Countless small builders tragically lost their businesses during the recession. While larger companies might have had the funds, reputation and global presence to see themselves through this seemingly impossible period, it was undoubtedly incredibly tough for small and medium enterprises. Now that we’ve emerged into brighter territory, it’s time to start looking to the future instead of taking each day or week as it comes. Every construction company has different future plans. Some might have an ultimate goal of expanding to another region or county, while others might be happy to work towards investing in a second van. Regardless of your goals and motivations, you can improve your chances of achieving your targets through careful financial planning. Accounting software for small builders is a useful tool to help you with your aims. Find out some of the many ways it can help you plan for the future.
#1: To see if your vision is valid
If you want your company to continue as a specialist in a certain area of construction, or work towards specialising in that area in the near future, it is important to keep a close eye on your finances to see if it’s viable. Chiefly, this will involve job costing – in addition to cost value reconciliation, if your software allows it. Discover which costs are holding back the profitability of different types of jobs. If you are unable to reduce problem costs in the sector you want to specialise in, you may have to rethink your plans or make drastic changes to key processes. It may be disappointing to realise that your vision is unattainable at present, but it’s far better to realise this prior to going ahead with your plans than when you’ve fully committed to them.
#2: Cutting paperwork
Every business complains about the seemingly never-ending administrative burden that regulation places upon them. While many of these laws aim to reduce the risk to builders and contractors, others may seem superfluous – and represent a huge drain on your time. Accounting software built specifically for small builders can speed up many of these processes, or even automate them. In the construction industry, CIS is one of those burdens. Generic accounting software is unlikely to be able to manage CIS for you – you’ll need construction-specific accounting software to help with that.
By reducing the paperwork burden on your business, you can push ahead with any expansion plans you have, in addition to having more time to focus on generating more revenue for your business, helping you plan for the future with confidence.
#3: Reviewing your finances
Builders’ accounting software allows you to view financial reports in just a few clicks, enabling you to view the real-time finances of your company quickly and easily. You can check the effectiveness of new processes, track the impact of new employees, and check how costs relate to your budget. With good quality financial data always to hand, you can make new business decisions with confidence.
Integrity Software offers a range of software packages for construction companies of all sizes. Take a look at the many features contained in our accounting software for small builders and give us a call on 03453 40 30 40 to learn more.
