From reduction in costs, and removal of inefficiencies to an increase in sales, utilizing software solutions provide various benefits to general contractors. Additionally, automating key business processes such as invoicing, and payroll management, results in a significant increase in operational efficiency, allowing contractors to outperform competition and consistently grow their business. In this article by Enguard Contractors, we’ll explore three software every general contractor should consider using for their business.
Construction Management Software
Construction management software is a type of project management tool having functionalities catered toward the construction industry. Using this software helps businesses streamline everyday operations by reducing the need for manual intervention. Key business areas this software can be used include job scheduling, internal communication, and project planning. Here are the three main benefits that this software provides:
⦁ Document Control: According to The Balance, as a contractor, you are bound to receive and send a ⦁ plethora of paperwork for each project. Using a construction management software all paperwork requirements can be handled digitally, overcoming the need for storage and delays caused due to mailing. ⦁ Seamless Sharing of Information: As all information related to projects is stored in a centralized location, the collaboration between teams becomes easier. Any team member can access plans, budget estimates, or other documents on the go and make informed decisions. ⦁ Project Tracking: Using this software makes it easy for supervisors to assign projects to teams and track their progress in real-time. Additionally, employees can submit requests for additional information, approvals, and clarification which can be addressed promptly to ensure project deadlines are met at all times.
Construction Estimating Software
According to a 2021 survey of professionals in the construction business, 42% reported that using construction estimating software helped them improve the accuracy of cost estimations for their projects. If you haven’t already, try out construction estimating software for your business.
Construction estimation software streamlines the planning process by creating accurate estimations in a fraction of the time compared to manual calculations. Additionally, the software will provide you with the following benefits:
⦁ Instant Calculations: When creating an estimation, you can effortlessly add and subtract costs. The software will instantly complete calculations to provide you with a clear idea of the expenses you’ll incur for the project. Similarly, if there are any changes to the project, such as labor, materials, transportation, etc. the costs can easily be edited to create a new estimation in just a few clicks. ⦁ Plethora of Customizable Templates: Invoices are a great medium to create brand awareness among new clients. A construction estimating software will provide you with numerous templates to choose from, which can be customized using your logo, and brand colors. ⦁ Payment Scheduling: Based on the ⦁ payment criteria agreed upon with the client, you can create a payment schedule in the software and post which invoices will be automatically sent to clients on the set dates. ⦁ Automated Approval Reminders: At times when the client forgets to revert with approval to your estimation, the software will send them automated reminders. Hence, you can spend your time on tasks of higher importance, while the software does the legwork of getting approvals.
Accounting software helps contractors stay on top of their finances at all times. Additionally, this software can be integrated with estimating software and manage business finances from a centralized dashboard. Here are two of the main benefits an accounting software provides:
⦁ Meeting Compliance Standards: When working with subcontractors it’s important to have complete documentation regarding their 1099s, W-9 forms, and tax information. These can be stored safely in the software and used during ⦁ tax filing. ⦁ Managing Cash flow: An accounting software can create financial statements on demand, which can then be reviewed to remove business inefficiencies and improve cash flow. Additionally, these statements can be used to make ⦁ future projections and financial goals for the business.
Utilizing software for your general contractor business will help keep costs in check, make it easy to manage employees, and develop an edge over competitors.