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Getting accurate invoices out fast is essential in running a success residential construction business. Using Buildxact, you can streamline your admin process, send out invoices to your customers efficiently, and track your profits in one place. Get a clear breakdown of each invoice, including the stage, amount owed and amount paid. Easily add variations directly to invoices, and add statements to keep your customers up-to-date. Send your customers precise and detailed invoices with total cost, variations, and amounts owed and paid in one simple PDF. When invoices have been closed, simply mark them off in Buildxact and have them sync with your accounting software so there’s no double handling of information. Mange everything from first estimate to final invoice with Buildxact.

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Are you drowning in paperwork and its starting to affect your business? More than 1 out of every 2 tradies businesses are suffering like this – and they don’t need to be!

Did you know there is an easier way to manage all your jobs in one place? It’s no wonder that purchasing, invoicing, organising jobs and also the initial quoting takes hours and hours. However, it does not have to be this way.

Here are three key benefits of having job management software like Buildxact that you can’t achieve with a manual or spreadsheet system:

Organise your management platform

Imagine a gantt chart project schedule produced in seconds automatically from the items or project tasks in your quote and coloured by trade. And start and finish times adjusted by a mouse to re-schedule whenever and however you want.

It not only looks impressive, its is easily updated and is used to send an email or sms to tradies to turn up on site even when you make a last minute change.

With the best available Job management software specifically for builders and tradies, there are no more lost files and cluttered excel spreadsheets or handwritten notes.

An easy to use but comprehensive solution helps builders, tradies, support staff and book-keepers get organised and stay on top of things for every project.

It is just as applicable to residential construction as it is to commercial building or landscaping or painting or electrical or other trades. All Your jobs are easily managed and you’ll have your finger on the pulse and be 100% in control.

There will be no more passing paperwork to the book-keeper or the missus to enter twice or more. Get it in once, and done right, and save tens of hours every week as you quote organise and schedule your work, suppliers and subbies. Good organisation is easier than you think.

Connect your job management software with an accounting system

Having all your processes in one platform is essential to your home builder business. Accounting software is critical to construction companies because you can track and monitor your cash flows all in one space. Accounting integration is crucial in making your business management systems (and saves time for other tasks) more streamlined and easier to manage.

If you’re in the construction industry, a contractor or a tradie, a cloud based accounting system integrated into your construction management software is what you will ever need. Once you get started with a solution like Xero with Buildxact there’s no going back.

You will never want to use other software again. Your accountant advisor will help you operate your business by managing cash flow and real-time profitability without extra fees and charges because they can log in to Xero from anywhere and support your business with accurate data.

Managing your jobs just got that much easier for project managers. When you sync XERO (or MYOB or QUICKBOOKS ) to Buildxact the heavy lifting is taken care of. By linking your accounting software, purchase orders created as part of your job after a quote is accepted can be easily sent to suppliers from Buildxact.

And progress invoices are sent to customers. Payments and receipts are posted quickly without re-entry in Xero because Buildxact has an automatic sync button and Xero gets feeds from your bank statements daily without any data entry.

Take advantage of massive saving of time and bo+ok-keeping costs – they don’t have to re-key in data multiple times. Admin tasks are taken care of so your accountant and the missus will be happy.

Access anywhere, anytime with an easy intuitive approach

Construction project management software is designed to improve the workflow for construction projects. It’s intuitive and easy to use, so you can get up and running quickly. The software helps you set up task lists and manage them and correctly allocate crew and resources. More importantly, you can stay on track on your job costing and meet your deadlines.

Project management software is a great way to improve communication among team members. It keeps everyone on the same page, so you can avoid any misunderstandings or delays. The software also helps you keep track of your budget and expenditures, so you can stay within your budget.

Cloud computing and a sensible designed intuitive workflow from takeoff measurements to job profitability is why Buildxact is the leader in job management software for builders and tradies.

This hasn’t been achieved by accident – we have worked with hundreds of builders in Australia and New Zealand, and with Master Builders Association using Buildxact to train over 2000 builders undergoing building license registration courses.

So Buildxact Estimating and Job management makes sense to tradies because they have helped in the use and design ideas to improve the interface of our platform and mobile app.

Buildxact is secure and you will not lose your estimates or jobs data. All your jobs are saved in the cloud so you don’t have to worry about your information being lost or you forgetting to save (multiple copies are saved and backed up in secure locations and always available without intervention (no lost files for 4 years so far!).

Manage your jobs from anywhere and pick up where you left off. Tasks such as project planning or keeping track of due dates have never been easier with a job management software.

