost details can then be applied to invoices and POs, ensuring data continuity for the whole lifecycle of the project.
- Benefit: this lets the AP team track and manage construction expenses and identify if the project is adhering to budget, or where and how it has exceeded budgeted costs.
2. Helps reduce coding errors
- Nexus automatically and intelligently pulls the “right” data from the GL and presents it for the “right” invoices.
- When a coder needs to code a purchase order or invoice, the available job cost data will already be narrowed down, based upon the vendor and property included on the PO/invoice. For example, a coder won’t be presented with the job cost data from a property in California when the invoice they’re coding is for a property in Oregon.
- Benefit: this helps reduce coding errors and makes things easier and faster for AP coders.
3. Sends construction-related approvals to the person(s) in-the-know
- Once coded, the PO or invoice can be sent through a job cost specific approval workflow. That’s because Nexus supports approval workflows based on contract code or job code. So, say for example, a company has workflows that direct day-to-day operational expenses to two different approvers when invoices are over $10K. For construction projects, invoices can be routed to an entirely different set of approvers, who are more familiar with the project.
- Benefit: avoids bottlenecks and speeds up invoice approvals since invoices are routed to the right people.
4. Makes it easy to create a draw package (through bulk invoice report option)
- Nexus also makes it easy for clients to create draw packages. They can easily pull copies of all invoices related to a job through Nexus’s bulk invoice report option – which will assemble all the invoices related to a contract or job code. This takes just minutes.
- Benefit: Real Estate companies can pull the industry-specific reports they need for shareholders, banks, etc.
Nexus’s job cost tracking functionality helps Multifamily and Commercial Real Estate companies (among others) track construction and development projects in minutes.
While it uses the job cost data in the GL, Nexus makes the data relational to the correct invoices and purchase orders to ensure that they are coded accurately.
It’s an easy, transparent solution to properly account for construction and development costs.