Category: ERP

Concerns in Construction Industry

Many construction businesses have reported the following difficulties they face, and what keeps them away from reaching a fruitful revenue.

• Poor Workforce Management
• Shipment Delays
• Bad Inventory Management
• Improper Reporting & Analysis
• Miscommunication
• Wastage of Resources

Benefits of Construction Management ERP Software Implemented by NWAY Technologies:

• Contractor Management

  Construction ERP Software can boost performance according to the need of your organization with customization. Create a centralized database of all qualified contractors across the organization and monitor contractor project progress and efficiently assign/monitor tasks through automated notifications and insights.

• Planning & Estimation

  Be prepared for unforeseen changes by analysing previous reports to realizing the repetitive constraints. Mark your budget limits with timely alerts on exceeding limits. Ensures a project is achievable, measurable, specific, relevant and in the bound of time. Share the planning and ideas with customized groups in a centralized system making it a more Accountable and organized system.

• Project Management

  All sites centralized in one place, keeping track of all the task going on various sites eliminating pending culture in your organization leading towards a healthy project life cycle. Whatever department is, allot group task, and set timeline and budgets achieving bigger goals. Go as per plan and receive timely pending task alerts and delays in the life cycle of the project.

• Inventory Management

  Materials Management (MM) is the system for planning and controlling all of the efforts necessary to ensure that the correct quality and quantity of materials are properly specified in a timely manner, are obtained at a reasonable cost and most importantly are available at the point of use when required. Poor materials management can result in increased costs during construction. Efficient management of materials can result in substantial savings in project costs.

Nway construction ERP software is a web-based construction ERP software that takes on the role of ERP software to assist contractors and Project Managers with their daily construction operations. We are one of the very few products in the construction market that has built-in Business Intelligence to promote positive ROI and Lean technology to control cost overruns and project resources deviations.

If you want better insight into how we can boost your enterprise potential, you can go with a free, detailed and personalised DEMO of Nway construction ERP Software.

ERP (Enterprise Resource Management) is an integrated process of gathering and organizing business data through a consolidated software suite. Construction ERP Software helps managers to design comprehensive and extensive plans for successful engineering of projects from the beginning of project work till the outcome and during the entire construction lifecycle.

Construction Software has been customized in different sectors including sales, material management, tendering, purchase management, general contractors, and many else. ERP Software is an advanced technology software that combines all construction business processes like accounting, payroll, purchase management, inventory management etc in one database and takes care of all the business components by removing paperwork and making manpower more productive. ERP software for the construction industry maintains all the necessary data or information regarding projects, profitability, conversion and revenue generation.

Below are the Key Benefits of ERP Software in the Construction Industry:

Cost Estimation

Implementation of Construction ERP software can reduce your technical costs and enhance workflow in an efficient way. ERP for the construction industry is really helpful in estimating the cost of the project to plan for future work. Construction companies work on a contract basis and before getting tender, they bid for their projects for better cost estimation.

Real-Time Project Tracking

The advanced construction ERP software solution gives reliable analytical reports from real-time data and as a result, it allows the construction head to track ongoing project progress and take necessary action in case of any variance. And therefore, a construction ERP software helps in reducing risk, unnecessary time as well as improve the efficiency of work.

Planning and Analysis

Proper planning and analysis of architectural work are always essential to increase the reputation of any organization. Construction ERP software allows the analysis of contract, purchase, project design, inventory which is beneficial for financial budgets. It also helps to avoid contractual problems with the vendors and sub-contractors.

Increasing ROI

Construction ERP software allows construction & infrastructure companies to avoid manual, time-consuming, and labor-intensive processes, control expenditures for raw materials and employees, get rid of undesirable operating costs, remove unnecessary downtime, and meet project deadlines. And helping the organization get maximum ROI.

Optimize Project Management

To optimize Project Management, a construction ERP software solution has the capability to monitor information, storing data & accurate analysis of raw material, manpower utilization & resource allocation. Construction ERP Software allows access control for the authorized customers to get all the information from anywhere across the world. It avoids unnecessary time, cost & waste of money during the project duration.

NWAY provides a construction ERP software solution that can help your business to acquire benefits and fulfil construction business needs. If you want to know more about how our smart ERP software helps you to build your construction operation, fill out our demo form and consult with Nway’s 15+ years domain experts.

Know everything about e-Invoice:

The CBIC (Central Board of Indirect Taxes and Customs) has issued a notification that e-Invoicing is to be mandatorily accepted by all companies or suppliers with a turnover exceeding Rs 500 crore. Before the limit for preparing e-Invoice was 100 Crores. This new change in a system or law is the gateway for the digitization of business processes in India. The provisions will come into effect from 1st October 2020.

The CBIC has modified the e-Invoice format by adding in 20 new fields and removing 13 pre-existing ones. Also, few alterations have been made to the character length in certain fields.

What is e-Invoicing or Electronic-invoicing?