The benefits of going online for job management are numerous. For any builder, tradie or contractor having a job management software package is a game changer. Find out for yourself and sign up for a free Buildxact trial.

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In this day and age, managing such things as your schedules, cash flow, variations, profit, etc, without the use of software is not sustainable, and you’ll find it increasingly difficult to compete against those that are using technology to maximise the way they operate their business.

Construction software helps you win more work

When pitching for new work it’s incredibly important to get your quotes right, and the best and most efficient way to deliver a top-notch quote that differentiates you from your competitors is by using estimating and job management software.

It will enable you to up the ante on the accuracy, presentation and timeliness of your quotes, ensuring that your business comes across as professional and competent, and this will definitely give you a leg-up when pitching for new work against your competition. Moreover, it will also allow you to analyse previous quotes, fine tune them, and use them as templates going forward. This means more accurate revenue, profit, cost and cashflow projections, and a better bottom line for you.

An all-encompassing, professional and accurate quote will reduce the number of surprises (eg. costly variations) for your clients later down the track. This contributes to building a good reputation which in turn helps confirm your business value, instil trust and increase referrals.

It gives you back time and money

Do you spend your day onsite, arriving home late at night to reply to emails, put together quotes, sort out invoicing and all the other admin that comes with running a business? Do you find that there simply aren’t enough hours in a day to get everything done?

This is a good time to reflect on ‘how’ you work. There are fantastic opportunities to slash hours off your quoting and admin by using fit-for-purpose estimating and job management software. It’s not a matter of ‘if’ but ‘when’ it becomes unmanageable to grow your business and have a balanced life by operating the traditional way.

Online software platforms such as Buildxact can assist you to break this cycle, whether you’re building a new home, completing a reno or working in a trade.

You’ll be able to efficiently manage all aspects of each job from quoting, scheduling, purchasing and invoicing; and best of all, you’ll be able to do a lot of this onsite and not have to wait until you get back to the office, or be in front of your computer at home late at night.

Increasing efficiencies throughout each aspect of a job can save you anywhere from 50% to 80% in time, helping ensure that your jobs are delivered by their due date and to budget. And you’ll find that you’ll be able to take on more work and have a better control of your cash flow and profits.

It helps manage your people

Imagine if you could send automatic email and SMS messages to remind your subcontractors when work is to be commenced. With trade push-backs and scheduling changes frequently occurring, you need a bird’s eye perspective of your projects and an efficient way to manage people.

Fortunately, construction job management software helps you with this, enabling you to easily communicate with your subcontractors and help ensure that they adhere to the schedule. Forgetting to notify them of changes will be a thing of the past because everything will be automated.

In addition, software platforms such as Buildxact integrate seamlessly with Deputy, for time-sheeting, and accounting programs such as Xero, MYOB and Quickbooks to help streamline payments. So while you stay on top of each job’s financial status, you still have everything you need in your cloud accounting software without the inefficient and error-prone double handling.

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This webinar deep dived into the $130 billion JobKeeper Scheme recently kicked off by the Australian Federal Government, and how it can support the construction industry during the uncertain times of COVID-19 and beyond. 

These are the top 9 key takeaways from the webinar: 

1. Overview of the JobKeeper scheme
   • $1500 per eligible employee per fortnight before tax
   • Paid to eligible businesses
   • If turnover decrease by 30%
   • Wage condition must be met; and
   • Elected to be part of scheme and provided information to ATO
2. Between now and the end of April
   • Check the business and your employees meet the eligibility requirements
   • Continue to pay at least $1,500 per fortnight before tax for each eligible employee
   • Notify eligible employees that you intend to claim and send the ‘JobKeeper employee nomination notice’ to your nominated employees to complete and return to you by the end of April. https://www.ato.gov.au/Forms/JobKeeper-payment—employee-nomination-notice/
   • Enrol with ATO before the end of April (if intending to claim for April). Includes confirming bank details for payment and estimated number of employees
3. Ensure all eligible employees are paid at least $3,000 (gross) before the end of April 2020
4. Enrol with ATO before the end of April (if intending to claim for April)
5.  From 4 May 2020 onwards
   • Apply to claim JobKeeper Payment (lodge via interactive ATO form)
   • Ensure each eligible employee paid minimum $1,500 per fortnight before tax
   • Identify the eligible employees for the relevant period. Either prefill form STP, manual enter or tax agent can assist with lodging.
   • Notify eligible employees within 7 days that you have nominated them
   • ATO will pay the JobKeeper payment after accepting application to nominated bank account
   • Each month, you will need to reconfirim that your reported eligible employees have not changed through ATO online services, the Business Portal or via your registered tax agent.
6. Document your Turnover Assessment (monthly, quarterly, cash basis or invoice basis). Alternate tests are now available including for new businesses and scale up businesses.
7. Non-Employee business participants may also access JobKeeper (Sole trader, director, adult beneficiary)
8. Know your numbers for the business overall and job by job, and make sure you have real-time information so that you can manage your profit and cashflow effectively.
9. If you haven’t done so already, make the move to using software to manage your estimating, quoting and jobs.

