Construction Cost Management: Gaining Full Visibility of Your Financial Data

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1. WWW.EQUE2.CO.UK CONSTRUCTION COST MANAGEMENT: GAINING FULL VISIBILITY OF YOUR FINANCIAL DATA Quality data provides vital insight to help improve your companys construction cost management. 2. WWW.EQUE2.CO.UK TIGHTMARGINS, Construction companies are working within TIGHTMARGINS,in an industry that is being heavily impacted by a RISE IN CO$T$. 3. WWW.EQUE2.CO.UK Costs are driving upwards for: 4. WWW.EQUE2.CO.UK Costs are driving upwards for: MATERIALS 5. WWW.EQUE2.CO.UK Costs are driving upwards for: MATERIALS TENDERING 6. WWW.EQUE2.CO.UK Costs are driving upwards for: MATERIALS TENDERING SKILLED WORKERS 7. 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. 8. 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. 9. WWW.EQUE2.CO.UK Limited visibility of cash flow and poor construction cost management can be caused by: 10. 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visibility of cash flow and poor construction cost management can be caused by: SILOED DATA KEPT ON DISPARATE AND OUTDATED SYSTEMS, SUCH AS SPREADSHEETS 11. 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visibility of cash flow and poor construction cost management can be caused by: SILOED DATA KEPT ON DISPARATE AND OUTDATED SYSTEMS, SUCH AS SPREADSHEETS A LACK OF COLLABORATION AND KNOWLEDGE SHARING BETWEEN EMPLOYEES 12. 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visibility of cash flow and poor construction cost management can be caused by: SILOED DATA KEPT ON DISPARATE AND OUTDATED SYSTEMS, SUCH AS SPREADSHEETS A LACK OF COLLABORATION AND KNOWLEDGE SHARING BETWEEN EMPLOYEES DUPLICATED AND INACCURATE DATA LEADING TO POOR BUSINESS DECISIONS 13. WWW.EQUE2.CO.UK 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 14. WWW.EQUE2.CO.UK Good construction cost management is based around having centralised, accurate data that is fully visible and can be updated in REALTIME. 15. WWW.EQUE2.CO.UK 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. 16. WWW.EQUE2.CO.UK 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. 17. WWW.EQUE2.CO.UK These methods can involve: 18. WWW.EQUE2.CO.UK These methods can involve: CREATING a central database where each employee enters the financial data they own 19. 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 20. 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 21. 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 22. WWW.EQUE2.CO.UK 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. 23. WWW.EQUE2.CO.UK TAKEAWAYS: 24. WWW.EQUE2.CO.UK TAKEAWAYS: Financial data visibility is crucial to a companys success 25. WWW.EQUE2.CO.UK TAKEAWAYS: Financial data visibility is crucial to a companys success A single system can bring it all into one clear picture 26. WWW.EQUE2.CO.UK TAKEAWAYS: Financial data visibility is crucial to a companys success A single system can bring it all into one clear picture Construction cost management software can provide the key 27. WWW.EQUE2.CO.UK 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