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Construction companies face more cashflow challenges than just about any other industry. No two projects look the same, and even the best-prepared estimates give contractors and clients only a partial picture of the actual scope of work and the costs involved. Signatures from both the client and contractor.
Enlightened contractors like you understand the value of developing your own unique Construction Contracting System, a collection of documented repeatable processes and operation manuals. Your office ensures your contracting company has a steady flow of projects.
Construction companies face more cashflow challenges than just about any other industry. No two projects look the same, and even the best-prepared estimates give contractors and clients only a partial picture of the actual scope of work and the costs involved. Signatures from both the client and contractor.
Who couldn't use more cash during the holiday season? No matter the season, however, construction companies rely heavily on cashflow to fund their operations. Cashflow depends on so many variables, but there are a few that you can control. Tie bonuses or other incentives to effective cashflow management.
Data Security in the Cloud » Collaborating on Cashflow. The topic of cashflow never seems to get old – after all, sustained negative cashflow often results in slashing budgets, personnel, and in the worst cases shutting down of a company. Technology for Collaboration & CashFlow.
Many contractors are practically drowning in data and don’t have the right tools to parse and analyze the data in ways that would have meaningful impacts on their projects. We’ve heard our customers discuss it at both our Digital Contractor Roadshows and our Collaborate 2018 user conference this year. That, however, is changing.
Cashflow can make or break any business, especially in the construction industry. To successfully grow, construction firms need to effectively manage cashflow to procure materials, pay vendors and salaries, fund new projects, and finance other day-to-day business operations. This is a trap contractors often fall into.
Levelset’s recent 2022 CashFlow & Payment Report revealed some key differences between large, successful contractors and smaller construction businesses. Learn more: How to prequalify a general contractor. Large contractors are more likely than small contractors to use these strategies to get paid.
Many State and Federal projects require a contractor to be bonded. In a way, a surety bond is like insurance; it is a three-part agreement between the contractor, the organization requiring the bond (e.g. This report illustrates how a contractor bills a client versus the work they have actually completed. document management.
While there are numerous reasons to change software applications, there are two that regularly come up in our discussions with prospective clients: cashflow control and project cost control. Back to CashFlow. document management. Add new tag. business development. change orders. cloud computing. communication.
» Relationship between the designer and the contractor. One part of our industry that I simply cannot get my head around is the oftentimes adversarial relationship that exists between the building design professionals and the building contractors on a particular job. document management. My How You’ve Grown!
This is especially true for commercial and residential construction sites, where plumbing contractors play an essential role between general and specialty contractors alike. This growth and recent changes in the construction landscape present both challenges and opportunities for plumbing contractors.
However, before starting work on a building financed with a construction-to-permanent loan, both property owners and contractors need to understand the risks. Contractor risks with a construction-to-permanent loan. These risks should be a non-issue when contractors have a comprehensive risk management plan in place.
Project Document Management : Your Communication Strategy. Because some very specific documents are created and used throughout the life of a typical construction project, these documents can serve as the center of your communications strategy. Let’s look at a few important improvements that most contractors can make.
Document Management. With the current levels of detail required by industry standards, code compliance and also by the different disciplines, the number of documents required for a project is huge. Keeping track of what’s current in that huge set of documents and making sure others on your team are using current documents are critical.
A lot of contractors have asked me about Section 179. Most of these contractors are considering an investment in equipment or software, and they want to know if it can actually help their construction business. document management. The Best Time to Go Live is…. The answer, in many circumstances, is yes. Add new tag. foundation.
Contractors need to proactively evaluate and address how project teams – including subs and vendors – are communicating. Consider these three vital areas: Construction Project Documents: How do you move documents through your organization? When documents are created or modified, are the appropriate people notified?
Remodel Contractors Have Unique Bookkeeping Needs : Not Just Any Bookkeeper Will Do - Too often remodel contractors hire the wrong bookkeeper mistakenly believing all bookkeepers are the same. There is only one method that will help manage cashflow and save money on taxes. Contractor Invoicing. Sales Tax Returns.
With web-based software, these mobile devices are capable of running complete versions of a company’s enterprise software, resulting in real-time information flowing freely from the field to the office and a true collaborative environment. Contractors and software vendors alike keep looking for better ways to connect the two.
I know a lot of contractors are getting into bidding season, and this got me thinking about communication. I know from my days as a general contractor that plans and specifications are altered continuously as subcontractors become involved, materials are changed, and change orders are issued. document management. Add new tag.
Integrated software can make workflows easier for contractors in both the office and the field. New capabilities like in-depth business intelligence and intuitive web applications that streamline work at the jobsite are powered by a cloud-based technology foundation that allows contractors to scale their operations today and tomorrow.
It crystallizes our mission to make contractors’ jobs easier and we put that mission into our own words: “When better is possible, good is not enough.” For instance, Foundation Software’s vision is this: “To provide the best in accounting software and service for the labor intensive contractor.” document management.
