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Strong financial management serves as a critical cornerstone of the construction industry. Construction financial managers may work in a variety of niches, depending on their background: They may be in charge of cost calculations, financial reporting, or income tax planning, among other duties and responsibilities. In this complex role, tech isn’t just helping, it’s becoming a necessity.
Why construction finance needs to change
Financial professionals often spend too many hours lost in tools that waste precious time and are not always accurate. Even searching for the data you need to understand your project’s financials is complex; data is often siloed into multiple systems, files, and PDFs.
Let’s examine the typical project management process as it is today. You're trying to track all of your project costs in one set of spreadsheets, taxes in another, and estimations in yet another. Data from the field is taking days and days to reach you. Then, you're making calculations and producing a variety of financial reports and presentations. Finally, you've got to send them off to management — hoping that every piece of data has been accurately calculated and entered.
This whole process isn’t just inefficient, it’s also expensive. Financial professionals have a number of important, analytical responsibilities to take care of. These responsibilities often take a backseat and receive less attention due to the sheer volume of data organization tasks that need to happen first. All of this costs the business valuable time that could be better spent on more value-oriented tasks.
Spreadsheet software like Microsoft Excel and Google Sheets is certainly one way to keep track of entities, analyze revenue trends, and produce financial reports. However, these systems require hours of data entry and are often error-prone. The solution financial managers need isn’t another spreadsheet. It’s a tool that allows them to do everything in one place while ensuring anyone who needs project or financial information can get it, whether they’re in the field or at the office.
This is the foundation of financial automation built for construction.
Why financial automation is the right fit
The best thing a financial manager can do to accelerate their career and dramatically incraccurate ease their own value is to bring the right tools for the job. With financial automation, managers aren’t just creating a better way to work for themselves. They add value to the whole organization at an affordable cost.
Here are a few examples of how the right financial automation platform can help improve your work and the greater business at large:
- Forecast cash flow
- Automate WIP reports
- Implement digital accounting
- Perform accurate trend analysis across all projects
These benefits aren’t a distant, futuristic outcome. These tools do exist — and can take your performance to the next level.
It’s time to say goodbye to Excel spreadsheets and say hello to a modern forecasting and intelligence tool that covers all of your needs. From estimations to accounting to financial analysis and reporting, Briq delivers everything in a secure, all-in-one platform that helps you maximize your performance and your company's profits.
A Real-Life Success Story
At the outset, some construction companies may wonder how a single financial automation platform can provide so much value. However, you don’t need to take our word for it.
Western States Fire Protection has been able to save thousands of hours a month and over $30,000 in costs with Briq because they no longer need to process 400 monthly expense reports and extract data from over 5,500 PDFs — they simply handed the responsibility off to our financial automation platform and focused their energies on more pressing work. By trusting Briq, they boosted their efficiency and their bottom line.
Interested in taking your financial management game to the next level? Learn more here.
