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Effectively managing cashflow is critical for contractors’ success. Considering these complexities, it’s easy to understand why, throughout the life of a project, a variety of things can change — directly impacting the original cashflow forecast. Create Rolling Enterprise CashFlow Forecasts.
Every year, we give our customers the chance to showcase the new, innovative ways they have used software to transform their business through our Viewpoint Technology Awards. Internally, Southern Botanical was also looking for greater revenue cycle efficiency and more consistent cashflow. The company’s results were amazing.
A Viewpoint on Construction, Modern Takes on a Transforming Industry. Effective cashflow management is critical to enduring a recession, and Basu points to new technologies that maximize efficiencies, boost productivity and replace traditional processes. Anirban Basu, chairman and CEO at the Sage Policy Group, Inc.,
When implemented properly, they offer improved cashflow and better accounting insight, which benefits contractors and customers. All of this should make the industry more streamlined in the way money flows and work gets done,” says Wayne Newitts, director of strategic partnerships at Viewpoint.
We can bill it immediately, which helps to improve our work and cashflow. Now you can pre-invoice, accelerate that cashflow and get that cash in the door. So in terms of accelerated cashflow it’s gone from, what, a few weeks to a couple days? But what were you doing before this?
Now more than ever, you’ve got to do the math and make sure your cashflow can handle the burden of every job. Others might say that it’s an art — when your gut says a project will be profitable and elevate your visibility in the marketplace, go for it. The truth probably lies somewhere in between. So your gut certainly deserves a say.
From providing a single source of data across entire project teams to improving cashflow by reducing time spent tracking and managing invoices to optimizing labor and equipment, the use of technology helps an industry that has traditionally been the least accustomed to technology find increased productivity and profitability.
All three indicators can help predict the economic state of the industry and help you manage cashflow if a potential downturn is detected. Gain more insight into the future of the construction industry by subscribing to Viewpoint Surveyor. Is there enough work to sustain your company during tough times?
And if your system is old, you might not be billing on time, so where is your cashflow? When you’re using five or more ways to keep up with different parts of jobs, you can end up with sheets that don’t reconcile. You could write some of it off and move on. And many people do. But all of this could add up to much bigger problems.
The fact that Viewpoint is construction-focused and aligned with our culture of innovation and improvement really set them apart,” said Darius Chingon, CFO of Westcon Inc. The financial team can bill quicker, get paid faster and keep cashflow on projects fluid, all while saving time.
Forecasting and CashFlow Reports. revenue, risk and cashflow forecasting) and enable you to assess historical project performance. These basic reports are critical to business profit and loss, and if your system can’t seamlessly pull them all in a flash it’s time to take a look at what else is out there.
In turn, profit fade can dramtically affect cashflow and hinder the possibility of booking new jobs. Chuck Elyea, Viewpoint Software’s market development manager and CBO will conduct a webinar on April 28 at 1 p.m. The good news? There are strategies that can minimize this issue. February 2009. January 2009. October 2008.
So far so good – less manual work and more predictable cashflow. Your AP process stays the same, but instead of cutting checks, you simply pay electronically through the service, and the service returns the processed transaction information for automatic reconciliation. Rebates of course vary, but I know companies who receive 1.5%
Each project carries a significant amount of risk including countless safety issues, stringent regulations or contractual obligations, weather delays, lack of qualified labor, subcontractor performance and inconsistent cashflows, just to name a few. There has to be a better way!
And true data analytics is more than just tracking traditional job costs and cashflow. Contractors can improve workflows, find ways to automate tasks, find efficiencies, cut costs and much more by streamlining and analyzing data collection from jobsites.
For larger businesses, such sanctions can critically impact business cashflow in the short term and due to reputation damage, profitability into the long term. At Viewpoint we have the expertise to help you understand your options and advise on what you need so feel free to get in touch today.
CBO magazine and Viewpoint Construction Software are pleased to present the webinar, “Managing Information Overload: Transitioning to a Paperless Environment” on June 21 at 1 p.m. This places a strain on operational efficiencies. February 2009. January 2009. December 2008. November 2008. October 2008. September 2008. August 2008.
A favorable article in Fine Woodworking magazine led to a flood of orders lasting months, which gave Louis the cashflow to design and manufacture other products he’s added to his lineup. Think about your products from your prospect’s viewpoint: Is there anything—and anything else—your prospect should know about your product?
I found myself wishing that there was a neutral corner to which each opposing viewpoint could be sent for a standing eight count in order to clear their minds and start the discussion over. Do we not see plainly that both professions (or better yet, our singular “profession” – construction) absolutely need each other in order to survive?
You gain full transparency from the field to the office on job costs. ERP and accounting solution integrations: Viewpoint Vista and Spectrum: With Morpheus’ Viewpoint Vista & Spectrum Integration, construction professionals enjoy automated processes and flexible workflows that grow with their needs.
This year’s biennial survey found that while the “save to grow” strategy persists, it is now accompanied by actions not seen since the 2008 global recession, including focusing on balance sheet issues such as working capital, treasury, credit and cashflow.
Construction project portfolio management is a strategic approach that enables construction companies to maximize the performance and ROI of their projects by approaching them from a holistic viewpoint. Rather than looking at each project as a silo, PPM helps leadership visualize the big picture and make decisions accordingly.
Moreover, “Progress is hampered by poor coordination between trades, incomplete drawings and specifications, and underfunding by the owner that slows cashflow and causes further conflict and delay. Now, our project managers, estimators, and architects all work together to get a more well-rounded viewpoint.”.
It is also defined as the total cashflow of the project from the conceptual stage to the disposal stage (Bennett, 2003). In conclusion, hopefully, we have been able to provide intermediate interpretations of the two concepts because we do not intend to provide extreme viewpoints.
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