2 Surprising Solutions to Issues the Construction Industry is Facing

A desk with a computer and a construction hat on it

Every industry and profession faces unique issues that business owners must learn to grapple with in order to succeed.  As advisors to many small-to-medium sized construction-based businesses, one of the areas we know can make a positive impact is to invest in technology.  However, surveys and studies show the construction industry (in general) is slow in incorporating new technologies and instead rely on outdated systems such as telematics and mobile phones. 

While you may likely need construction-based software that can make your worksite job easier, we wanted to share two software options that can help solve some of the common issues to make business operations run more smoothly. 

Fathom for Construction Businesses

Fathom is a software we recommend to nearly all business owners because it is designed to help small-to-mid-sized business owners more easily understand what is going on in their financials.  It does this by allowing you to set goals for projects and your company and then provides easy-to-understand visuals to show whether you’re hitting those targets and where you can improve. You can read more about Fathom here.

For construction-based business owners, here are a few of the problems Fathom can help you solve.

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Cash Flow

You generally get paid for projects once on completion, but in the meantime, you need liquid cash for payments to subcontractors, vendors, suppliers, your employees, and so on. Fathom provides 3-way cashflow forecasting based on historical data that is updated live from your accounting software each day.

Irregular Equipment Maintenance and Replacements

Fathom helps you highlight your business Key Performance Indicators (KPIs) to focus on different levels of performance such as profitability. This can help you prepare for covering unexpected costs that otherwise would lead to less revenue from a project.
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Tracking: Supplies & Scheduling

Fathom allows you to track non-financial metrics across different companies and projects. You can set what items to track such as your such as staff hours worked and supplies ordered.

When combined with your financial data, this provides a more comprehensive look at the performance of your business.

Bill.com for Construction Businesses

Bill.com is one of our favorite software options for construction business owners. This software will help you get paid faster, stay on top of your bills, and it keeps you organized. Here are a few features that might help you:

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Faster Payments from Customers

95% of construction companies note they experience stress over slow payments. Bill.com can help you get paid faster by automating invoices and reminders. From a dashboard you can see pending approvals, sent invoices, and payment activity in a glance.
an icon showing a gear and a construction hat right behind it

Paying Your Bills

AP automation helps attract and retain good relationships with creditors and suppliers. Bill.com allows you to send bill payments to domestic or international vendors in just a few clicks AND it can reconcile with you accounting system to save you time.
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Managing Documentation

Dealing with paper regularly makes the entire process of document management slower and more prone to human error. With Bill.com you can view all your receipts, vendor details, material orders, contracts, etc. in one place for quick, easy reference.

Construction CPA

Our team maintains specialized knowledge to work with business in the construction industry. Technology is constantly changing and evolving, and various rules and regulations have to keep up with it. Keeping up with all that is not an easy task, especially since many companies are affected by different levels of regulations. This includes worldwide compliance rules and country-specific laws and regulations, or even something extremely local and specific for one state or a single city.

Our team can help you stay in compliance while working with you to implement business-based software solutions to make your life easier.  Contact us today if you’d like to learn more!

Headshot of Hayley L.

Hayley Lowe

Hayley is an Analyst who works with our CAS, assurance, and tax teams.  She has a natural talent for finding efficiencies in processes and integrating software to assist in that. Hayley has been with Avizo for a little over a year and is working on earning her CPA designation. 

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