Profit is a business’s fundamental measure of financial health. It reveals whether a company’s income surpasses its expenses and indicates whether it operates in a sustainable manner. Without profit, it becomes challenging to cover debts, reinvest in growth, and navigate… Read More
Tag: construction financial software
Building a Culture of Innovation in the Construction Industry
The construction industry in Australia has been slow to innovate in the decades past. But with the changing industry demands, especially during the Covid-19 pandemic, companies started to be more conscious of the importance of digital technologies. In fact, a… Read More
Best Practices for Construction Record Management – Infographic
Construction projects create a ton of paperwork that needs to be recorded for management, accounting, and compliance purposes. Failure to produce, document, or retrieve records can have catastrophic effects on the business. It can lead to delays in operations, legal… Read More
Understanding Retentions in Construction Contracts – Infographic
Construction projects can be demanding and complex. With numerous elements and stakeholders involved, they require comprehensive and meticulous management. This makes construction projects huge undertakings that are subject to many risks. For example, a contractor or subcontractor might abandon a… Read More
Construction Accounting Guide for Contractors
Construction projects require managing numerous funds and monetary transactions. From ordering materials to compensating workers, keeping track of a project’s budget and expenses can be challenging without proper construction accounting practices. Generally, the goals of accounting are to: Systematic accounting… Read More
Best Practices in Construction Management – Infographic
Construction projects can be unpredictable. Numerous factors influence the success of a project. Some can be identified and controlled, while others can create challenges that disrupt operations. One thing managers can do is optimize project management. They can refine their… Read More
The Role of Construction Management in Sustainable Development
Sustainable development has been a concern for many industries, including construction, since 1972. Sustainability is becoming direr in recent years, with increasing economic, social, and environmental challenges. Fortunately, the introduction of the 2030 Agenda presented a plan of action for… Read More
Does Your Company Need Construction Project Management Software?
Construction project management software is a type of software that helps construction professionals and firms manage and oversee the various stages of a construction project, from planning and design to execution and completion. These tools often include features such as… Read More
What is Construction Takeoff Software? – Infographic
Improper takeoffs in construction can have serious consequences for a project. If it is incorrect, it could result in ordering too much or too little material, leading to unnecessary costs. Furthermore, using the wrong materials or not having enough materials… Read More