March 5th, 2014 | Published in technology
An investment in construction software yields a favorable return in a short amount of time and for years to come.
Compared to using manual methods and disconnected applications, construction software allows contractors to save on costs, do more in less time, and reduce overhead.
Magleby Construction proves a great example. Before streamlining communications across the organization, the contractor relied on duplicate data entry and lacked true job costing on projects – wasting time and losing money.
The company’s CFO explained:
“Without the information all in one place, we often got to the end of a project and would have to write-off thousands of dollars in items that were never billed to the customer. It was a constant problem.”
Upon moving to a single solution that allowed the entire team to work collaboratively and productively, the company can more easily make sound business decisions based on accurate financial information. According to the executive:
“We can easily run a financial report on an individual company or a combined financial on the whole organization. This capability does not exist in spreadsheets or when using separate systems.”
He also described additional functionality unavailable in previous methods or other options evaluated. The move to an all-in-one solution delivered significant time and cost savings:
“When reviewing financial statements, we can either look at them rolled up or expanded. So, we can roll it up really tight where it only shows revenue, costs of goods sold, indirect costs, operating expenses, and net profit or I can run details to the account level or the subaccount level. By having those subaccounts and really focusing on costs, we have saved hundreds of thousands of dollars.”
Using construction software that brings together all applications for the company, contractors are increasing savings and efficiency for a powerful return on investment.
Download this free case study to learn more about how this contractor improves time and cost savings by using construction software for improved workflow and visibility.