Electronic invoicing (e-Invoicing) is the exchange of the electronically generated bills document between a supplier and a buyer and validated by the government tax portal.

An e-Invoicing is the transaction processing system where B2B invoices are digitally prepared in an e-Invoicing format and authenticated by the GSTN. This system ensures that a common format is followed by all businesses before reporting invoices to the GST portal.

What are the documents covered for e-Invoicing?

The taxpayers need to be reported the following documents to the government under e-Invoicing regulation:

• Invoice by Supplier
• Credit Note by Supplier
• Debit Note by Supplier
• Any other document as required by law to be reported

Can an e-Invoice be cancelled?

An e-Invoice cannot be cancelled partially, it has to be cancelled fully. If cancelled once, need to be reported to the IRN within 24 hours. If the cancellation has been done after 24 hours, the taxpayers can manually cancel the same on the GST portal before the returns are filed.

How can an e-Invoice be amended?

All amendments to an e-Invoice can be made only on the GST Portal.

How will e-Invoicing benefit businesses?

1. It resolves and plugs a major gap in data reconciliation under GST to reduce mismatch errors.
2. Provides interoperability. An e-Invoices created on one software can be read by another.
3. Real-time tracking of invoices
4. Automation of the tax return filing process – the relevant details of the invoices would be auto-populated in the various returns, especially for generating the part-A of e-way bills. Faster availability of genuine input tax credit.
5. Lesser possibility of audits or surveys by the tax authorities since the required information is available at a transaction level.

The timeline for e-Invoicing implementation in India?

The e-Invoicing was to be mandatorily implemented from 1st April 2020 but has been pushed to 1st October 2020 for taxpayers with turnover over Rs. 500 Crore.

What happens if e-Invoice is missed or delayed?

CBIC said it has been reported that even after more than nine months of the first notification in this regard, some of these taxpayers having an aggregate turnover of Rs. 500 crore and above are still not ready.

Accordingly, as the last chance, in the initial phase of implementation of e-Invoice, it has been decided that the invoices issued by such taxpayers during October 2020 without following the prescribed rule shall stand waived if the Invoice Reference Number (IRN) for such invoices is obtained from the Invoice Reference Portal (IRP) within 30 days of the date of invoice.

CBIC said that no such relaxation will be available for the invoices issued from 1st November 2020.

Process of the generation of e-Invoice

Nway ERP fully supports e-Invoicing for an automated digital solution without any hassle and offer different ways to connect to source ERP for invoice extraction. With Nway ERP you will get a fully integrated accounting system from Accounting to Billing to Inventory to GST, manage all your business data seamlessly.

An e-Invoice format has been notified by CBIC is as follow (Example Invoice)

Today, the construction industry has become more challenging and competitive. All construction firms are in search of any means to boost productivity, accomplish integration, and stain competitiveness. Enterprise Resource Planning (ERP) system is an Information Technology (IT) business solution that enables construction companies and their contractors to manage capital projects effectively and efficiently throughout the project lifecycle.

Enterprise Resource Planning can allow companies to enhance their business processes and allows for necessary management. That’s why ERP can be said a business management system software that can integrate numeral activities in a project & deliver a simultaneous result for bettering performance, reducing cost, and increasing profits.

Construction ERP software provides cost optimization, incorporates design changes, consistent quality conformance, Reliable, Faster, and on-time delivery, incorporates value engineering, a Collaborative work environment, and a team tracking facility.

When evaluating your potential solution, you will need to understand how the functions will integrate and benefit you but there are 3 core elements that you must ensure are provided.

Features for Construction Management:

• Procurement and controls
• Accounting
• Specialized Cost Ledgers
• Payroll and Labor Costing
• Plant and Equipment Costing
• Contract Cost Reporting
• Business Intelligence
• Document Management
• Time and Attendance Systems
• Human Resource Management
• Enterprise Accounting

Top 3 key Elements your construction ERP Must Have:

Planning & Estimation

Be prepared for unforeseen changes by analyzing previous reports to realize the repetitive constraints. Mark your budget limits with timely alerts on exceeding limits. Ensures a project is achievable, measurable, specific, relevant, and within the bound of time. Share the planning and ideas with customized groups in a centralized system making it a more Accountable and Consortium system.

Contract management

Contract management is the management of contracts made with customers, vendors, or partners. The strange challenge for a construction ERP is to manage a scope of work that can be fluid relating to a complex asset and maintain a list of contractors and track the progress. Contract management needs to go for multiple changes and be structured to handle workflow approvals, contract changes, and revisions.

Cost control

A construction ERP must be able to handle such diverse elements as resource allocation, payments on milestones, sub-contractor costs, and plant and equipment. The time at which major cost savings can be achieved is during the planning and design of the project. The date reports, business intelligence, and revision of the project will assist in maintaining control of costs and, of course, margin.

Nway ERP software for the construction industry are used across all industries but the ones that are built for the unique needs of construction companies help manage contractors, financials, and service operation.