Technology tips and trendS
Dear Readers:
Welcome to the March issue of the AccuBuilder. This month we’re featuring Part 2 of our three-part series on cash flow. Keep reading to learn about actions you can take to maintain positive cash flow on the job. Also, with the first quarter of 2007 behind us, in The Consultant’s Corner, Danny Parrish urges us to revisit our goals for the year and figure out if we’re on track to accomplish them.
Don’t forget to check out this issue’s Deal-of-the-Month. We have great offers for both existing AccuBuild users and prospective clients.
We hope you enjoy this edition of the AccuBuilder,
Josh Stearns,
Vice President of Sales & Marketing
AccuBuild Construction Software
Securing Positive Cash Flow
Part 2: Taking Action
by Josh Stearns
This issue of the AccBuilder offers Part 2 of a three-part series on identifying – and correcting – current and future cash flow issues.
We’re continuing our three-part series on how to maintain positive cash flow. Last month we looked at ways to identify cash flow problems using your construction software reports. This month we are going to discuss actions you can take to maintain positive cash flow on the job.
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.
Communication with Your Staff
Communicating to your sales and estimating departments that getting paid on time is very important and can often stop cash flow problems before they even start. Setting this expectation up front allows these individuals to focus on securing work with general contractors (GC’s) and owners that have a reputation for paying on time.
In the field, communicating job progress vs. budget spent lets project managers and superintendents know if their projects are on target or if their crews need to work faster to stay on budget. By making sure that your jobs are progressing at the same rate as your budget expenditures, you can be confident that progress billings will continue to cover overhead expenses.
Communicating with GC’s and Owners
Before you start a job, find out what payment terms the GC or owner is accustomed to. Ask questions like: When should we submit our billing? When should we expect payment? What is the worst case scenario for payment terms? What is the best case scenario? What do we need to provide each time we submit a billing? How would you like change orders handled?
In addition, discuss issues such a proof of insurance, certified payroll and lien releases and ask what issues have come up in the past that have delayed payment to vendors. Straightforward communication about payment terms and potential problems will ensure that your invoice doesn’t get overlooked due to a technicality.
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Where Does All Your Time Go?
by Danny Parrish
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 2007 to ask ourselves: How are we doing? Since self-management is a hallmark of successful individuals and organizations, let’s get started.
First, get out your list of objectives and major projects you were going to get done this year. To assess you you’re doing, you’ll need to provide an honest assessment. Are you on track? Slightly off track? Way behind?
Unfortunately, many of us tend to get behind early and never seem to catch up. The reason for this can be explained by a great question and answer that I once heard: How does a project get a year behind schedule? One day at a time.
We get behind on the projects and action plans needed to achieve our goals one day at a time, even one hour at a time. However, to avoid the unpleasant realizations of our less-than-stellar performance, we can do a few things to stay on track.
Reconciling Your Time
As an accountant or construction management professional, you should be familiar with reconciliation as a concept. To keep your yearly goals on track, it is helpful to reconcile your time to find out where it all goes.
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4 Useful Ways to Google-It
by Josh Stearns
Tech Tip
Information on just about anything is at your fingertips because of popular search engine sites such as Google (www.google.com) and Yahoo (www.yahoo.com). In this month’s Tech Tip, I’m going to focus on useful ways to “Google-It.”
Many Internet users are not aware of Google’s many search features. Although you can find the published list of Google Search Features at http://www.google.com/help/features.html, I’m going to share four Google search features with you that I use all the time.
[Note: Although I have pulled the explanations and examples for these features directly from Google, I did edit them slightly for clarity.]
Definitions
To find a definition for a word or phrase, simply type the word "define," then a space and then the word(s) you want defined. If Google has seen a definition for the word or phrase on the Web, it will retrieve that information and display it at the top of your search results.
Q & A
Want to know the population of Japan? What currency is used in Algeria? The birthplace of Bono? Hit Google with a fact-based question or query (like "population of Japan") by typing it into the search box. Results will be displayed at the top of your search results page. Google also links to its source for this information so that you can learn even more.
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