Profitability over liability; 4 ways to take control of your cashflow in 2023
In 2023 with rising material costs and tax rates, it’s easier than ever to accumulate hidden costs and for your contracts to run over budget. Read on to discover four ways that construction companies can better track and manage their spending, meaning you’ll never go over budget without knowing again.
1. Material Costing
When you’re trying to stay on budget, it’s vital to know exactly where your money is going. With a powerful construction- specific solution like Evolution Mx, users have the flexibility to see an unmatched level of detail in contracts, or a customisable dashboard view to see your numbers at a glance.
By automatically logging purchase orders in the software, you can get a granular view of spending, right down to the individual item if required. This view adds context and detail to your spending that other solutions cannot.
2. Subcontractor Management
Managing subcontractors, retentions and applications can all be handled directly within Evolution Mx, and with direct links to HMRC (UK) and ROS (Ireland) subcontractor verification is quick and easy. This system is an invaluable tool for the budget conscious because not only is tax automatically calculated, Mx will also apply retentions and factor them into your budget so you never lose track of payments.
When tracking contract spending it’s easy to miss outgoings because of human error such as a loss or misfiling of documents.
With Evolution Mx’s Invoice Register module users can automatically input data from invoices sent straight into the system via a dedicated email address, eliminating the need for paper invoices or importing data. The invoice data is then attributed to your contract or job with a unique code to be recalled at any time.
4. Dashboard Analytics
Easily seeing contract performance in user-friendly and easy-to-read dashboards is another key feature of Evolution Mx that our users love. The alternative is to revert to manually recording job costs in Excel spreadsheets. This is risky and doesn’t allow for effective collaboration between teams.
With Evolution Mx dashboards users can customise the data they see and can access important functions quickly and easily without having to dig through menus or navigation trees.
When keeping control of your cash flow, the quality and availability of information are the most influential factors that can help or hinder your efforts. If you would like to learn more about how our construction- specific accounting software can help manage costs and budgets, reach out and book your free demo here