4 priorities to future-proofing a construction business

With over 30 years of experience in the construction world as a construction company owner and as a construction software consultant, I have seen the everyday challenges that construction companies go through. From labor challenges, to material shortages, and volatility with pricing, the construction industry continues to struggle with tighter profit margins. Executive teams are then forced to pivot to find new ways to ensure their success.

With these considerations in mind, we have brought together seasoned industry experts for a webinar to give you tangible insights on how to help your business not just survive–but thrive. Contributors in this conversation include Bill Easton, former Regional Vice President for Sage Construction & Real Estate; Alexis Lampkin, Director of Accounting at Discovery Land Company; and Monica Delisle, CRE Solutions Engineer at Alta Vista Technology.

Embracing cloud-based solutions

For any construction company, entering the digital world, especially cloud/SAAS, can be a disruptive event for a company.  Adoption of technology is more than just new software, it requires a culture shift in the organization that moves employees away from the old ways and introduces them to new processes and workflows.

According to Bill Easton, "Adopting new technologies early on can directly contribute to the effectiveness that leads to success." This is especially true as it pertains to both the financial side and the operational side of your business.    

What is Bill’s recommendation? A modern, cloud-based solution that offers tangible benefits that strengthen your business:

• Reduced IT Costs: Scale back your reliance on expensive on-premise hardware and internal IT staff.
• Enhanced Field Mobility: Empower your team with real-time access to crucial project data from any job site, improving communication and efficiency.
• Always Up-to-Date: Your software is automatically updated with the latest features and security, to bring you comfort and peace of mind and keep your team ahead of the curve.
• Unmatched Scalability: Cloud/SaaS products are designed to grow with you. This helps you to expand your business into new markets or larger projects without the worry of having to replace software.

Alexis offers fresh perspective: a commitment to an ever learning and refining process. A dynamic, cloud-based system like Sage Intacct Construction, where new features are released quarterly enables you to continuously improve your workflows and grow with your business.

Invest in integration early

When researching ERPs, it's essential to investigate the data flow and understand its limitations, because not all cloud-based solutions are created equal. “As a general rule, don't wait until it forces your hand," warned Alexis. If your project management and accounting tools aren't talking to each other, you're creating a massive communication and data gap.

Moving to an integrated cloud solution gave Discovery Land Company a single source of truth across departments and multiple entities. This meant faster decision-making and a massive reduction in manual processes. For example, the account payable invoices from their project management software syncs automatically into Sage Intacct Construction, which eliminates the need for a dedicated data entry staff and eliminates data entry errors.  

Real-time data for everyone

Accessibility to real-time data is where profitability is truly won or lost.

A great tip from Monica, who has over 30 years of experience working with contractors, is to use real-time and drillable dashboards to get a holistic view of your projects. Look for a solution that allows you to go from a high-level overview down to a specific invoice in just a few clicks. This level of in-depth visibility is crucial for project managers to ensure accurate project costing, identify potential overruns, and manage change orders effectively.

For Alexis, who oversees financial reporting for several construction operations, the ability to do any kind of business unit consolidation, consolidation of multiple entities, and streamlined reporting that is provided in Sage Intacct Construction is big time saver.

“Moving to Sage Intacct Construction was a pivotal step in really maturing our operations and supporting our growth," said Alexis.

Prioritize strategic automation

"Where do I start?" is a question I often get from clients. Don't try to automate everything at once; it can divert resources from solving critical bottlenecks. A better strategy is to start by automating the top three repetitive tasks in your day-to-day operations.

Think about account payable approvals, budget vs. actual reporting, and change order tracking. These are often manual, time-consuming processes that a modern ERP can handle with ease, freeing up your team to focus on strategic work.

Your blueprint to building success

We've only scratched the surface of how modern financial tools can transform your business. The full webinar offers more details and insight to consider when assessing your current state of software or operations, and what makes sense for your future. Watch the full webinar to hear directly from the experts and see a brief Sage Intacct Construction demo.