How to Streamline Your Construction Billing Process
Profitable construction businesses need to organize and streamline their billing process, so team members know what to do, and when and how to do it. Administrative teams become frustrated and discouraged when processes are out of sync or require a lot of work arounds. Luckily, creating a billing process isn’t rocket science.With a few simple […]
6 Benefits of Paying Subs Electronically
Many general contractors spend hours each week printingchecks and other documents to pay their subcontractors. What if there was afaster way to process payments and save the company money at the same time? Theanswer is electronic payments. They are faster, cheaper, and more secure thanmailing checks. We’ve put together a list of six benefits of […]
7 Ways Contractors Can Use Purchase Cards to Improve Financial Efficiency
Charge cards, also called purchase cards, are a convenient way to pay for costs on a construction project. TheoBuild’s purchase cards come with a proprietary dashboard that allows you to track your budget, set spending limits, and manage costs. We’re going to look at seven ways contractors can use charge cards to improve financial efficiency. […]
3 Project Financial Reports That Successful Contractors Can’t Live Without
Contractors know that budget is generally the number one concern for most of their clients. It’s vitally important to clients to control costs and know where they are with their budget at any time during the project. Contractors need to meet their budget in order to ensure profitability. Both contractors and clients need to have […]
4 Payment Related KPIs Contractors Should Be Tracking
You probably don’t have to be told that payments are slow in the construction industry. Contractors and suppliers often wait close to 90 days to get paid. Do you know how long it takes your company to get paid? There are several ways to measure how long payments take.We’re going to look at four of […]
5 Hidden Costs You Need to Include in Your Construction Project Budget
Costs like labor, materials, and equipment are obvious andare included in most construction project budgets. But there are several hidden costs that affect projects and are integral to getting the work done that are often left off the budget. These include insurance, bonds, vehicle expenses,technology, and overhead costs. Including these costs in your project budgets […]
3 Ways CFOs Can Support Financial Culture
The proper environment of shared goals and values is driven by leaders, and there are ways CFOs can help strengthen company culture. Example Leading with example sets a path onto a supporting culture. Inconsistent or unclear governance framework creates a bottleneck for improving financial results. ‘’This is the way we’ve always done it’’- I can’t […]
Careers in Construction Month: Encouraging The Younger Ones
The goal is to create nationwide awareness of career opportunities in construction, reaching out to young generations in an effort to showcase the industry. Build a Career October 2021 sets the 9th annual celebration in which several organizations around the country celebrate CICM in different ways, the goal however remains the same: Attract young generations […]
Building Financial Control: Flexible and Simple
If you’re in construction accounting, you can vouch for this scenario: Employees passing around a single credit card for project purchases, the end-of-month reconciliation nightmare. I have witnessed accountants not being able to track project expenses to the point where net profit cannot be fully established, it’s a cyclical process unlikely to change or improve […]
Construction Payment and Compliance Management in the Wake of COVID-19
Construction payment and compliance management matter now more important than ever. Here are the benefits of construction payment management software. As in other industries, the pandemic has created challenges in the construction field. COVID-19 is having quite a negative effect on markets and commercial activity. Operators in the construction field are finding these conditions particularly […]