Earn More Money
The Turner and Townsend 2024 International Construction Market Survey found the average profit margin for construction in the United States to be only 5%. This leaves very little room for errors, unexpected expenses, or even wasted resources. Unfortunately, construction projects rarely go as planned, and if you are not keeping a close eye on things, your expenses can get out of hand. Improving your project finance planning and management is one of the most important steps you can take to improve your construction business’ profitability.
Why is Improving Financial Management So Important?
Planning a construction project is complicated. There are often multiple contractors, vendors, material suppliers, and even equipment rentals. Each of these comes with their own cost estimates and scheduling concerns. The bigger the project, the more complicated the paperwork can get. Without a tested and proven way of managing the schedule and invoicing for each vendor or contractor, you might miss details that could result in significant cost increases for the projects.
How Does Outpave Help Improve Construction Financial Planning?
Implementing a financial management platform, such as Outpave, can be truly transformative for construction companies looking to enhance the financial planning of their projects. Outpave lets you see all the costs associated with the project in a single location. So you can verify which vendors have been paid, which aspects of the project have gone over their initial cost estimates, and how project managers or contractors are using their company expense cards. All this information can help you identify problem areas and tighten the screws to stop unnecessary spending and have more realistic expectations for your future project finances.
Additional features from Outpave include:
- Expense Card Control: You can issue employee cards, set daily spending limits, and even restrict where the cards can be used to purchase items.
- Expense Tracking: Outpave’s mobile app allows contractors to scan receipts at the time or purchase. Once the receipt is uploaded into the system, it will organize the expense based on the parameters you establish.
- Invoices & Payments: Our online platform lets you drag and drop information to generate invoices with just a few clicks and you can schedule payments to vendors to ensure they are being paid in a timely manner.
- Cash rewards: Outpave offers a 1% cash back reward on all transactions.
Get Started Today!
So what are you waiting for! You can start improving the profitability of your construction business today with Outpave. Go online to outpave.com to get started.
