Cost overruns can derail entire construction projects, which is why choosing the right project management software is critical. EPC teams can mitigate the risk of increased spending by implementing software that’s built for complex project environments, improving forecasts, controlling budgets, and reducing the risk of cost overruns. In this post, I’ll highlight the top 10 features to look for in cost management software for construction projects, plus how Mpower Project Controls and Cost Management Software can help prevent rising costs.
Contents
- Real-Time Cost Tracking
- Forecasting & Variance Analysis
- Integration with Scheduling and ERP Systems
- Change Order Management
- Multi-Currency and Multi-Contract Support
- Role-Based Dashboards and Reporting
- Mobile Access and Field Data Capture
- Audit Trail and Compliance Tools
- Productivity and Performance Metrics
- Scalability and Configuration
- Summary: Why the Right Cost Management Software Matters
- FAQs: Cost Management Software for Construction
1. Real-Time Cost Tracking
Accurate, up-to-date actuals for labour, materials, and equipment are essential for keeping construction projects on track. Real-time cost tracking enables EPC teams to spot issues early and make proactive decisions before small problems escalate.
In Mpower, timesheets and LEMs (Labour, Equipment, Materials) are captured seamlessly, whether entered by individuals or central timekeepers. Actual hours (including overtime and non-productive time) flow through the project hierarchy and integrate easily with Primavera, Payroll, and ERP systems, giving you full visibility and control.
2. Forecasting & Variance Analysis
Effective cost management means knowing not just where you are, but where you're headed. Mpower supports both top-down and bottom-up forecasting, allowing teams to start with high-level estimates and refine them with detailed inputs as the project evolves.
With built-in tools to compare planned versus actual costs, project managers can track how forecasts shift over time, anticipate overruns, and adjust plans accordingly. Integration with systems like P6, SAP, and Oracle Financials ensures forecasts stay aligned with real-world project performance.
3. Integration with Scheduling and ERP Systems
Integration between cost, schedule, and procurement systems is key to eliminating silos and improving accuracy. Mpower connects seamlessly with platforms like P6, Oracle Financials, SAP, and Sage, ensuring data flows smoothly across your project ecosystem.
This reduces manual entry, minimizes errors, and keeps your cost data aligned with real-schedules and financials. For EPC teams, it means faster decisions, fewer surprises, and a clearer view of project performance.
4. Change Order Management
Whether you call them change orders or variations, tracking scope changes and their financial impact is critical—especially in construction projects, where margins on base contracts are tight and profitability often lies in the variations.
Mpower cost management software makes it easy to manage changes with full visibility and auditability. Every adjustment is logged, costed, and linked to the original budget, ensuring transparency and accountability across all stakeholders.
5. Multi-Currency and Multi-Contract Support
Global EPC projects often involve vendors, subcontractors, and suppliers operating in different currencies and under varied contract terms. Mpower handles multi-currency transactions with ease, whether you're paying in GBP, euros, rupees, or beyond.
It also supports complex contract structures, including fixed-price, time and materials, and milestone-based agreements. With built-in tools for managing payment claims based on progress or quantities completed, Mpower simplifies financial reporting and ensures compliance across diverse commercial arrangements.
6. Role-Based Dashboards and Reporting
Not everyone needs access to everything, but everyone should have access to what’s relevant to them. Mpower’s cost management software offers tailored dashboards and reporting views for project directors, finance teams, and field managers, ensuring each role sees the data that matters most to their role.
This improves communication, speeds up decision-making, and keeps teams aligned without overwhelming them with unnecessary details; a smarter way to manage information across complex project environments.
7. Mobile Access and Field Data Capture
Construction doesn’t happen behind a desk. Mpower supports mobile access, allowing users to submit timesheets, progress updates, and observations directly from their devices.
This reduces delays in cost reporting, improves data accuracy, and keeps the central system updated in real time without relying on laptops or manual entry.
8. Audit Trail and Compliance Tools
Audit readiness is essential in construction, especially when clients can request reviews at any stage. Mpower tracks every change, approval, and status transition, providing a complete history of who did what and when.
With role-based security controls, only authorised users can progress items through the lifecycle. This ensures full traceability, supports governance, and helps your team meet regulatory and contractual compliance with confidence.
9. Productivity and Performance Metrics
Tracking productivity is more than just marking tasks as complete. Mpower offers multiple ways to record progress, such as by percentage, hours remaining, or quantities installed, like cubic meters of concrete.
This flexibility supports earned value analysis and key performance indicators that reflect real project health. Your EPC team can monitor performance across phases, identify inefficiencies, and optimise resource allocation to keep projects on track.
10. Scalability and Configuration
Every construction project is different, and so is every team. Mpower is built to scale with project complexity and adapt to company-specific workflows. Its configuration tools allow teams to change terminology and wording to match their internal language, making onboarding and training smoother.
This flexibility helps drive user adoption and reduces resistance to new systems by speaking the user's language and supporting evolving needs.
Summary: Why the Right Cost Management Software Matters
The right cost management software can make the difference between a profitable construction project and one that suffers from costly overruns. The ten features I’ve described here today are the top features our customers have deemed essential for managing complexity, improving visibility, and driving better decisions across the project lifecycle.
If your current project management software isn’t delivering on these fronts, then it’s time to explore a solution built for your needs. Download the Mpower brochure today and see how it can support your next project.
Cost Management Software for Construction FAQs
