{"id":102081,"date":"2023-08-21T00:00:00","date_gmt":"2023-08-21T04:00:00","guid":{"rendered":"https:\/\/sisn.com\/erp-whats-the-difference-between-standard-finance-and-construction-finance\/"},"modified":"2025-02-16T20:29:29","modified_gmt":"2025-02-17T01:29:29","slug":"thesis-qa-erp-whats-the-difference-between-standard-finance-and-construction-finance","status":"publish","type":"post","link":"https:\/\/sisn.com\/en-gb\/thesis-qa-erp-whats-the-difference-between-standard-finance-and-construction-finance\/","title":{"rendered":"THESIS Q&A: ERP | What’s the Difference Between Standard Finance and Construction Finance?"},"content":{"rendered":"\t\t
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Q&A Blog Categories<\/strong><\/span><\/p>

Supply Chain<\/span><\/strong><\/p>

Sheldon Bloom<\/a><\/p>

Change Management<\/span><\/strong><\/p>

Katrina Kostes<\/a><\/p>

Business Intelligence<\/span><\/strong><\/p>

Scott Graham<\/a><\/p>

Project Cost Management<\/span><\/strong><\/p>

Ravi Kannan<\/a><\/p>

Managed Services<\/span><\/strong><\/p>

Jed Hall<\/a><\/p>

Enterprise Asset Management<\/span><\/strong><\/p>

Jim Nelson<\/a><\/p>

ERP Implementation Projects<\/strong><\/span><\/p>

Dr. JT Gorrell<\/a><\/p>

Construction Finance<\/strong><\/span><\/p>

Chelsey Stevens<\/a><\/p>

ERP Project Managers<\/strong><\/span><\/p>

Matt Morey<\/a><\/p>

Construction ERP Pain Points<\/strong><\/span><\/p>

Dave Wolff-Pellingra<\/a><\/p>

Women in Construction and Why it Matters – to Everyone<\/strong><\/span><\/p>

Laurie Jiminez<\/a><\/p>

On-Premise, and Other Construction ERP Insights<\/strong><\/span><\/p>

Charles Rathmann<\/a><\/p>

Real Cost of Procession Union Payroll Manually<\/strong><\/span><\/p>

Luke Dudenhoeffer<\/a><\/p>

AI in construction<\/strong><\/span><\/p>

Ajoy Bhattacharya<\/a><\/p>

ERP User Adoption<\/strong><\/span><\/p>

Steven Mulka<\/a><\/p>

Construction ERP Visibility<\/strong><\/span><\/p>

Mark Egan<\/a><\/p>

Changes in Construction Technology<\/strong><\/span><\/p>

Steve Jones<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Chelsey Stevens | Senior D365 Finance Consultant<\/span><\/strong><\/h2>\n

\"\"Interview by:  Sarah D. Morgan, SIS Senior Marketing & Brand Manager<\/span>
<\/span><\/p>\n

\"\"<\/p>\n

This week I sit down with Chelsey Stevens, Senior D365 Finance Consultant with SIS, to answer the question, \u201cWhat is the difference between standard financial processes and construction finance processes?\u201d Not only does Chelsey have a great day to day understanding of finance, but you\u2019ll also learn she is a great asset keeping ERP implementation teams\u2019 spirits high.The premise of this THESIS edition is the notion that financial processes for businesses in the US are standardised and can be replicated from business to business. That not much has changed in the chart of accounts or general ledger processes and \u201cevery journal entry has a debit and a credit.\u201d<\/p>\n

What we\u2019ll talk about here are the many differences between standard financial processes and day-to-day processing of financials in construction companies – especially speciality contractors. It\u2019s important to understand these when companies try to create project-based processes with out-of-the-box standard ERP solutions. Let\u2019s get into it.<\/p>\n

Q: Before we get started, Chelsey, I understand you have quite an origin storey getting into construction finance consulting?<\/strong><\/span><\/h3>\n

