Blogs

How to reconcile your accounting system's transactions with bank statements using AI

By Rishi Srivastava posted 02-01-2025
This weekend I was working on reconciling what data we have in our accounting system against what is there in the bank statement for a particular bank account. I chose DeepSeek for my task. The main reason I chose DeepSeek was that it had comparable performance to GPT on math and logic-related benchmarks. As this reconciliation task is mainly a math and logic problem, I needed to choose an AI model that performed well on my task. Furthermore, DeepSeek's inference cost is 1/30th of GPT's inference cost. So if the solution works and I need to use it at scale, my DeepSeek bill won't be too high. The last but the most important reason was that the DeepSeek ...

The Future of Finance: How AI Agents are Transforming Month-End Financial Closing

By Rishi Srivastava posted 01-24-2025
The financial world is on the edge of a game-changing revolution. Artificial Intelligence (AI) is no longer just a tool—it’s becoming a transformative force, particularly in the realm of month-end financial closing. What has long been a stressful, time-consuming process filled with spreadsheets, late nights, and manual corrections is now evolving into something smarter, faster, and far more efficient. Thanks to AI-powered technologies, the future of financial closing is looking brighter than ever. The Challenges of Traditional Financial Closings For years, finance teams have wrestled with the same set of challenges when closing out the month. ...

Simplify Subcontractor Collections with Acumatica 🚀

By Erika Carosi posted 01-09-2025
Subcontractor collections can be challenging, but ensuring timely payments is essential for healthy cash flow. Success starts with having clear processes and the right tools in place to streamline billing, approvals, and communication. Acumatica Construction Edition empowers contractors with: ✅ AIA-compliant billing and invoicing tools to eliminate manual work. ✅ Real-time visibility into project costs and payment statuses. ✅ Automated workflows that speed up approvals and reduce delays. ✅ Seamless integrations with payroll and project management tools. No more chasing payments or dealing with missed deadlines. With Acumatica, your team can focus on ...

🎯 The Critical Role of Project Managers in ERP Implementation 🎯

By Erika Carosi posted 12-23-2024
ERP implementations are among the most complex and high-stakes projects a business can undertake. With countless moving parts—data migration, system integrations, process updates, and team alignment—having strong leadership is essential. That’s where project managers shine. ✨ They are the driving force behind successful implementations, serving as the central hub to ensure every team member, stakeholder, and resource works toward shared goals. Here’s how skilled project managers drive success: 📌 Providing structure, clarity, and a step-by-step roadmap for the team to follow. 📌 Managing timelines and resources to keep the project on ...

⚠️ Is Your ERP Nearing End of Life? Here’s Your Next Move ⚠️

By Erika Carosi posted 10-31-2024
Has your ERP provider announced an End of Life (EOL) for their product? Now’s the time to prepare. When an ERP system hits EOL, support, updates, and patches stop, which can leave your system open to security threats, compliance gaps, and compatibility headaches—potentially affecting your daily operations. Start by looking at your current ERP system’s limitations and how they align with your business needs today. EOL is a good opportunity to ask, “Is this system still the right fit?” If not, consider solutions that bring more flexibility, security, and integration capabilities. A cloud ERP like Acumatica can be a great option, with benefits ...

🚨 Microsoft Dynamics GP End-of-Life: What It Means for Your Business🚨

By Erika Carosi posted 10-30-2024
Microsoft has announced the end-of-life for Dynamics GP, signaling the need for many organizations to consider their ERP options. Here’s what you need to know: 📅 Key Dates to Note: - April 1, 2025: End of new perpetual license sales. - September 30, 2029: Mainstream support ends, cutting off regular updates. - April 30, 2031: Extended support ends, including security and compliance patches. As Dynamics GP phases out, Microsoft encourages a transition to modern, cloud-based ERP systems, which offer greater access to real-time data and efficiency. For businesses still relying on GP, this means potential challenges with outdated tech, ...

