Procore's Direct Costs tool is a construction cost management solution designed to track non-committed costs, such as general conditions, expenses, invoices, and payroll. It enables project teams to manage direct costs not tied to purchase orders or subcontracts, ensuring accurate budget alignment. The tool allows users to import costs, attach supporting documentation, and categorize expenses by cost codes. With features like real-time budget updates, integration with Procore's financial tools, and the ability to generate industry-standard documents like G702/G703, it streamlines cost track...
Vendor
Procore
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Procore's Direct Costs tool is a comprehensive solution for tracking and managing both committed and non-committed costs in construction projects. It offers features for entering invoices and expenses, importing costs, tracking commitment-related invoices, and attaching documentation. The tool supports payment applications, including industry-standard formats and customizable documents. It also enables detailed tracking of non-committed costs, reducing the need for frequent accounting inquiries and streamlining cost management processes.
Key Features
Cost Tracking Track both committed and non-committed costs
- Enter invoices and expenses unrelated to commitments
- Import non-commitment-related costs from CSV files
Invoice Management
- Efficiently handle project invoicesTrack commitment-related invoices
- Attach copies of invoices for easy access by project managers
Payment Applications Create and receive standardized payment applications
- Format applications based on industry-standard G702/G703 progress billing
- Include features such as retainage and stored materials
- Generate customizable G702/G703 documents
Non-Committed Cost Tracking Detailed tracking of non-standard project costs
- Monitor general conditions and general requirements
- Access detailed reports without contacting accounting
- Import tool for mass creation of direct costs
Benefits
Improved Financial Visibility Gain a complete picture of project expenses
- Track both committed and non-committed costs in one place
- Drill into budget details for comprehensive financial oversight
Enhanced Efficiency Streamline cost management processes
- Reduce accounting inquiries with accessible cost information
- Avoid double entry through import functionality
- Attach invoice copies to reduce communication overhead
Standardized Documentation Ensure compliance with industry standards
- Generate and customize G702/G703 documents
- Attach additional documentation like lien waivers to payment applications
Simplified Non-Committed Cost Management Easily track and report on miscellaneous project expenses
- Monitor general conditions and requirements without separate systems
- Import existing cost data to avoid manual re-entry