March 6, 2018
Software: A Financial Game Changer for Construction Clients
It’s no secret that software can help businesses work smarter and make more informed financial decisions. The same holds true in the construction industry. Manager Adriane Reams mentions, “by utilizing technology, we find that our construction clients are able to provide more accurate project estimates, properly calculate rates such as labor burden and improve change order profitability.”
Top Three Reasons Why Your Construction Business Needs Financial Software
Reason #1: Determining Gross Margin: Software automates job estimating by keeping current data about your overhead including labor burden, labor rates, and other factors (location, union employees) in one place. Utilizing software to generate a table or preference that is customized to your business can be extremely valuable and convenient when bidding on new business. To learn more about this topic, please click here for an article titled, “Calculating Labor Burden Can Make or Break Profitability.”
Reason #2: Change Orders: You’ll never be caught off guard by a change order again. Software can anticipate and identify the need for possible change orders, especially if additional work has been processing through payroll. In addition, once a change order arises, utilizing proper technology will insure that the change order is accurately rebid and can help track approvals.
Reason #3: Mobile Systems: Software helps managers handle payroll from the field. Not only is this efficient, but it provides a more accurate picture of how your employees are working and when. To learn more please click here for a recent article titled, “How Construction Projection Managers and Bookkeepers are Saving Time and Money with The Cloud.”
What Type of Software Does Your Business Need?
The size of your business dictates the type of software you’ll need. For small and medium-size businesses, QuickBooks often suffices; however, our larger customers need more tailored software solutions, which is where our team can help consult and provide guidance.
When you’re making a software decision, we recommend not just thinking about your immediate needs — think about your projected growth over the next five years. We can help you plan from a strategic point of view and choose the software that will help us work best together and streamline the process.
Our Core Accounting Services (CAS) Team provides our construction team with hands-on expertise including the ability to convert older software to QuickBooks Online and Intacct. Our team also has extensive experience working on custom solutions with our larger clients.
Interested in learning more? We’d be happy to help you discover which software solution is right for your business.