The Future of AI: Embracing On-Device Technology for increased engagement from field personnel

By Rishi Srivastava posted 10-09-2024
As we witness the evolution of AI technology, an exciting transformation is underway: the rise of small on-device AI models. Over the next five years, we can anticipate a surge in these innovative tools, which are poised to revolutionize how industries operate—particularly in mobile-bound fields like construction. One shining example of on-device AI in action is the Optical Character Recognition (OCR) integration in the Apple camera. This feature exemplifies how AI can streamline processes by simplifying input gathering from field staff. Imagine construction workers in the field being able to effortlessly capture and input data without the need for extensive ...

Exciting Changes at hh2

By Dennis Dorrity posted 08-01-2024
🚀 Big News from hh2! 🚀 At hh2, we’re making strides in enhancing our platform and services for the construction industry. Here’s what’s new this month: Leadership Expansion : Six new senior leaders joined us, driving innovation and excellence. Azure Cloud Migration : We’ve migrated 4,000 customers, enhancing performance and scalability. Product Updates : New features, including overtime rules, PTO accruals, geofencing, and more. Enhanced Support : New Status Page : status.hh2.com Real-time updates on incidents & maintenance Access to release notes Submission of support tickets Call Support Direct : ...

Building the Future: How Cloud Technology Solutions are Transforming the Construction Industry

By Erika Carosi posted 03-18-2024
The construction industry is currently experiencing a digital revolution due to its complex projects and business operations. Cloud Financial and Project Management solutions are at the forefront of this transformation. Modern technology is not only changing the way projects are managed, but it is also redefining the industry’s future. Traditionally, the construction sector relied on a mix of paper-based processes and standalone software, leading to inefficiencies, data silos, and limited scalability. Cloud systems have revolutionized this approach by offering integrated, scalable, and real-time solutions. In this blog post, we will discuss how cloud financial, ...

Create, Submit, and Manage Pay Apps

By William Kormoski posted 03-01-2024
We have Subcontract clients ask us all the time. Is there a better way to handle the Pay Application process. All the different forms specific to GC's, keeping up with the compliance requirements, and change orders. There is a better way - Connect with us if this interest your company. Bill@kormoski.com

Acumatica Construction Accounting: Streamlining Finances for the Building Industry

By Erika Carosi posted 02-20-2024
As accountants in the construction industry, you’re no stranger to the unique challenges faced by builders, contractors, and project managers. From budgeting and resource allocation to compliance and profitability analysis, the intricacies of construction accounting demand specialized tools. Enter Acumatica Cloud ERP , a comprehensive solution designed to meet the specific needs of construction businesses. What Is Construction Accounting Software? Construction accounting software is tailor-made for the construction industry. It goes beyond standard accounting practices to address the complexities of project-based financial management. Here are some ...

How do humans perform against AI in close to real world problems?

By Rishi Srivastava posted 01-05-2024
Large Language Models (LLMs) and Artificial General Intelligence have been the talk of the town lately. But, have you ever wondered how these advanced AIs would perform on real-world (e.g. construction accounting) problems that require fundamental human abilities? GAIA's (Dec’ 23) measurement dataset debunks the myth of AI outperforming humans. Human respondents obtained 92% vs. 15% for GPT-4 equipped with plugins on GAIA's questions. This performance disparity contrasts with the current trend of LLMs outperforming humans on tasks requiring professional skills like accounting and law. The advent of Artificial General Intelligence (AGI) hinges on a system's capability ...

5 Ways to Avoid Wireless Bill Shock

By Hannah Tullous posted 08-14-2023
5 Ways to Avoid Wireless Bill Shock Some enterprise plans nickel and dime you – until that change adds up to thousands of dollars in unplanned expenses each month. A few years ago, people worried about the high cost of voice minutes while roaming. Now, as we increasingly rely on data, your data fees can quickly spiral out of control. However, it’s hard to estimate each employee’s data usage so that you can give them the most cost-effective plan. Here are five ways to keep your enterprise wireless costs under control – without sacrificing productivity or convenience while employees travel: 1. Automate your roaming option. Many ...