Internally, Southern Botanical was also looking for greater revenue cycle efficiency and more consistent cashflow. Western Allied, a design-build mechanical contractor in the San Francisco Bay Area, needed to modernize and streamline its operations to keep pace with growth and demands. The company’s results were amazing.
One problem that even the most savvy contractors deal with is profit fade, when a job continues to incur additional costs that are not factored into the estimate. In turn, profit fade can dramtically affect cashflow and hinder the possibility of booking new jobs. document management. The good news? Add new tag.
It requires written standards that can be referred to at any time by employees, sub-contractors, and clients alike. A construction quality management plan should be drafted as a standard document, to be applied to all future projects. Creating a plan. A construction quality management plan is never finished—it’s always evolving.
» Contractors Seeking Credit Should Prepare to be Prepared. Bank lines of credit are lifelines for many contractors, yet convincing a bank to provide or renegotiate a line of credit is not easy. Bring all your financial documents to the initial meeting. document management. Projected future earnings. Add new tag.
You know, lots of contractors using an off-the-shelf accounting program ask me the same question: Why is construction-specific accounting software so much more expensive? Construction-specific systems allow contractors to instantly track and analyze job progress and performance. document management. Job Costing. Add new tag.
Contractors in today’s marketplace are caught in the middle of a paper and paperless culture. Many contractors haven’t taken advantage of digital document solutions, and the ones that have are still dealing with high volumes of data. document management. Managing this information overload can be difficult. Add new tag.
Venture tools are built to give contractors visibility and control over three key areas of construction operations: Documentation. Document Management. It’s no secret that documents play a vital role in the construction process from beginning to end. document management. Communication. Build the Best Team.
Through site visits, inspections, compliance audits and education and advice sessions, the ABCC is able to closely observe contractors. For larger businesses, such sanctions can critically impact business cashflow in the short term and due to reputation damage, profitability into the long term. But most importantly….
Also, the Air Conditioning Contractors of America estimate 13% job growth by 2030, outpacing the average across all industries. So read on to learn about strategies for cashflow, sales, finance, marketing, operations, staff, and leadership. Manage your cashflow as well as you handle air flow.
As a general contractor a few years ago, I was working on a tenant improvement project. So, I took some photos, wrote an RFI attached the photos to the document and sent it to the architect noting its urgent status. Do you have a process for organizing, storing and attaching all supporting documentation for an issue?
Mid-January is a time of reflection for many contractors. document management. Home » Blogs. « “How good do you want to be?” ” Pardon the Commercial Interruption… » Year-End Wake Up Call. Creating year-end financial reports. Closing your general ledger. Add new tag. business development. foundation.
Please feel free to share them with your friends, relatives and most importantly contractors as they will appreciate the humor and perhaps find value in the words of wisdom we are sharing. 80/20 Rule – 80% of a contractor’s wealth and wellbeing comes from 20% of their activities.
« Contractors Seeking Credit Should Prepare to be Prepared. Sometimes, as you know, project documents can devote an entire plan sheet or spec section to a list of abbreviations and acronyms. A lot of this communication revolves around the project documentation. document management. Free Subscriptions. Add new tag.
Many contractors go into business because they’re great at what they do. I know a successful excavating contractor that took over his father’s grave digging business when he was younger. document management. Add new tag. business development. change orders. cloud computing. communication. construction. construction safety.
For those of you contractors doing government work: relish the competition involved with bidding. document management. Even if you’re already good at what you do, competition is healthy. Competition is what makes us strive for success, what makes us work harder and what makes us want to be the best. Add new tag. business development.
There is just something special about being around contractors. One of the things I enjoy most about my position at ComputerEase is that I have the opportunity to deal with different contractors everyday and have the opportunity to help them with their construction software needs. document management. Add new tag. change orders.
What happens when construction expert George Hedley gathers 15 different contractors from all over the country, puts them in a room for 2 days and leads an open discussion? Ideas start flowing and problems are solved. What I can tell you is encouraging: There are contractors who are succeeding in this economic climate.
Contractor, do for me? It is up to us, the contractor, to shape the message effectively and communicate to the client what the building will cost, an estimated time line to completion and any inherent issues that need to be addressed as early in the project as possible. document management. Better yet, what will you, Mr./Mrs.
The contractor doing the work was working for the city at the time. Points to Ponder: It is the contractor’s responsibility to create a work area and zone free from hazards that could cause injury or harm to persons or property. The city was the “general contractor” and owner of this project. document management.
Relationship between the designer and the contractor » The Difference Between Selling Used Cars and Selling Software. They just plod along telling unsuspecting contractors that their software can do everything imaginable. document management. Construction Business Owner Magazine. Home » Blogs. Add new tag.
You need to be a certified LEED contractor, which means you’ll need to study for and take the certification test. Good document management software will be able to keep those certifications on file. document management. Tags: construction management software , document management , Green Building. Get Green Certified.
One of my favorite books is Good to Great by Jim Collins, which crystallized our mission to make contractors’ jobs easier, characterized by the quote, “When better is possible, good is not enough.” document management. Add new tag. business development. change orders. cloud computing. communication. construction. construction safety.
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