Top Three JD Edwards EnterpriseOne Tools To Solve Problems for Engineering & Construction Companies
Enterprises often phase in their enterprise resource planning (ERP) solutions, which means that ArganoCSS consultants are often asked how to prioritize implementation of applications. Because our consultants have an average of 14 years experience with construction and engineering ERP solutions, we decided to share a typical prioritization for these industries, with the caveat being that no two enterprises are exactly alike, and neither are their needs. Here is our top three list.
JD Edwards EnterpriseOne Financial Management
In today’s rapidly changing global business world, it’s crucial that your company can streamline financial operations, improve reporting accuracy, and nimbly respond to changes. It’s also vital to account for all funds going in and out in each country of your enterprise’s operations, which will likely involve multiple currencies. Construction companies, for example, are especially vulnerable to cost-accrual errors, inaccurate project forecasts, productivity changes, scope creep, and overhead estimate problems.
That’s why we’re listing the Financial Management application as the first of the three top problem-solving solutions for engineering and/or construction companies. Beneath the umbrella of this application are ones specifically focused on these seven areas:
- Project Costing
- Accounts Payable
- Accounts Receivable
- Advanced Cost Accounting
- Expense Management
- Fixed Asset Accounting
- General Ledger
Benefits of these applications include its flexibility. Plus, JD Edwards EnterpriseOne supports multiple accounting standards and business processes with complete financial integrity, tailored for any size of corporation. Each of these financial solutions works seamlessly with other EnterpriseOne solutions, with outstanding collaborative capabilities.
JD Edwards EnterpriseOne Joint Venture Management
Collaborations are key today, and the Joint Venture Management application allows entities to share in costs and revenues associated with their collaborative ventures. This may involve, for example, a collaboration between an architect and an engineering firm, or multiple construction companies.
Using the JD Edwards management system, you can define your venture as a legal entity, record partners, set the scope of the joint venture (whether it is active or inactive, for example, the minimum amounts to trigger invoicing and so forth), determine the ownership percentages and more.
Using this application, you can define accounts to allow you to divide and distribute revenue and expenses among partners at a granular level. For example, you can distribute expenses on a pro rata basis using the date-effective ownership percentage as the calculation method.
This application seamlessly integrates with numerous other JD Edwards EnterpriseOne applications, including:
- Address Book
- Accounts Receivable
- Accounts Payable
- General Accounting
- Job Cost
- Sales Order Management
JD Edwards EnterpriseOne Advanced Job Forecasting
As our third choice, we’re including the Advanced Job Forecasting application because, in the engineering/construction industry, you must effectively manage risk and accurately calculate projected amounts for each specified job. With this application, you can count on the ability to calculate auditable forecasting reports, create formulas, and select which computation methods you want to use — you can even define your own. Forecasts have a life cycle status, review and approval, and the ability to have multiple “what-if” scenarios simultaneously.
Throughout the project, you will have high visibility into point-in-time data that includes budgets, actual spends, and commitments that are still open. As you analyze remaining projects, you can glean detailed information by project task, assess remaining costs by job with a high level of accuracy, and carefully manage, review, and approve projects, confident in the audit trails created.
Choose ArganoCSS for Your JD Edwards ERP Implementation and Integration
We have in-depth ERP expertise in the following industries:
- General contractors/construction
- Heavy civil/infrastructure
- Home building and construction
- Engineering procurement construction (EPC)
- Marine construction
- Specialty contractors
- Field service
- Aggregate/batch plant
- Industrial/ETO construction
We provide engineering and construction companies with complete continuity and low turnover, understanding the types of problems contractors face and providing your enterprise with the JD Edwards ERP solutions you need. Contact us online today!