A:<\/strong> <\/span>Yes, I do have a unique storey compared to most software finance consultants! I received my BA in Finance from Hawai\u2019i Pacific University where I enrolled with a scholarship as a competitive cheerleader, after achieving five national titles and earning a spot on Team USA\u2019s competitive cheer team for three years. When it comes to finance, I come from a family of engineers with construction backgrounds \u2013 I love math. After college, I faced the 2008 recession which bled into 2011 and no one was retiring. For my generation you had to compete to get a job, so I continued my education and went to graduate school. I earned an MBA at Georgia State University in Corporate Finance and a Master of Science and Investments. To pay for school I was the Assistant Cheerleading Coach and a graduate teaching assistant for 1st<\/sup> and 2nd<\/sup> year business courses at Georgia State University. These experiences are the reason I love to teach, and these moments have carried over into my work today as a consultant encouraging success at every step of the process.<\/p>\n

My first job out of graduate school was a Finance Leadership Associate with The Coca Cola Company, where I completed projects for specific finance groups, and performed the job as a financial manager, then rotated to a new finance group every six months. I gained experiences in financial forecasting and budgeting, financial auditing, supply chain finance, capital planning, mergers and acquisitions, financial business analysis, managing shared services, business process leadership (BPL), and other areas of finance, at a fast pace. I graduated from the programme and became a Senior Finance Manager at Coca Cola.<\/p>\n

After having multiple experiences at Coke, I wanted to go into a role that not only enhanced my finance skill set, but also complemented my teaching abilities as well as data management. After learning about SIS and their niche in construction, I interviewed and landed a role in 2020. When I joined SIS, I became the senior Microsoft Dynamics 365 Finance Consultant, and later working my way through the company also become knowledgeable in Equipment Asset Management and Construction Operations.<\/p>\n

Q: <\/strong>Getting into the heart of the discussion, what are key differences between standard finance and construction finance in general?<\/strong><\/span><\/h3>\n

A: <\/strong><\/span> With standard finance, these universal financial processes are essential for any company to maximise shareholder value. They are executed for any company, in any industry. They include:<\/p>\n

    \n
  • Posting transactions to the general ledger<\/li>\n
  • Identifying and analysing business transactions<\/li>\n
  • Recording adjusting entries<\/li>\n
  • Preparing the trial balance<\/li>\n
  • Preparing financial statements<\/li>\n
  • Closing the financial books for the year<\/li>\n<\/ul>\n

    These are processes that all financial accountants must learn and perform, from a US GAAP perspective, must be followed and reviewed by auditors. I say all this to point out that these standard financial processes can be carried over from one business to another. The entry itself might drive different balances to your financial statements, but the actual process steps are no different than how they would be performed at another company.<\/p>\n

    With construction finance, you are executing daily financial processes (as listed above), but now you are focused more on the project level. Construction finance accounts are now posting costs directly to a project, generating bills that can either be directly posted as revenue or deferred till the project is at a certain percentage of completion, tracking actuals to budgets at the job level, and analysing costs based on tasks performed. Financial statements are a bit more detailed versus at the general ledger level, and how each project is managed, financially, can be different, project to project.<\/p>\n

    Q: In the construction ERP software industry, do users generally understand there is a difference between standard finance and construction finance? <\/span><\/strong><\/span><\/h3>\n

    A:<\/strong> <\/span>Many people in construction companies are told by software vendors that their product can be used out of the box or with minimal customisations to meet their project needs. But construction projects are complex and taking that out of the box approach causes more customisations to meet the needs of construction projects, and we find some of our clients also need partners that can offer more education around project management best practises. We often help clients learn this after the fact.<\/p>\n

    For example, say we have a company that is on a very basic finance system, which means they can\u2019t pull a profit or loss report by job or project. They can\u2019t analyse their cost and see which materials or products they are spending money on and can\u2019t track if they are spending more on one job against their budget. Say, they can\u2019t analyse their cost, can\u2019t do job costing by task or by task codes, and can\u2019t do an analysis by project or compare two jobs to see which is more profitable than the other. They can\u2019t easily apply a change order to a project budget, so they can\u2019t see what drove a change to the project budget. Let\u2019s say in that company half do project accounting and half do not. It would be very eye opening to see how much a true construction solution can help jobs and projects than their basic system.<\/p>\n

    Q: <\/strong>Do construction speciality contractors understand Microsoft Dynamics 365 out of the box doesn\u2019t solve their project financial needs?<\/strong><\/span><\/h3>\n

