Construction Cost Management: Gaining Full Visibility of Your Financial Data
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WWW.EQUE2.CO.UK CONSTRUCTION COST MANAGEMENT: GAINING FULL VISIBILITY OF YOUR FINANCIAL DATA Quality data provides vital insight to help improve your company’s construction cost management.
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Transcript of Construction Cost Management: Gaining Full Visibility of Your Financial Data
WWW.EQUE2.CO.UK
CONSTRUCTION COST MANAGEMENT: GAINING FULL VISIBILITY OF YOUR FINANCIAL DATAQuality data provides vital insight to help improve your company’s construction cost management.
WWW.EQUE2.CO.UK
TIGHT MARGINS,
Construction companies are working within
TIGHT MARGINS, in an industry that is being heavily impacted by a
RISE IN CO$T$.
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Costs are driving upwards for:
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Costs are driving upwards for:
MATERIALS
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Costs are driving upwards for:
MATERIALS TENDERING
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Costs are driving upwards for:
MATERIALS TENDERING SKILLED WORKERS
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Costs are driving upwards for:
MATERIALS TENDERING SKILLED WORKERS
SPECIALIST CONTRACTORS
Without the right cost management tools, these increases in prices will create bottlenecks in the supply chains and projects. These will be especially felt by
construction companies who have little visibility of their cash flow.
WWW.EQUE2.CO.UK
Costs are driving upwards for:
MATERIALS TENDERING SKILLED WORKERS
SPECIALIST CONTRACTORS
Without the right cost management tools, these increases in prices will create bottlenecks in the supply chains and projects. These will be especially felt by
construction companies who have little visibility of their cash flow.
WWW.EQUE2.CO.UK
Limited visibility of cash flow and poor construction cost management can be caused by:
WWW.EQUE2.CO.UK
Limited visibility of cash flow and poor construction cost management can be caused by:
SILOED DATA KEPT ON DISPARATE
AND OUTDATED SYSTEMS, SUCH AS
SPREADSHEETS
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Limited visibility of cash flow and poor construction cost management can be caused by:
SILOED DATA KEPT ON DISPARATE
AND OUTDATED SYSTEMS, SUCH AS
SPREADSHEETS
A LACK OF COLLABORATION AND KNOWLEDGE SHARING BETWEEN
EMPLOYEES
WWW.EQUE2.CO.UK
Limited visibility of cash flow and poor construction cost management can be caused by:
SILOED DATA KEPT ON DISPARATE
AND OUTDATED SYSTEMS, SUCH AS
SPREADSHEETS
A LACK OF COLLABORATION AND KNOWLEDGE SHARING BETWEEN
EMPLOYEES
DUPLICATED AND INACCURATE
DATA LEADING TO POOR BUSINESS
DECISIONS
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Financial Controllers need to create
of all financial areas, including the cost of resources, the end cost of projects and any debt currently existing
within the company.
VISIBILITYVISIBILITYVISIBILITY
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Good construction cost management is based around having centralised, accurate data that is fully visible and can be updated in
REALTIME.
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The right construction software can help improve cost management, but small-medium businesses are likely to be reluctant to update or change their systems due to threat of
LARGEoverhead costs.
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There are a number of simple, more cost effective steps that these companies can take to gain full visibility of financial data and improve their cost management, before considering software.
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These methods can involve:
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These methods can involve:
CREATING a central database
where each employee enters the financial
data they own
WWW.EQUE2.CO.UK
These methods can involve:
CREATING a central database
where each employee enters the financial
data they own
ENCOURAGING collaboration and communication
between the senior team, right down to
the skilled tradesmen
WWW.EQUE2.CO.UK
These methods can involve:
CREATING a central database
where each employee enters the financial
data they own
ENCOURAGING collaboration and communication
between the senior team, right down to
the skilled tradesmen
PROVIDING organised files for paid invoices, late invoices, project
records and payments made
WWW.EQUE2.CO.UK
These methods can involve:
CREATING a central database
where each employee enters the financial
data they own
ENCOURAGING collaboration and communication
between the senior team, right down to
the skilled tradesmen
PROVIDING organised files for paid invoices, late invoices, project
records and payments made
OBSERVING and analysing
bottlenecks in the supply chain caused by limited cash flow
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UNIFYING FINANCIAL DATA into one larger and clearer picture boosts visibility and provides an end-to-end view of the
company. Encouraging collaboration, organisation, communication and even software can help to improve construction cost management.
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TAKEAWAYS:
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TAKEAWAYS:
Financial data visibility is crucial to a company’s
success
WWW.EQUE2.CO.UK
TAKEAWAYS:
Financial data visibility is crucial to a company’s
success
A single system can bring it all into one
clear picture
WWW.EQUE2.CO.UK
TAKEAWAYS:
Financial data visibility is crucial to a company’s
success
A single system can bring it all into one
clear picture
Construction cost management software can
provide the key
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Find out how your construction company can drive its profits skywards with the help of the right contracting software by downloading:
IMPROVE PROFITABILITY WITH THE RIGHT CONTRACTING SOFTWARE
DOWNLOAD YOUR FREE EGUIDE NOW
