As part of the strategic agreement, Atlanta-based ProNovos will make its construction-specific analytics solutions available to the contractor clients of Albuquerque-based REDW—one of the largest business advisory and certified public accounting firms in the Southwest.
Consistent with the firm’s commitment to bringing cost-effective, user-friendly digital and technology solutions to its clients, REDW has made an investment in ProNovos—a fast-growing startup incubated at Atlanta Tech Village. The company will also advise its contractor clients on the benefits of using such tools to access real-time insights into company and project performance. ProNovos solutions include executive and WIP dashboards as well as automated reports in areas such as labor hours, sales, billings, change orders, projected final cost, AP/AR and more.
“Generally, our contractor clients have made good progress on technology by rolling out industry-specific accounting software and project-management tools,” noted REDW Principal Dean Willingham (CPA, CCIFP®, CGMA).
“However, we continue to see mid-sized companies manually extract data from Microsoft Excel. It’s a labor-intensive and time-consuming approach that can lead to decision-making based on stale and/or inaccurate information.”
By contrast, tools such as ProNovos’ executive and WIP dashboards put real-time accounting data in one place, empowering executives to track trends and PMs to improve the accuracy and speed of their cost-to-complete forecasting, said Bruce Orr, founder and Chief Data Scientist of ProNovos.
“Analytical tools have a track record of saving contractors time and money,” he explained. “You can see at a glance what’s happening with job profitability, billings, labor hours, change-orders and other important information. It’s why we’re so excited about bringing data-driven innovations to REDW’s diverse roster of construction-industry clients.”
The partnership also is perfectly consistent with REDW’s commitment to serving the construction sector and acting as a one-stop-shop for contractors, Orr added. “REDW’s clients can access a truly impressive array of advisory services in areas such as assurance, taxation, HR and compensation, valuation and M&A transactions, wealth, retirement plans and accounting software implementation and training,” Orr noted. “That means REDW clients don’t have to establish and maintain separate relationships with specialty firms in each of these varied disciplines—a distinct competitive advantage.”
In much the same way, analytical tools simplify contractors’ lives. “You’re integrating useful company and project data into one cloud-based platform that is accessible anywhere, anytime,” Orr said. “Whether in the office or the field, users no longer have to master four or six different pieces of software, all opened and closed separately, and all with different logins and passwords. It’s the digital equivalent of a one-stop-shop.”
The rapidly accelerating pace of the construction business and the continued persistence of pain points related to workforce shortages, supply-chain bottlenecks and high materials costs make efficiency even more imperative, noted Steve Cogan, REDW Managing Principal.
“This partnership will advance REDW’s mission of bringing relief by offering cost-effective, cutting-edge tools to our clients in the high-pressure construction industry,” Cogan said. “Rather than looking in the rearview mirror, they’ll be able to use accurate, real-time information to manage forward.”