    A:  <\/strong><\/span>I\u2019ve seen software companies or Microsoft partners sell D365 to construction companies thinking that a few customisations are all they need. If they stick with that partner, then they find their way to us for our integrated SIS Construct Project Cost Management (PCM).<\/p>\n

    I have also seen people even try to form fit us but when we demonstrate the true process flow including change management, they really understand how it impacts their project profitability.<\/p>\n

    As an example, there may be a company who has never performed job costing. We would work with them and teach them how all their data can be managed in the system. I\u2019ve seen their excitement when they realise they don\u2019t have to spend a month piecing reports together or working \u201cblindly\u201d because they don\u2019t have a way to manage profitability for each project \u2013 that this system can pull the reports for them and have visibility to the details, by project, that they have been looking for.<\/p>\n

    What we are doing is helping these clients with resource constraints. For example, with our PCM solution we help with labour cost savings and structured best practises with project management. For speciality contractors, we are a one-stop-shop rather than the multiple excel spreadsheets we see many clients try to report within. We help them get in line with industry best practises and accounting controls.<\/p>\n

    A lot of companies are used to taking short cuts in their current financial systems \u2013 but they have auditors. We help them understand those SOX controls, making sure they are followed so that they\u2019re getting the best practises from the industry and can help grow their bottom line and their business. Now that we are in this remote working world, these companies don\u2019t have to hire directly in that area, they can go international, if they have the budget, and they can go remote with more talent. And use of a project-based ERP system helps them not have to be tied to travel. They can manage their projects remotely.<\/p>\n

    I\u2019ve had a client who showed a large increase in cost and found they had duplicate entries. The had no financial controls or a way to track project entries. They needed more visibility to their job cost \u2013 putting it in categories \u2013 showing what they have already paid and what they have not recorded. With our Project 360, we gave them the ability to see what has been paid and what has not. This helps them optimise profitability and visibility into their project and determine the margin.<\/p>\n

    Q: What are key differences between out of the box finance in Microsoft Dynamics 365 and our SIS Construct 365 PCM?<\/strong><\/span><\/h3>\n

    A:<\/span><\/strong> From a project manager standpoint, with out of the box Dynamics 365, users are not getting access to construction project-based solutions and accounting controls that can maximise shareholder profitability for these construction companies.<\/p>\n

    For companies who do have D365 project accounting, our IP solution handles all financial processes, including complex rate structures, related to project and field service operations as well as procurement which is critical to customers who drive fixed fee projects. SIS Construct 365 handles complex billing and follows Construction Standards Institute (CSI) guidelines for standard code setup.<\/p>\n

    In one instance a client who turned on standard Dynamics 365 Finance and came back to us because our PCM solution met their business needs and they needed more guidance around construction financial management and accounting. Part of our success comes from hiring employees who know construction and who came from construction companies.<\/p>\n

    Q: <\/strong>What challenges do finance managers in construction face that others do not?<\/strong><\/span><\/h3>\n

    A: <\/strong><\/span>The challenges they face are being able to manage the financials for the jobs, including:<\/p>\n

      \n
    • Visibility to what details make up profitability, overall and by project<\/li>\n
    • Reporting for project managers<\/li>\n
    • Understanding project financial status<\/li>\n
    • Understanding what invoices are open for which projects<\/li>\n
    • Tracking the profitability for each project<\/li>\n
    • Being able to manage the financials for all projects at one time (which is quite a lot in the construction industry)<\/li>\n
    • The accounting treatment for fixed price projects vs time and material projects<\/li>\n<\/ul>\n

      This is where SIS Project Cost Management gives construction users a way to manage that one stop shop \u2013 everything is where they need it to be. There is now one place to pull reports, and this reduces the stress of trying to build a manual P&L which gives them a better environment to manage projects. PCM for construction gives them a way to manage cost and jobs and ageing based on a project \u2013 more visibility.<\/p>\n

      Ultimately, when it comes to Microsoft Dynamics 365, users can learn D365 from any financial system they are on today. They would be teaching themselves new steps even though like we said earlier, \u201cevery journal entry has a debit and a credit.”<\/p>\n

