Financial Management

Take financial operations to new levels of accuracy and efficiency.

Financial Management helps construction companies produce accurate job cost totals and invoices quickly and efficiently with the comprehensive tool, equipment, and material billing functions. 

ToolWatch automatically charges customers, departments, or projects for items used, lost, or damaged, freeing field and warehouse teams from tedious administrative tasks.

Real-time data gives managers the information they need to assess performance accurately and increase project profitability. It also leads to improved ROI through the tracking of earned amounts.

Watch what April Brown had to say about how Tonn and Blank Construction engaged field workers to embrace job cost and billing procedures:

Financial Management Capabilities

Set the number of billing days in a week or month, minimum/maximum billing amounts, customized holidays and return credits. Mix billing methods for different types of tools or projects as needed.

Bill for tools and equipment based on the time they’ve been checked out to a project. If equipment remains at project sites for extended periods, automatically migrate billing rates from daily to weekly to monthly.

Generate a flat-rate charge for a tool when it is assigned. When it is returned, ToolWatch can automatically calculate a return credit based on a percentage of the tool’s replacement value.

When an item is lost, transfer it to the ToolWatch “Lost & Found” to generate a charge that covers the replacement cost. The system can also add markups to cover purchasing and handling fees. ToolWatch considers the original amount charged to the project for this tool, ensuring the penalty doesn’t exceed the value of the tool. If the item is found, ToolWatch can automatically reverse the penalty charges.

ToolWatch automatically posts all billing charges to cost centers that you define and allows independent billing rules and mark-ups for each cost center. Cost centers display all billing charges for the current period, billed-to-date, and project totals.

Instantly view current billing charges without having to wait for month-end posting.

Choose various reporting levels – from the most detailed transaction level to a comprehensive summary – and print reports at any time during the billing cycle.

Save time and reduce the chance of errors by having ToolWatch integrated with your accounting system at the job-cost or general-ledger level through “web services” or exported data files.

Interested in learning more, Tour ToolWatch today!