Want more information? 

For more information on the JobKeeper Scheme, please contact:

Michael Renton from Xact Accounting 
michael@xactaccounting.com.au
1300 233 723
www.xactaccounting.com.au 

For more information regarding Buildxact and how to make the move to using software to manage your jobs, please contact: 

Julian Krishnan Nair from Buildxact
juliank@buildxact.com
0498 124 613
www.buildxact.com.au 

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Many business owners think you need to reduce the time it takes to do jobs to save time.

That is not the case.

Fast-tracking construction project timelines can be a dangerous undertaking.

For example, the owner could ask contractors to reduce the project time by weeks. They could ask the plumber to work faster or work longer hours. Asking people to work longer hours or to work faster is not a mere adjustment. The owner should hire project managers, who specialize in efficiency improvement, to oversee construction projects. The right project manager can boost construction efficiency and increase productivity.

Custom home builders can reduce the time for a build at construction sites by 10 or 20%.

A significant time saving – yes. But at what cost? It takes critical skills and tools to boost construction efficiency. The combination of construction project managers and construction management software will help boost construction efficiency.

Hammering through a build faster increases the risk of cutting corners in the construction process:

• Lower quality of workmanship
• Higher risk of compliance issues, which can hinder operational efficiency
• Poor delivery
• Lower customer satisfaction
• Safety issues

The business owner saved time on the build, but did they create sustained efficiency? No. It is the root of many project management nightmares.

1. Tighten the screws on takeoffs

Find what is slowing down takeoffs and look for opportunities for improving efficiency in the process.

Builders despise the time it takes for practical quoting steps. These time-consuming tasks include measuring and scaling plans, blowing them up, printing, adjusting, blowing them up again and re-printing. One dodgy printer can throw a solid time management plan into disarray.

Construction software can reduce takeoff times.

Buildxact’s simple construction estimating software lets you measure and price jobs digitally. Takeoffs are automatically linked item costs to save you from going back and forth with costings.

Faster takeoffs mean more quotes, which mean more jobs.

2. Keep up with clever accounting

We see far too many construction businesses grappling with piles of accounting paperwork.

There are easier ways to do tasks. Builders can do most purchasing, invoicing, accounting and banking tasks through apps and websites.

New technology in job management and accounting help you:

• Save labor costs of manual data entry and admin
• Know where you stand with a job
• Save time on purchasing, invoicing and banking
• Secure digital records of transactions
• Reduce mistakes

Do not pay an accountant to comb through invoices when you can store data in the Cloud. Investing in job management and accounting software will save your accountant and admin staff hours of data entry (and save you the cost of paying them for it).

Software services like Xero, MYOB and QuickBooks can do the work for you, and they integrate with most construction job management software. It is worth investing in estimating, job management and accounting software to do:

• Invoicing
• Quotes
• Tracking sales and purchases
• Payroll and taxes
• Purchase orders
• Cashflow management
• Jobs, bills and expenses tracking
• Budgets and reports
• Management of clients and suppliers

3. Integrate your apps and software

An integrated, Cloud-based system saves you flicking between spreadsheets and manually inputting data into multiple systems.

Stop wasting time checking different places to get the needed information.

For builders and trades in construction, having an integrated solution for estimating, job management, timesheets and accounting will cover 90% of what most companies need. Builders can save hours by making better software choices.

Some things to consider:

• Look for technologies that sync with other systems. Tools and software websites should have a list of apps, tools and technologies they integrate with
• Ensure your tech is Cloud-based for easy data backups
• Search for new tech designed for construction as they will have a better chance of integrating with your other programs.
• Look for mobile-friendly programs
• Check for a wide range of functionality such as costing, quoting, scheduling, etc.
• Find technologies that capture as many of your data sets as possible, such as client details, employee details, invoices, etc.

Remember: more technology does not equal better technology. Having fewer (but smarter) integrated tools is more efficient.

4. Embrace the e-form

Embrace the e-form

Paper = inefficient.

Email = slow.

Data entry = costly and error-prone.

E-forms help you get the information you need more efficiently and cut out double handling between paper, spreadsheets, and other tools to free up hours in the day.

