Construction is a fragmented industry. Increasingly complicated supply chains and build programmes can make understanding what is happening at each stage a difficult task.
Internal data from one stage of a project can hold much greater value when exchanged with other operations. Capturing data in this way will provide more insight into the performance of the built environment. This should lead to a reduction in waste, both in time and money.
- Topic:
- Construction
In uncertain and challenging times, construction firms are under significant financial stress, so having access to accurate, reliable and up-to-date information is vital in helping construction project teams react and adapt to often quick and ever changing conditions on site.
- Topic:
- Construction
Ensuring finance departments are being utilised to the best of their ability and using the most up-to-date systems is key for good financial management.
Best practices in 2022 might look a little different for finance teams even to just a couple of years ago. According to Accenture in February 2021, 79% of CFOS surveyed said that the effects of Covid-19 have compelled them to ramp up their finance transformation efforts.
So it's clear the effects of the pandemic has led to finance teams reflecting on what good practice looks like and considering what changes need to be made.
In this blog, we discuss the best practices a top finance team should follow, what makes a good finance team and why switching your accounting software could empower a finance team to make a real contribution to overall business goals.
- Topic:
- Finance
Well, the information required to fulfil both, construction tenders and estimate functions is essentially the same throughout the whole bidding and construction process.
From preparing invitations to subcontractors or suppliers to tender or to calculate running costs. Quantity Surveyors rely on construction software applications that give them full visibility and control over the financial elements of the construction process.
- Topic:
- Construction
Toothbrushes, paper bags, razors, tissues… some things are no longer fit for purpose as time goes by. The same is true of software — particularly when it’s managing your business.
With millions of hours wasted on financial admin tasks every year*, the risks of outdated software operating in a modern finance team are huge. But why? Keep reading to find out more…
- Topic:
- Finance
A comprehensive Cost Value Reconciliation (CVR) scheme should enable you to handle the current material and labour shortages, and even take advantage of them.
Building projects are being cancelled, put on hold, and otherwise disrupted by shortages of both materials and labour. There are no shortages of explanations, though, as it has been blamed on everything from Brexit to the pandemic, shipping problems, material scarcities themselves and even the steep rise in construction demand as various lockdowns ease and contractors rush back to work. It’s a compound problem and needs a comprehensive solution.
- Topic:
- Construction
In response to the effects of the Covid-19 pandemic, many SME businesses in the UK have now set out their hybrid working policies, enabling employees the freedom to choose where they work best either all the time or at least some of it.
According to research, 71% of SMEs plan to implement hybrid working long-term, though many of those may not have considered the new challenges that may arise for finance professionals – especially when tracking expenses. Clear hybrid working policies and investment in technology to manage budgets will be needed.
- Topic:
- Finance
Not-for-profit and charitable organisations in the UK have faced an insurmountable number of challenges in the last 16-months – facing an estimated £10 billion loss at the close of 2020. Despite many being used to operating on a shoe-string, Covid-19 brought about changes that affected the sector like never before.
While many have continued to lose revenue through a lack of available support, there are a number of organisations that have adapted and pivoted services in order to keep their charity’s finances afloat. So, how can other charities follow their lead and ensure their funds go further?
- Topic:
- Finance
For finance professionals working in a professional services business, time is often the biggest restraint that stops them from focussing on value added-responsibilities, such as analysing financial data to provide more realistic, more accurate forecasts of how projects impact the business. Or spending time developing key financial policies that can influence other teams across the business to be more cash conscious, which could help to reduce ongoing project costs.
- Topic:
- Finance
Construction has long been famous for being an industry that’s mismanaged and inefficient, and due to technological advancements, countless companies and projects are being optimised. Various sectors are seeking alternative solutions to increase and productivity. Although the solutions available tend to be so expensive that it’s not financially viable for most contractors. In order to assist construction companies, we have outlined some tips to increase productivity in construction. Let’s go though them now!
- Topic:
- Construction