      THESIS Statement: <\/strong>Construction finance involves the use of solutions designed for commercial construction enterprises that support management of the projects, interactions with the field, and support of complex accounting and billing processes for these projects.<\/span><\/h4>\n

      Construction finance accountants must have a financial system that supports not only their standard financial processes, but also their project financial processes, which is why SIS Construct 365 is essential for any construction company.<\/span><\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

      Q&A Blog Categories Supply Chain Sheldon Bloom Change Management Katrina Kostes Business Intelligence Scott Graham Project Cost Management Ravi Kannan Managed Services Jed Hall Enterprise Asset Management Jim Nelson ERP Implementation Projects Dr. JT Gorrell Construction Finance Chelsey Stevens ERP Project Managers Matt Morey Construction ERP Pain Points Dave Wolff-Pellingra Women in Construction and Why…<\/p>\n","protected":false},"author":1,"featured_media":102082,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[380,388,390,389],"tags":[],"class_list":["post-102081","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-en-gb","category-industry-qa-en-gb","category-qa-en-gb","category-thesis-qa-en-gb"],"yoast_head":"\nTHESIS Q&A: ERP | What's the Difference Between Standard Finance and Construction Finance? | Construction ERP<\/title>\n<meta name=\"description\" content=\"SIS is the leading provider of Microsoft Dynamics 365 Enterprise Resource Planning (ERP), Project Management, and accounting solutions for contractors and professional service companies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sisn.com\/en-gb\/thesis-qa-erp-whats-the-difference-between-standard-finance-and-construction-finance\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THESIS Q&A: ERP | What's the Difference Between Standard Finance and Construction Finance?\" \/>\n<meta property=\"og:description\" content=\"SIS is the leading provider of Microsoft Dynamics 365 Enterprise Resource Planning (ERP), Project Management, and accounting solutions for contractors and professional service companies.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sisn.com\/en-gb\/thesis-qa-erp-whats-the-difference-between-standard-finance-and-construction-finance\/\" \/>\n<meta property=\"og:site_name\" content=\"Construction ERP\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-21T04:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-17T01:29:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/sisn.com\/wp-content\/uploads\/2025\/01\/dreamstime_m_174291084-v2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1400\" \/>\n\t<meta property=\"og:image:height\" content=\"933\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"678pcdemo_fvnkgi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"678pcdemo_fvnkgi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/sisn.com\\\/en-gb\\\/thesis-qa-erp-whats-the-difference-between-standard-finance-and-construction-finance\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/sisn.com\\\/en-gb\\\/thesis-qa-erp-whats-the-difference-between-standard-finance-and-construction-finance\\\/\"},\"author\":{\"name\":\"678pcdemo_fvnkgi\",\"@id\":\"https:\\\/\\\/sisn.com\\\/#\\\/schema\\\/person\\\/3cef1e78639c3900321c3e2109afa37f\"},\"headline\":\"THESIS Q&A: ERP | What’s the Difference Between Standard Finance and Construction Finance?\",\"datePublished\":\"2023-08-21T04:00:00+00:00\",\"dateModified\":\"2025-02-17T01:29:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/sisn.com\\\/en-gb\\\/thesis-qa-erp-whats-the-difference-between-standard-finance-and-construction-finance\\\/\"},\"wordCount\":2067,\"publisher\":{\"@id\":\"https:\\\/\\\/sisn.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/sisn.com\\\/en-gb\\\/thesis-qa-erp-whats-the-difference-between-standard-finance-and-construction-finance\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/sisn.com\\\/wp-content\\\/uploads\\\/2025\\\/01\\\/dreamstime_m_174291084-v2.jpg\",\"articleSection\":[\"Blog\",\"Industry Q&A\",\"Q&A\",\"THESIS Q&A\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/sisn.com\\\/en-gb\\\/thesis-qa-erp-whats-the-difference-between-standard-finance-and-construction-finance\\\/\",\"url\":\"https:\\\/\\\/sisn.com\\\/en-gb\\\/thesis-qa-erp-whats-the-difference-between-standard-finance-and-construction-finance\\\/\",\"name\":\"THESIS Q&A: ERP | What's the Difference Between Standard Finance and Construction Finance? 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