7 Key Metrics of a WIP Series: Cost to Complete
For long-term construction projects, contractors must accurately estimate the cost to complete (CTC) to precisely determine project performance and avoid surprises that could hurt profitability or deter lenders and sureties. Understanding your CTC early on will give you the opportunity to quickly address issues that hinder productivity or increase your overall costs. Estimating Cost to…
Why QuickBooks Doesn’t Always Work for Construction Companies
Having the right tools for the job is important in any industry. While construction companies are known for using a lot of heavy machinery, they also depend on software for accounting. While every company’s accounting department deals with the bottom line, the financial practices of a company are dependent on its industry. QuickBooks is a…
Understanding the Lean Construction Phenomenon
Construction companies are good at adapting to changes in their industry by adopting new equipment and technology to get the job done. While having the right tools for the task is important, seasoned construction experts know that this doesn’t always equate to an efficient job. Sometimes the strategic approach to the job is just as…
Build a More Profitable Construction Business
When done right, construction can be a hugely profitable enterprise. At the same time, if not approached with an eye for efficiency and effective project management, it can result in a net loss even as significant revenue comes in. Paying attention to the following key tips is the best way to ensure a steady, consistent…