New Procore ERP Connector Platform Provides Real-Time Insight on Financial Health of Construction Projects

Rhea-AI Summary

Procore Technologies, Inc. (NYSE: PCOR) has launched its global ERP Connector platform and four new Procore-built accounting integrations. This platform enables real-time financial insights by connecting project financial data directly to users’ enterprise resource planning systems. Over 50% of companies still use spreadsheets for ERP workflows, which can lead to inefficiencies. Procore addresses this gap by allowing customers to choose from nine accounting connectors, enhancing collaboration and operational efficiency. The new integrations facilitate accurate data synchronization, minimizing manual entry and potential errors.

Positive

• Launch of the global ERP Connector platform enhances real-time financial insight.
• New accounting integrations expand to a total of nine connectors.
• Enables seamless collaboration between project management and accounting.
• Addresses inefficiencies in traditional ERP workflows and data handling.

Negative

• None.

Procore Technologies, Inc., (NYSE: PCOR), a leading provider of construction management software, today announced the availability of its global ERP Connector platform, along with four new Procore-built accounting integrations.

Procore ERP Connector Platform Enables Instantaneous Data Sharing Between Operations and Accounting (Photo: Business Wire)

Now companies can obtain real-time insight into the financial health of their construction projects through centralized, accurate data that connects all of their stakeholders. They can easily connect their enterprise resource planning system of choice to Procore Financial Management, a project cost management solution.

According to the 2020 Construction Technology Report, over 50% of companies are still relying on spreadsheets to manage ERP workflows. This can lead to double-data entry, costly mistakes, and can create a delay in delivering data back to the accounting team––potentially impacting subcontractors’ payment, account reconciliation, and change order processing because decisions are being made based on incomplete data sets.

“People often think of project execution as being separate from project accounting, when they are really two sides of the same coin. When gaps exist between accounting and operations systems, teams must not only spend extra time entering and reconciling information––they are also forced to make decisions without the information they need,” said Tooey Courtemanche, Procore founder and CEO. “This can create blind spots in the financial health of a project and lead to risks. Procore marries these two historically disjointed sets of information into a seamless collaborative solution. With the new Procore ERP Connector platform, our customers can connect to any accounting system and have real-time access to their project financial data across the project lifecycle.”

Customers wanting to use an integration sold directly by Procore now have a choice of nine connectors to choose from. These include four new connectors for Sage, MRI, Acumatica, and Yardi, as well as five previously built connectors for Sage 300 CRE, Sage 100 Contractor, Quickbooks Desktop, Viewpoint Vista, and Viewpoint Spectrum.*

Both customer developers and third-party app developers can use the Procore ERP Connector platform to build integrations that leverage the same functionality that Procore-built accounting integrations deliver, so their field and office teams can collaborate in real time.

“I can’t emphasize enough the value of the integrations,” said Al Nover, Facilities Finance and Contracts Manager at Boston Children’s Hospital. “They allow the PMs to have all the info they need in their own solution, but also give us confidence that we’re synced with the hospital’s corporate ERP and capital planning systems. There’s no manual entry, it’s synced with the general ledger, and it’s accurate.”

“We love working with Procore,” said Robert Leighton, Executive Vice President at Calance, a Procore App Marketplace developer. “Their APIs are solid, reliable, and extensive, and the API support team at Procore is great to work with. Procore has enabled us to create new capabilities and features for our mutual customers.”

Learn more about the Procore ERP Connector platform in this blog post and on the Procore website.

*Some of these integrations were built in partnership with third-party developers and are not affiliated with the owner of the integrated application. All product names, logos, brands, trademarks, and registered trademarks of the integrated applications are property of their respective owners.

About Procore

Procore is a leading provider of construction management software. Over 1 million projects and more than $1 trillion USD in construction volume have run on Procore’s platform. Our platform connects every project stakeholder to solutions we've built specifically for the construction industry—for the owner, the general contractor, and the specialty contractor. Procore’s App Marketplace has a multitude of partner solutions that integrate seamlessly with our platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices around the globe. Learn more at Procore.com.

PROCORE-IR

View source version on businesswire.com: https://www.businesswire.com/news/home/20210715005912/en/

FAQ

What is the Procore ERP Connector platform?

The Procore ERP Connector platform allows users to connect their enterprise resource planning systems to Procore Financial Management for real-time financial insights.

What are the new accounting integrations available from Procore?

Procore has introduced four new integrations: Sage, MRI, Acumatica, and Yardi, adding to five previously available connectors.

How does the ERP Connector platform benefit construction project management?

The platform enhances operational efficiency by providing centralized, accurate data, reducing double-data entry, and minimizing costly mistakes.

What challenges do construction companies face with ERP workflows?

Many companies still rely on spreadsheets for ERP workflows, leading to delays, mistakes, and incomplete data, which can impact project financial health.

What is the significance of having nine connectors for Procore customers?

Having nine connectors allows Procore customers to choose integrations that best suit their needs, facilitating more effective project and financial management.