ProjectPro: A Proud Sponsor at CFMA Annual Conference & Exhibitions

By Edward Williams posted 07-14-2023
Joining sponsors that are dedicated to the construction industry at CFMA's Annual Conference & Exhibitions in Colorado from July 15-19, 2023, ProjectPro is thrilled to engage with peers across the construction industry. ­­ As a leading construction software provider, ProjectPro aims to offer innovative solutions to address construction companies' challenges. This five-day event promises many educational opportunities, networking prospects, and a platform to showcase mission-critical product offerings. Let's explore how ProjectPro's participation at CFMA will benefit construction professionals and foster industry growth. Industry Expert Educational ...

Top Construction Industry Trends to Watch

By Rishi Srivastava posted 06-07-2023
In recent years the construction industry has gone through dramatic fluctuations due to factors like COVID-19, material acquirement delays, and changing consumer behaviors. Miraculously, the industry still managed to pull off a win, going 17% above last year’s record to a whopping $1 trillion. Industry experts predict a slowdown in this upward trajectory due to the rising interest rates. Fortunately, owing to government funding, particularly for commercial projects, the construction industry will likely not feel the brunt of any ensuing economic turmoil. To aid your construction company in remaining competitive in the times to come, we’ve assembled a list ...

Managing Your Construction Business Like a Pro

By Edward Williams posted 06-07-2023
Efficient management is crucial in the construction industry, and staying organized while accurately estimating and quoting jobs is a key aspect of successful project execution. With the latest advancements in construction accounting software, such as ProjectPro, managing jobs has become more streamlined and effective. In this article, we will explore the benefits of job quoting, purchasing, procurement, and planning offered by ProjectPro, and highlight how it can enhance your construction management experience. Job Quoting · Comprehensive Scope of Work: Job quoting ensures that no aspect of the project is overlooked. Detailed job quote templates ...

Data Security in the Cloud: Protecting Your Construction Project Information

By Edward Williams posted 05-16-2023
Data security is essential for any construction project. With the advent of cloud computing, many construction firms have started using cloud services to store and manage their project information. However, data security in the cloud is always a concern for many businesses. This article will discuss the best practices for securing your construction project information in the cloud. Best Practices for Securing Your Construction Project Information in the Cloud Choose a Reliable Cloud Service Provider The first step in securing your construction project information in the cloud is to choose a reliable cloud service provider. Unfortunately, not all cloud ...

3 Effective Strategies to Address Profit Leakages in your Construction Business

By Edward Williams posted 03-23-2023
The primary goals of construction firms are to construct buildings and generate profits. However, many struggle to remain profitable despite excelling at the former. One reason for this is the way bids are performed and contracts are negotiated. Clients, particularly in the public sector, often prioritize cost over the expertise, experience, and quality of the contractor's work when hiring a construction contractor. During the previous economic downturn, intense competition and a decrease in opportunities caused many companies to reduce their bids in order to remain competitive. They survived on very narrow profit margins, simply to have enough work ...

Half of the job vacancies in the construction industry disappear.

By Edward Williams posted 03-14-2023
The construction industry has been hit hard by the COVID-19 pandemic, with a significant number of job openings disappearing. According to recent data, half of all construction job openings in the United States have vanished, leaving many workers struggling to find employment. The pandemic has forced many construction projects to be postponed or canceled, resulting in a significant decrease in the number of job opportunities available. Many construction companies have had to lay off workers or put them on furlough, and the job market in the industry has become increasingly competitive. According to Basu's report, the total count of available ...

5 Ways Document Management is Hurting your Construction Bottom Line

By Edward Williams posted 11-03-2022
Every construction contractor will agree that managing documents manually is a tedious process. This leads to poor coordination, human error, and missed files, often costing them money and time. This is why choosing a robust platform is crucial. It can dramatically reduce your troubles and keep your projects on track. Here are the top five document management problems and five practical ways to overcome each. Depending on manual coordination rather than transforming workflow digitally For obvious reasons, every document manager on any construction project undergoes tremendous pressure. A single mess in any project process, ...