What was 2017 like for your business? As you built beautiful homes, you most likely experienced up and downs along the way. Do you know where your profit margins were high, or where you just shaved by?
Getting a handle on your business’s financial health can be difficult, especially if your data is spread across different platforms. Does your budget live in a different system than your cost management, change order, and purchase order data? This can make budgeting for your individual projects a real headache, and means that it’s also a challenge to get a clear picture of your business’s overall financial health.
As we enter the new year, what can you do to make your budget work for you?
Shift to a Single Platform
Why shift to a single platform? Simplify your budget by leveraging a construction project management software. Consolidating your budget and cost management systems in one central hub means it’s easier to drill down and analyze individual project budgets, or pull different information to get a 50,000-foot view of where you’re at. One central system also means that you can share budget updates with your team in real-time, helping keep everyone informed, on track, and on budget. And you’ll gain the insight you need to gauge your business’s financial health and make smart decisions for the future.
Another benefit of working in a single platform? No double entry means fewer errors, and less time and money spent fixing them. The bottom line? You’ll be able to spend more time increasing profitability.
Automate Your Budgeting Process
Before you can break ground on a new project, you need a plan, and a budget. The great thing about construction project management software? You can automatically calculate fees, insurance and other line items that are consistent across projects.
During the project, change orders and budget adjustments are pretty much inevitable. In the past, managing these updates has meant filling out a paper change order, uploading it into a spreadsheet, adjusting the budget, and then letting everyone know about the change.
Thankfully, you can automate this process with a modern construction project management tool. Pending change orders can be displayed so everyone knows where budget changes can be made. And, if you’re using a system like BuildTools, when the change order is accepted, your budget is automatically updated to include the change.
The Bottom Line
Migrating your budget into a single platform not only saves you time and reduces error - it can also streamline your day-to-day processes and give you more time to work with your clients. You’ll be able to focus on the quality of your homes, and the quality of service you provide to your clients. And you can say goodbye to late nights at the office hammering out your budget.
It’s time to see how a construction management platform can hammer out the rough edges of your budget. Schedule a demo today to learn how BuildTools can help you delight your customers, increase your efficiency, and drive growth.