RedTeam announces software enhancements to help the construction industry with complementary features to its broad platform designed to assist with financials, contractor-subcontractor collaboration, and overall project management.
New financial management features Project Phases and enhanced Project Cost Categories. These enable construction managers to apply distinctive descriptions to cost items during preconstruction and assist project teams in understanding costs as they are incurred during construction.
RedTeam has added to its tools to help project teams prepare updates to the estimated cost at completion (EAC) by keeping track of the likely cost to procure the balance of project scope. Determining the latest revised EAC is a recurring deliverable for project teams and key to project financial management. Not only is it the basis for measuring cash flow and managing working capital utilization, it is also needed by corporate finance teams to produce accurate financial statements.
For budget and budget adjustment purposes, RedTeam includes the ability to record reasons for adjustments and allow them to be fully tracked and documented in a log maintained seamlessly in the application. For more, visit www.redteam.com.