How to Create a Construction Budget
Creating and using a budget on a construction project helps contractors control costs and increase their profits. Tracking costs against a budget also allows contractors to learn as they go, so their budgets can be more accurate. We’re going to look at the process of how to create a construction budget, what to include in […]
Construction Labor Shortage: The Enduring Struggle for Builders
A prevalent pandemic, high material prices and poor supply chain seem to be the least of construction professionals’ problems. Despite facing a handful of issues that are new to the industry, skilled labor shortage is not a surprise for U.S. Builders, in fact since 2012 it has led the chart made by the Housing Market […]
AIA G702 Pay Application Forms: A Quick Overview
With over 7 million people working within it, the US construction industry occupies the third place in the country’s economic growth chart. If you’re a builder or manage a team of workers, you already know how rewarding a job it can be. However, you are likely frustrated with all the paperwork and administrative aspects of […]
Data in Construction Finance, Is This Really The New Oil?
You might be collecting a bunch of data, but what does this mean if you are not visualizing analytics in order to predict and improve your business performance? Data Aids Decision The difficulty to implement a data collecting tool is directly related to the value it’ll bring to your business. Descriptive, Diagnostic, Predictive, and Prescriptive […]
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 […]
It’s Time to Upgrade the Way You Do Construction Payment Management
Contractor financing issues and other improper planning are two of the most common causes of delays in construction. Whether you work in residential, commercial, or industrial contracting, all contractors can benefit from a more efficient payment system. A fully integrated construction payment management system allows builders to make their administration more efficient. It reduces the need for […]
TheoBuild – Purchase Card and Financial Platform Built For Builders
Dallas-based construction fintech firm TheoBuild developed a product that automates financial processes for anyone and everyone in the construction industry. Coming from the industry, CEO and Founder Jammil Handal realized the financial processes in construction undergo massive bottlenecks that increase the time spent on reconciling, reimbursing, and closing books at the end of each month. […]
How Project Budgeting Affects Income and Profit
A project budget provides contractors with information not only on potential costs, but it also predicts the total income and profit expected on the project. Contractors who don’t track project budgets could be leaving money on the table. Budgets can be used to predict cash flow, recognize potential problems, identify scope changes, recognize income, and […]
Impacts Of the Infrastructure Bill in Construction
Signed into law on Nov. 15, the new infrastructure bipartisan package possesses a price tag that includes $550 billion in new spending for the next 5 years. Construction tied stocks on the rise thanks to infrastructure bill Following the announcement, construction-related stocks outperformed the market. AECOM, Vulcan, and Nucor were just a few of the […]
Lien Waiver Tech: What Does Lien Waiver Management Look like in 2021?
Managing and collecting lien waivers can be difficult when dealing with multiple contractors and suppliers. A single project can require the collection of up to 50 waivers. Project administrators are forced to constantly remind contractors about the needed the waivers, wasting precious time that could be spent working on other project tasks. Electronic signatures and […]