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AboutRead In 3 Minutes
Construction contractors are increasingly leveraging technology to monitor their daily expenditures and operations on-site. While some refer to this process as tracking their daily LEM – denoting Labor, Equipment, and Materials – others may term it as Field Data Capture, the Daily Field Report, or even the Site Superintendent Report. Despite the industry’s adoption of the overarching term “Construction Cost Tracking” to describe this activity, we primarily utilize “LEM” to denote the final documents encompassing all tracked job site data.
Explore How Technology Is Revolutionizing Construction Cost Tracking
4castplus enables contractors to track much more than labor, equipment, and materials. There’s much more going on than that – so a “LEM” is just a term used that encapsulates the broad variety of everything that gets tracked. Other data that gets captured in the LEM includes: labor expenses like subsistence and meals; along with 3rd party vendor expenses; material field receipts; daily logs and the weather.
Field personnel can also input production quantities as progressed items that are completed. It also allows field personnel to upload any number of documents into organized document repository categories. There’s additionally a very powerful Vendor LEM option to track the costs and expenses from subcontractors.
Learn More About Jobsite Cost Tracking
Reporting Done Right Means Cost Savings For You
All this data that is input at the job site gets stored into a big fat relational database in the cloud – data that are shared in real-time with the rest of the team back in the office or other parts of the world. And because that data is now in a powerful database, users can generate a great variety of reports in a single click. Reports such as a Daily LEM, or Daily Field Report, Daily Docket, Daily Cost Report, Weekly Cost Report, etc. They can also produce billing backup reports, accruals reports, payroll reports, and a wealth of more reports and charts for multiple purposes.
So, whether you call it a LEM, Job Cost Tracking, Daily Docket, Field Ticket, a Daily Field Report, or other, the data must get tracked and stored efficiently, accurately, and completely. Moving away from paper and spreadsheets, and into a dedicated project cost tracking solution, will deliver enormous cost savings and provide you with accurate and real-time visibility into all your projects and programs.
See The Difference With 4castplus
