As construction owners, you’re constantly juggling many challenges, including a lack of skilled workers, high insurance costs, poor communication and not enough cash on hand. The weight of these obstacles doesn’t just test your stress levels; it holds you back from meeting your goals and growing your company.
At SBS Accounting & Advisors, it’s our passion to bring you powerful solutions to these challenges, making sure you’re less stressed and more excited about the future of your company. Having spent more than a decade specializing in construction accounting, we know how neglected this industry can be, and have the experience and expertise it takes to help get you to the next level.
Here are some of the solutions we bring to the table, which we can help implement every step of the way.
At SBS, we pride ourselves on being more than just a bookkeeping firm. We strive to find the key information and data we need to ignite growth for your company, now and into the future. That all starts with key performance indicators (KPIs).
KPIs provide us a vision of the key drivers that decide your company’s success. In turn, we track key metrics that determine the goals you are trying to reach as a company. Take, for example, your utilization rate. This breaks down if the billable time your workers spend on a project or site meets the hourly workweek, or if they’re spending too much time for what you’re billing. Also, how about ROI on total labor costs? This key measure looks at the actual company profit you make on the total cost of your staff. This will clearly show if your team is bringing their “A” game to the table.
These are some labor KPI examples, but what about some non-labor KPIs? One of those is gross profit percentage, which illustrates how much you are truly making on the work you do. We can track this by client, job, team, location and more to get transparent results and recognize your strengths and weaknesses. We can also look at KPIs like job profitability and tracking labor by class code to reduce Worker’s Comp, just to name a few.
Another area we feel strongly about is cash flow – a must for any construction company to excel. As construction owners, you’ve likely been held back by budget constraints and lack of cash on hand at times. SBS aims to make these difficult realities a thing of the past.
One misconception is thinking what’s in the bank is available to spend. In reality, you must know your actual cash balance, including upcoming payables and receivables. Our team at SBS will see where your business stands and turn your data into powerful growth through real solutions.
One such solution is cash flow management, which enables us to determine any future shortfalls – and strategically plan to prevent them. Over time, we can build your cash reserves through the aforementioned KPIs, as well as projections and budgeting.
Bottom line: If you neglect cash flow, or don’t understand it, the trajectory of your company can plummet. That’s because simple, yet common cash flow mistakes can cripple your business. But, don’t worry because we are here to help. Don’t hesitate to reach out to us with any questions.
Construction Management Apps
With so many apps at our disposal to drive automation, we’re able to ensure you get more done in less time, allowing you to focus on what you do best – running and growing your company.
By integrating construction management apps with QuickBooks, you’ll enjoy seamless workflow, complete transparency, better communication within your team and more. With our knowledge and expertise at SBS, we not only help choose the specific apps that work best for you, but also implement those apps and ensure you’re getting the most out of them.
With the construction industry always having moving parts and people on the go, you need paperless workflows and automation to run your business from anywhere, any time. Paper not only provides a security issue if it winds up in the wrong hands, but also prevents us from delivering you the tools and resources you need to reach your full potential.
At SBS, we aim to keep you completely paperless, or as paperless as possible. Through this strategy, we’ll make sure all of your bills, receipts, financial reporting and general ledger live in the cloud.
With the automation solutions mentioned above – and the going paperless strategy – SBS can deliver you next-level solutions to make sure your business is always running smoothly.
Ready to Get Started or Have Any Questions? We’re Here to Help
As the head of your construction company, you’re not immune to challenges and adversity, but know that you don’t have to do it all alone. At SBS, our goal is to deliver you powerful solutions to meet your everyday needs, freeing you of stress and helping you grow your business.
If you’re ready to get started, or have any questions, contact us today. We’d love to help take you and your team to the next level!