Securing Positive Cash Flow Part 2 Problems & Taking Action Taking action to secure positive cash flow requires direct communication, detailed billing and proper documentation of changes to a job’s original scope. As you read through each action segment, make a note of how you can improve your processes to support positive cash flow.
Securing Positive Cash Flow Part 3 Maintaining a Standard of Excellence When it comes to cash flow, maintaining a standard of excellence is easy. All you need to do is follow a formula that I call filling the GAP. This formula has three simple steps that, when followed, produce great results. By filling the GAP, you can ensure that your company maintains positive cash flow.
How Well Does Your Payroll Software Get the Job Done? For contractors, calculating payroll can be more challenging than completing a job on time and under budget. Union reporting, multiple pay rates, diverse deductions and tracking an assortment of taxes are just some of the variables incurred during each pay period.
High Cost of Using Inadequate Construction Software The decision to seek new construction accounting software, particularly for contractors moving up from QuickBooks or Peachtree, is generally driven by the complexity of operations. As your company grows, you require additional functionality with more detailed reporting, particularly in the areas of project management and job costing. This functionality and reporting is vital for analyzing data and making better decisions.
One question that many construction company owners and managers ask me is: Should our project management software be integrated with our accounting and document management programs
5 Tips for Increasing Your Bonding Capacity According to Dwight Reilly, a bonding agent/broker with Crosby Insurance Agency in Anaheim Hills, CA, “Securing a bond should be thought of as going to your banker and asking for a $1M loan. Bonds are similar to credit guarantees.
Bonding: Beyond Financial Ratios Improving your financial position is vital when it comes to bonding. However, there is another important element to securing a bond or increasing your bonding capacity that is often overlooked by contractors: relationship building. In addition to giving attention to your financial statement, you should also consider strategies that will enhance your relationship with your surety (or insurer).
Three Flaws of Entry Level Accounting Software For small start-up contractors, entry level accounting software programs such as QuickBooks Pro or Peachtree are useful tools. However, as work volumes build, these systems become less useful for construction accounting. By the time a contractor reaches $5M or more in annual revenues, financial reporting needs begin to outgrow the capabilities of these programs
Is Your Backup and Disaster Recovery Plan Proven?
When I ask a business owner about his data backup system, the typical answer is: We do a backup every day. The problem is, simply creating a daily backup isn’t enough to protect your data in the event of a catastrophic loss. What you need is a proven backup system and a tested disaster recovery plan.
How Relationship Management Affects Cash Flow We all know that cash flow is the lifeblood of contractors. What’s not always obvious, however, is that controlling cash flow often starts with relationship building. This is one area of construction management where a pro-active – rather than reactive – approach can make a huge difference for a company.
Employee Retention Building A committed employee is extraordinarily valuable. You can gain staff commitment by meeting people's key needs: paying attention to people at all levels; trusting and being trusted; tolerating individuality; and creating a blame-free, can-do culture. But why go through all these? What is the importance of gaining trust and commitment? It all goes down to the fact that when a company gains the trust and commitment of their employees
The Google Desktop Many of you have been using the Google Desktop for a long time. But for those who haven’t, you’re really missing out. The Google Desktop allows users to search for documents on their computer faster and easier then ever before.
Measuring Key Performance Indicators with Dashboards To remain profitable while staying competitive, many construction companies are turning to business intelligence tools to optimize the management of their projects. Two of these tools are Key Performance Indicators (KPIs) and Dashboards.
Preparing for Year-End Before January 1st Arrives As a business systems consultant to construction companies, I approach year-end planning from a new implementation standpoint. Just as I help my clients prepare for new software before the installation, I also help them prepare for year-end before January 1st arrives. This is a very important focus for companies on new software, but the same process applies each year.
Reflection and Renewal: Finding the Best Path Forward The beginning of a new year is a time for both reflection and renewal. Although time passes, ineffective patterns do not need to repeat. That’s why I recommend setting aside a little time now to reflect on the past year and ask yourself some important questions.
Dont Let Spyware Slow You Down Spyware has become a huge problem for both business and home computer users. To put it simply, spyware is software that gathers information about you and your search habits through your Internet connection without your knowledge, usually for advertising purposes. Companies use information obtained through spyware to study consumer trends by analyzing what Web sites people visit and what they buy online.
Where Does All Your Time Go? Most of us started the year with an ambitious list of things that we wanted to accomplish and some that we needed to accomplish. We are far enough into the year to ask ourselves: How are we doing? Since self-management is a hallmark of successful individuals and organizations, let’s get started.
Windows Vista™: Are You Ready to Upgrade?
With rumors of Microsoft’s newest operating system (OS), Windows Vista, being released any day now, you may be wondering if you’re ready for it. But the real question isn’t, ‘Are you ready?’ It’s, ‘Is your software and hardware ready?’
When Performance Is Key: Optimizing Your Computer Many PC users have suffered an unnecessary lack of performance during day-to-day tasks. Have you ever asked why that progress bar is moving slower than molasses, or even gone as far to shout obscenities at the screen?