Sidestep email and paper handling by:

Building an inquiry form into your website

Use drop-down boxes to ask readers specific questions about what they are looking for at any given time. Drop-downs save time by eliminating back-and-forth emails to get the necessary information.

Using the built-in e-forms on your job estimating software

Going back and forth with a supplier to get a quote is wasted time. Streamline communication with your suppliers by using the “Request for quote” functions built into your job estimating software.

Buildxact’s supplier forms give you check-box options to construct your form before it is sent to the supplier. Once the supplier fills out the form and provides a quote, the information is fed directly into the system. No third-party apps, data entry or photocopying is required – it is an all-in-one system.

• Using free form building tools to collect information

Most online form-building tools feature customizable fields so you can collect the specific data you need. Online e-forms are handy for collecting details from new employees, gathering client details and storing data. (A word of caution: be sure to check for import/export functions so your data does not get stuck in an online system.)

Choosing software that has e-form functionality will save you from copying data across platforms.

5. Automate processes you could be wasting time on manual processing

Falling behind technology trends can spell the death of many construction industry businesses that do not realize how important it is to keep up with new technologies.

Automating simple business processes can:

• Cut labor costs
• Ensure (and prove) tasks are completed correctly
• Ensure consistent correspondence
• Prompt workflow

Construction businesses can improve efficiency by automating:

• Scheduling
• Timesheets
• Forms and correspondence
• Bank feeds and reconciliations
• Invoices
• Payroll
• SMS notifications
• Emails
• Social media posts
• Marketing campaigns

Look at the features section of your primary software providers’ websites and consider which features can save you time.

6. Make an impact online

‘Presence’ is all about your online visibility. We get it; figuring out how to get your message to the masses can be tricky.

Focus on a few quick actions that have a lasting effect.

Three essential tips to boost your online presence and land more jobs

1. Build Trust

• Reassure your online visitors by including information relevant to your business, like:
• Master Builders Association, HIA, and other industry association badges
• Guarantees you offer (e.g., years of structural warranty)
• Testimonials from real clients

2. Build links

Google can be a mysterious beast, but we know having quality ‘backlinks’ from other sites to yours improves your site’s search result rankings. Improve your site’s backlinks by:

• Ensure your listings are up-to-date with industry bodies
• Be listed on trustworthy online directories
• If you have partnerships, ensure your partners’ websites link back to yours

3. Talk to a web agency about search engine optimization (SEO)

Digital marketing involves elements that work together to make your site visible. If you are unsure about your SEO, ask a marketing agency to check for things like:

• Keyword performance: how well the phrases on your site match the words your customers are searching
• Copy and conversion rates: is the copy on your website converting readers into customers?
• Content marketing: keeping your online content fresh and relevant
• Social media: improving engagement (likes, comments and shares)

BONUS TIP: For the more web-savvy, log into your Google Analytics account and check the stats. If you do not have an analytics account, set one up for free to measure your website’s performance.

7. Use new technologies to manage client relationships

It might be time to transfer your contact data into a more sophisticated database.

• For small and micro businesses

Spreadsheets are great for storing contact information. Set up filters to compare the value of your clients and suppliers and use columns to track which correspondences need following up.

Leverage new technologies to manage your data better.

• For small and medium-sized businesses

A web-based job management system is ideal. Capturing contact details in an online system makes it easier to manage data in one place. Consolidated contact data in one system makes it easier to identify opportunities.

• For larger construction businesses

If your business has hundreds of thousands of contacts, it is best to invest in a more sophisticated client relationship management (CRM) plan. A CRM plan is a holistic approach to contact management. CRM addresses client relationships from marketing campaigns to leads to storing details, correspondence, sales, and job delivery.

8. Streamline your induction process

Sitting down to collate lengthy induction documents is not appealing. Sourcing and putting together safety information can take hours. Collecting all the required documentation from all of your staff members can be very time-consuming.

Taking the time to create a thorough, well-planned induction process will save you from repeating the process each time you sign up a new staff member.

Here are a few more tips for refining your induction process:

Schedule time in your calendar to regularly update safety and induction documents

A monthly or bi-monthly review of your documents will save you the yearly overhaul.

Capture and store new employee data digitally. 

Data has to be secure. Find (or create) a system that lets you store employee information securely on the Cloud, safe from tampering and disaster.

Use an online induction management tool.

New technology lets you manage inductions online. Automatically collect documentation such as insurances, licenses, trade cards, etc. and be alerted when expiry dates are nearing.

Conclusion

Improving construction efficiency is not about cutting corners.

