Nov 6, 2020
This Podcast Is Episode Number 0392, And It's About The Benefits Of Adapting To Technology For Your Construction Business
When you run your own contracting or trade business, your life involves many long days being on job sites while managing projects, staff, and clients. There probably are not enough hours in the week for you to deal with all the issues that arise while keeping your clients happy and taking time out of your schedule to manage your business is probably the last thing you want to do.
Thanks to a variety of online software companies, running your business is now a lot easier. You can efficiently manage your projects, employees, finances, and records all through your computer or tablet, freeing you up to focus on your clients.
Here at Fast Easy Accounting, we are thankful for technology tools such as the ones we are using for our current clients.
QuickBooks Desktop In The Cloud
How much of your time do you spend hunting down financial documents, poring over spreadsheets, and tracking expenses? Searching for and trying to integrate scattered data makes it nearly impossible to close out the monthly books quickly and efficiently. Manage your business finances faster and more accurately by moving them to the cloud. QuickBooks Desktop In The Cloud has several benefits, including:
- Integration with all your other construction operational systems for the quick retrieval of the most current data;
- Automation of daily financial processes so you can step away from spreadsheets;
- Efficient expense tracking that improves accuracy and reduces revenue leakage; and
- Secure collaboration with team members and stakeholders.
Like many construction business owners, you probably didn't dream of owning your own business so that you could manage a paper trail and oversee cash flow. You likely have very little interest in following up on unpaid invoices or spending time paying bills. That's where Xero comes in. Xero takes care of accounting for your small construction business.
You can create and track invoices and purchase orders, manage sales and purchases, and set up scheduled bill payments. You can even reconcile bank transactions any time from a computer, tablet, or smartphone and have up-to-date financial information about your business. If you have employees, you can track payroll and manage time and money spent on projects.
Xero offers easier business financial management without headaches.
If you hate taking time away from your clients and work projects so you can manage your paperwork, Receipt Bank has what you need. Receipt Bank is a technology platform that construction business owners can use to manage their vital business documents. Anything necessary to your business - such as receipts, invoices, and other documents - you capture on your mobile phone, through email, or scan on your computer, and upload it to the platform.
Receipt Bank then takes the information and displays it for you to download it or send it to connected accounting software. It can also categorize your expenses for you. It requires some time to set up manually, but Receipt Bank will save you vast amounts of time once your account is set up.
Hubdoc takes care of data entry, such as entering all your bills, invoices, and other paperwork for you. Hubdoc allows you to take pictures of your paperwork, link it to your account, and develop usable data. It automatically fetches your bills and syncs with your accounting programs. You can even give your accountant access to the program so they can stay on top of your finances as well.
If you love the idea of simplifying your home maintenance and repair service business and avoiding masses of paper everywhere, Hubdoc can help you.
Hubdoc automatically pulls your bills and statements into one secure hub. This means you have one login to view and manage the documents from all of your accounts. No more logging into ten different sites each month to gather your recurring bills.
Three ways to collect paperwork to Hubdoc:
1. Snap a Photo with the App
Simply take a photo of your receipt, invoice or bill with the mobile app. Hubdoc scans, extracts, and stores your documents, ready to be published.
2. Forward your Email Paperwork
When you become a client, Hubdoc automatically creates a personalized email address just for you. Email in your documents, and we'll do the rest.
3. Scan/Upload your Documents
If you've already scanned your receipts, invoices, statements or bills, you can upload them directly to Hubdoc and the software will extract the key data for you.
Safe and Secure!
Hubdoc uses bank-level security to ensure your data is safe. This includes 256-bit encryption, SSL/TLS, and a Premium Extended Validation certificate -- as well as monitoring and verification from McAfee & TRUSTe, the trusted industry standards in data security.
Simplify and Go Paperless!
Your important financial records are organized automatically for you, backed up forever and available on any device. Hubdoc is your digital filing cabinet in the cloud.
Getting timecards into QuickBooks and processing payroll can be a big hassle for your construction company. Timecards come in late, causing payment to be under enormous pressure to meet direct deposit deadlines is a tremendous feat on its own.
Tracking employee bonuses, reimbursements, and garnishments take time and money and can cost your company some severe fines, penalties, and lost productivity if you couldn't handle it correctly. Manual time cards are painful, and we have found the best time card calculator using TSheets.
Final thoughts
There's no question that these apps and software platforms can make business owners' lives easier. Most business owners didn't start their business to be surrounded by paperwork and endless record-keeping tasks. Choosing a platform that meets your company's needs will free up time and energy to focus on the things you love to do. Set aside a week or two to look at any processes that can be automated within your business.
Automating repetitive and tedious tasks can help you uncover hidden cost-savers and potential sales opportunities. We use hundreds more in our company - whether it's for Marketing, Accounting, or Production. We have been where you are now and understand how confusing it is to identify which tools are right for your construction company. Please reach out if you need help.
About The Author:
Sharie DeHart, QPA is the co-founder of Business
Consulting And Accounting in Lynnwood, Washington. She is the
leading expert in managing outsourced construction bookkeeping and
accounting services companies and cash management accounting for
small construction companies across the USA. She encourages
Contractors and Construction Company Owners to stay current on
their tax obligations and offers insights on how to manage the
remaining cash flow to operate and grow their construction company
sales and profits so they can put more money in the bank. Call
1-800-361-1770 or sharie@fasteasyaccounting.com