4castplus e-lem vendor portal
TRANSCRIPT
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4castplus e-LEMSolutionsTRACKING CONTRACTOR LEM PROJECT COSTS
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Most construction companies experience challenges with streamlining the effort of accurately recording project costs from the Jobsite on a daily basis
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It’s extra tricky when you have contractors working for you – and you need to capture their LEM costs as wellLEM stands for Labor, Equipment, Materials & other Expenses
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Getting all the LEM data together can be time-consuming, error-prone and cause numerous issues for the operations and finance teams back in the office
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Issues like:
JUST TO NAME A FEW
• Getting Information that’s Inaccurate and Late• You have little visibility into current project costs• And NO visibility into Accruals• It’s near-impossible to match & approve vendor
invoices• You have bloated staff-levels required to handle
all the manual effort• Your projects often run over budget
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If this looks familiar, and is a struggle for you, we’d like to help you fix all that
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At 4castplus, we can help you put an end to the complexity of daily LEM tracking
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We provide critical technology for capturing daily Jobsite LEM data – for both your costs, AND the LEM data incurred by your Contractors
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Imagine having all your project cost data – from you and all your contractors – organized into one central place. A place that’s owned and controlled by you.
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It’s a HUGE leap forward
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Consider this:
• All the LEM data is input into YOUR system every day
• All contractor rates are pre-approved and error-free
• Accruals are managed automatically and always up-to-date
• Save time and money and headaches for both you and your contractors
• You can Reverse-Invoice your contractors for AP Automation
• You can negotiate more favorable contracts and terms
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Here’s how it works …
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You configure 4castplus to enable your site personnel to capture both your own LEM data, and your contractor’s LEM
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Your Contractor LEM data can be applied as incurred costs against the purchase order contract(s) you have with that contractor …
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Let me tell you why that’s so important …
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The contract has a ton of key information about what, where, who and how much. Information that’s vital for accurately tracking contractor costs
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For example, the contract has the vendor’s rate sheet which holds all the agreed-to chargeable rates for each discipline.
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Here’s a quick explanation...
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In 4castplus, you can create a Contract with your Vendor
Awesome Construction Contract #T209017
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As part of that Contract in 4castplus, you can upload your vendor’s Rates
Awesome Construction Contract #T209017
Awesome Construction Rate Sheet #1
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You can then create one or more Purchase Orders that use that contract & associated Rates
Awesome Construction Contract #T209017
Awesome Construction Rate Sheet #1
Purchase Order #456
Purchase Order #123
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Field Personnel will reference the Purchase Order when tracking that Contractor’s LEM data
Awesome Construction Contract #T209017
Awesome Construction Rate Sheet #1
Purchase Order #456
Purchase Order #123
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No more issues or disputes around rates. No coding errors. Complete Visibility.
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Your field personnel only need to enter the quantities of hours & units – and the system takes care of calculating the $$ amounts based on what’s on the contract.
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The contract also has a committed value for each line-item. This enables you to compare incurred costs against original committed. AND, the system can reject any overages.
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There’s Lots More …
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The contract is also pre-coded – so that the incurred LEM costs are routed to the correct activities and cost codes.
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You can also have different types of contracts – like Fixed Price, Unit Price, T&M, etc. – and the system will handle the differences.
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In addition to all that – you can optionally take advantage of a “Reverse Invoicing” model to vastly simplify contractor invoice matching and approvals.
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Reverse Invoicing?
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Reverse Invoicing is where you provide the invoice data to your contractor, instead of them sending it to you – because all that data resides in YOUR system
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True AP Automation
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So, let’s take this to the next level …
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What if you could get your contractors to enter their own LEM into your system?
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What if 4castplus could provide a Portal where your contractors could securely access their own private area to enter their daily LEM data?
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Introducing the new4castplus Vendor eLEM Portal
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With the new eLEM Portal, you can share the effort of capturing LEMs between you and all your contractors
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In a highly secure and highly controlled environment
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You control who gets access
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All LEM entries are submitted to you for multi-level approval
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Each Contractor will complete their daily LEM and submit that to your Site Supervisor for approval
Contractor 1
Contractor 2
Contractor 3
Submit for Approval
Submit for Approval
Submit for Approval
Your Site Supervisor
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To enter their LEM data, Contractors can use the 4castplus notoriously-easy-to-use LEM capture interface …
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Or, they can upload their LEM data from a file …
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Either way, it’s immediately available to you for approval and reporting – and to AP for payment
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That’s it, in a nutshell. But there are a lot of details we’d like to share with you so …
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To Learn More or Contact Us:• Visit our Website at: www.4castplus.com• Sign-up for a Free Demo at: www.4castplus.com/freedemo• Contact us by Phone: +1-403-450-7887• Contact us by email at: [email protected]
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