It is about building ongoing systems and processes that will make your projects run smoothly every time. It is about keeping up with trends in the industry and embracing technologies that help you:

• Streamline processes
• Reduce your administrative task list
• Avoid errors
• Facilitate workflow
• Manage contacts and opportunities

Discover more ways to improve efficiency and reduce overheads

If you’re interested in learning more about how construction efficiency can be improved with new technology, take a look at our features page.

Buildxact is one tool for your construction project needs from quote to completion; including takeoffs, estimates, job management, and invoicing. Our software streamlines processes and reduces admin time by up to 80%.

Book a demo or start a free trial to begin building efficiency into your construction business.

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“We’ve come out of a period where there has been so much workaround. Good systems didn’t necessarily come into play then because the next job was always around the corner” the article reads. Good systems are easier to run when you have good software, which has helped most industries achieve massive gains in productivity and risk reduction.

Construction management software can help avoid negative cash flow

Construction management software is designed to simplify your residential construction business. Tracking construction cash flow is important and every construction company, big and small, does it in order to be successful and stay in business. It automates and connects all the parts of your business — like estimating, job management and accounting — allowing you to be more efficient and profitable.

Construction management software is key to growing your business. Tracking your business expenses is important to make sure the current cash flow is healthy, meaning more money is coming into the business than going out. Negative cash flow can hold you back from making decisions that fuel growth. Sometimes, especially for custom home builders, negative cash flows are the result of late payments from customers on construction projects. It’s important to know when more money is expected into the business, to inform decisions that help keep it running. A construction business with cash flow problems usually struggles to stand out from the competition, so getting software to help you keep track of the finances will go a long way in setting you up for success.

Benefits of construction management software

If you’ve used or are still using Microsoft Excel, paper plans, calculator, and ruler to create takeoffs and estimates, there’s a better way. You can start reducing the unnecessary stress of managing multiple jobs or not knowing if you’re making money. Always know if you will have money coming in to continue driving your business forward.

Save time and frustration by using a construction management software solution that centralizes manual, inefficient processes into a single automated platform.

An integrated, Cloud-based system saves you flicking between spreadsheets and manually inputting data into multiple systems can lead to mistakes. Sometimes, these mistakes can lead to losing money, which is never a good thing for a small business owner.

Stop wasting time checking different places to get the needed information.

For builders and trades in construction, having an integrated solution for estimating, job management, timesheets and accounting will cover 90% of what most companies need. Builders can save hours by making better software choices.

Some things to consider:

• Look for technologies that sync with other systems. Tools and software websites should have a list of apps, tools and technologies they integrate with
• Ensure your tech is Cloud-based for easy data backups
• Search for new tech designed for construction as they will have a better chance of integrating with your other programs.
• Look for mobile-friendly programs
• Check for a wide range of functionality such as costing, quoting, scheduling, etc.
• Find technologies that capture as many of your data sets as possible, such as client details, employee details, invoices, etc.

Remember: more technology does not equal better technology. Having fewer (but smarter) integrated tools is more efficient.

3 things you can do now

1. Use good accounting software (Cloud)

We see that the most successful custom home builders and trades on our platform use a modern, cloud-based accounting software such as Xero, MYOB or Quickbooks Online. Being online (or “Cloud”) you benefit from being able to invite your Accountant or Bookkeeper to work on your accounts and access your information from anywhere, so you can keep you on track.

2. Track your jobs like a boss

Staying on top of jobs as they happen is the key to good cash flow management to be a successful company. You need to right tools to do that. Job by job, you need a real-time view of what’s going out, and how that stacks up against what’s coming in. Construction Job Management software like ours means you know exactly at your fingertips. With all your purchasing and invoicing done with one tool, and everything neatly transferred to your accounting software at the click of a button, you’ll be on your way to managing cash flow like a pro.

3. Familiarise yourself with safe harbor provision

Company directors in the construction industry should familiarize themselves with safe harbor provisions, which allow directors to attempt a business turnaround while being protected against personal liability for insolvent trading. “Safe harbor is really an insurance policy towards insolvent trading, but it’s something people don’t really like to talk about,” Andrew Spring from Jirsch Sutherland Insolvency Solutions says.

We’re on a mission to help builders and trades thrive, so talk to us about how you can use mobile and cloud-based tools to drive your business forward.

The post How to manage the cash flow of your construction business appeared first on Buildxact AU.

Learn how Buildxact integrates and syncs with Xero seamlessly, saving builders and tradies time and money.

Find out why Accountants and bookkeepers are joining our amazing  Partner Program. Connecting your customers and earning rewards has never been easier. Learn more about Partner Program here or ask us anything at Xerocon. See you there!

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