RedTeam, a collaboration platform for commercial contractors, today announces its recent software enhancements to help the construction industry adapt following the COVID-19 pandemic. As companies look to usher in a new era of growth and optimization, RedTeam has launched complementary features to its broad platform designed to assist with financials, contractor-subcontractor collaboration and overall project management
Financial considerations are naturally a top priority for most companies during this time and will become even more crucial as projects begin to fully open back up. To match this urgency, RedTeam has launched 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.
In addition to these enhancements, 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 now 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.
“Future-proofing your business in the midst of uncertainty seems daunting, but this ramp-up period is the best time to examine how your workflows and technology stacks are serving you. This pandemic is likely going to alter some industry practices, so construction companies should be looking for support systems that can help them adapt,” said Michael Wright, CEO at RedTeam. “We remain committed to serving this industry before, during and after the pandemic by continuing to be a resource and providing professionals with all the necessary enhancements to our platform.”
Last November, RedTeam announced its integration with Sage, a market leader in construction business management solutions. The latest integration combines RedTeam’s industry-leading tools with Sage’s end-to-end construction and property management software, enhancing the Sage 100 Contractor and Sage 300 Construction and Real Estate experience for construction professionals. RedTeam’s full integration with Sage 100 is designed to provide visibility into every facet of a contractor’s business, including accounting, project management, estimating and service management.
RedTeam is also announcing its newest version of TeamPlayer, a subcontractor collaboration app, following its soft launch in August of last year. TeamPlayer facilitates subcontractor collaboration by making it easier for all team members to access and respond to critical documents and transactions, resulting in more efficient communication, reduced risk, greater accountability, increased compliance and an overall improved subcontract relationship. RedTeam has recently fully integrated the app’s capabilities with its project management software, giving subcontractors instant mobile access to construction project details.
For more information on RedTeam, visit www.redteam.com.