Controlling Your Costs and Ensuring Success in the Construction Industry
In the construction industry your profitability is directly related to your costs and how you manage them. Read on to learn about our three biggest “cost concerns” and how with our construction-specific accounting software, Evolution Mx, you can regain control and maximise profitability.
In the construction industry each project can involve multiple subcontractors and suppliers, and you may also run several projects at once. This complexity increases when you include multiple builds on the same location, all of which need to be accounted for.
With our construction-specific software, users can implement a mix of “jobs” and “sub-jobs” for each contract allowing for easy segmentation, whether that be to split a contract into phases, plots, or individual units. This means you can easily view all your costs in as much or as little detail as required, from broad total contract cost down to granular “sub-job” cost heads versus your appropriate budgets.
Outstanding purchase orders are critical when evaluating your current costs and can have a severe impact if not properly processed. Evolution Mx allows users to view not only paid costs but you can also factor in these outstanding costs to calculate your committed value for the contract.
Whether you are managing subcontractors, material purchase orders or entire contracts, it’s easier than ever to see what your project is costing you and where those costs are attributed. To make this easier users can add custom dashboards for information to be graphically represented as soon as they log in, with the ability to interrogate further if they wish.
A simple but wise rule in business is that “time is money”, so why settle for a system where staff are spending valuable time manually processing invoices day after day? With Evolution Mx and our accompanying Invoice Register module, users can view and process invoices received directly into the system via a dedicated email address, without ever having to touch a paper invoice again.
With the option for standard input or smart input using optional OCR software, invoices can be easily attributed to contracts and stored for future reference.
Understanding costs is the key to improving performance on a regular and consistent basis. If after reading you would like to find out more on how Evolution Mx can help you manage costs and bring clarity to your accounts, reach out to us here and book a free personalised demo today.