Blog posts for construction companies, including general business advice, construction accounting technology advice, and trends for construction companies. Thought leadership for Sage CRE software solutions and implementation tips & tricks. Supporting Construction and Real Estate Companies in the USA and Canada.
Strategically plan your software lifecycle Planning a Company Growth Strategy If you’ve ever been through a Strategic Planning exercise for your company (and I highly recommend it), you are instructed to brainstorm your goals and KPIs in phases. Often companies are so caught up in the short-term worries of cash flow or change management, […]
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How to Fight Internal Fraud Quarter million (plus) in losses! Internal fraud drains more than $3.7 trillion annually from global businesses, according to an estimate by the Association of Certified Fraud Examiners (ACFE). The median loss from internal fraud at companies in the construction industry is $259,000, according to ACFE’s latest Report to the Nations.
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Tax Savings and Cost Segregation Studies Has your company invested in buildings this year to rent out or use for business purposes? Real estate investors have used cost segregation studies for many years to lower their tax bills. In a nutshell, these studies divide property into smaller parts, allowing for faster depreciation of certain parts
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Software Integration: The whole becomes greater than the sum of its parts Adding an application that fully and properly integrates with your primary data will expand your capabilities! Realize the potential in the power of software integration. Think about your software and what was implemented first – General Ledger, Payroll, Accounts Payable, Job Cost. You might
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Make your Sage 300 CRE even better, submit Product to Ideas Sage! The Sage 300 CRE suite remains one of the most versatile and easily customizable accounting solutions available to construction companies today. Companies love that the software is adaptable to nearly any specialty industry and unique financial reporting needs. But even with this flexibility,
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Beyond the Income Statement 5 Things to Know About Your Numbers Smart owners and managers use standard financial reports to study profitability and organizational health. But by looking beyond the Income Statement, you can find critical information to improve Estimating and Project Management. 1. What is my Margin (Gross Profit)? How does this relate to
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Save time and reduce errors when it counts! Automated workflows for contractor accounting software can help your company attain a more competitive position. There are many things that can impact and delay project deadlines — particularly when bidding on a project. Team members not following a strict process, approval delay, and inaccuracy of data compilation
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Software Performance Versus Function Is your Sage CRE software idling or racing along? Any Professional Services organization’s goal should be more than implementing new software or training staff to do efficient data entry. A true partner has a loftier mission, based upon a client’s business needs. And that means maintaining an ongoing dialogue with the
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Thinking of low-balling a bid? Does this sound like you? “We are having a hard time winning bids that result in profitable jobs. We can win short-term business by low-balling it, but we cannot survive this way.” Our advice? Never low-ball a job! You just need some help to improve your process. Here’s a conversation
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Keep your project above water Projects can get underwater quickly if you are not paying attention. Usually, the main reason a project gets off track is that labor costs creep ahead of the current completion level of the project. But, with some monitoring and adjusting, you will be able to proactively manage your project. The
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How to determine your financial health Cash flow is always an important element in the smooth and successful operation of your construction business. It’s particularly key in meeting opportunities and demands. Ask yourself is your construction company in a cash flow crunch? Generating sales and managing operations are, of course, also important. But more
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