New tool building the future for mid-market construction businesses

Recently launched, the MYOB Advanced Construction Edition is new software designed specifically to help contractors and builders manage complex projects and budgets, with real-time visibility.

The Australian and New Zealand construction industry, employ a huge section of the workforce and make significant contributions to the economy.

And that makes supporting the future of the construction industry an imperative.

According to MBIE, approximately 250,000 New Zealanders work in construction, while another 200,000 are in construction related occupations.

In Australia, the Labour Market Information Portal estimates 1.16 million people work in the construction sector, accounting for 9.2 percent of the total workforce. Employment numbers in the industry have grown 12.6 percent over the past five years and with further growth of 9.7 percent predicted by May 2024.

Across both regions, it’s clear the success of local construction businesses will play a key role in economic recovery.

Improving accuracy and efficiency with tech

With an understanding of the importance of the construction industry in both nations in mind, MYOB has created software specifically tailored to help mid-market businesses succeed in an increasingly competitive landscape.

Backed by MYOB’s premiere cloud Enterprise Resource Planning (ERP) platform, MYOB Advanced, the Construction Edition is the latest industry-focused solution in MYOB’s mid-market portfolio and follows on from the release of MYOB Advanced Manufacturing Edition.

MYOB’s Head of Product Enterprise, Frank Feustel explained how the intelligent functionality within the new MYOB Advanced Construction Edition offers valuable solutions to challenges often experienced by those in the industry.

“Effective project management solutions can be critical to the delivery of successful outcomes for builders, contractors and project managers, not to mention their clients,” said Feustel.

“In a recent report on the New Zealand construction industry, the two most common causes of disputes were reported as poor-quality documentation and delays in work or extensions of time on project.”

Functionality fit-for-purpose

With integrated functionality catering specifically to the needs of those working in the construction industry, the MYOB Advanced Construction Edition helps users gain complete control over their projects and connect with their teams, with key features solving common pain-points.

“We’ve heard from our customers about the many issues they face when managing their projects, budgets and contracts, particularly when they’re on site, so we knew it was important that we deliver an effective cloud solution that would help resolve these,” Feustel explained.

“The MYOB Advanced Construction Edition has been developed to be the single source of truth, providing project managers with real-time visibility across all elements of their project, as well as insights that equip them with all they need to know to make informed, strategic decisions and ensure their project remains on time and on budget – anytime, anywhere and on any device.”

• Project complexities are reduced, and time-sensitive processes are streamlined; with budgets, teams and schedules all captured in one cloud platform, with access to the same project information whenever, wherever they’re using the software – this enables easy communication around project updates.
• Fast and accurate insights — thanks to real-time visibility — means issues can be spotted and addressed quickly.
• Budgeting and forecasts are more accurate, with the ability to anticipate changes in project scope and any associated impact on costs on existing projects. Users will also be able to estimate costs for future jobs.
• Taking on-site intelligence to the next level, project managers can build a complete history of their project with photo logs capturing day to day progress, providing added insight into progress on site.

As well as giving contractors, builders and project managers more confidence, time and cash back in their pockets, the new solution from MYOB also removes any hassle and confusion out of compliance management.

From warnings about expired certification or the need for insurance liens, a combination of compliance tracking, dashboards and alert notifications will ensure that project managers stay ahead of any compliance-related actions.

“Work in the construction sector is high value but it also comes with high risk, and a big part of our commitment to shoring up the survival and success of local contractors and builders is helping them to manage this risk,” said Feustel.

“In addition to providing them with an end-to-end platform that helps keep work to time and budget, this also means supporting them to meet compliance requirements that are crucial to their ability to deliver their projects.”

Are you a New Zealand construction-based business owner or operator wanting to find out more about what MYOB Advanced can do for you? Find out more here. Or, if you’re based in Australia, click here.