Non-payment is one of the main things in business that can really damage it. You are doing work for your customers but you are not sure whether you are getting paid on time and whether everybody has paid you because you also have no way of keeping track of all this, with the work that is piled on you anyway. But with the use of the right tools and the technology you will be able to handle this without an issue. Here are some great pointers that you can make use of.
Collecting Information Should Not Be Done Manually
One of the main mistakes that you could do at the beginning of a process, is collecting information manually and then losing some of it or all of it. This is where the tracking process takes a swan dive into nowhere so that you lose control of the transactions. Today, there are many online form building tools that also have customizable fields so that you can collect only the specific information that you will need for your business. Online e-forms are useful for collecting details whether it is from your new employees, client details or even storing of compulsory information. Choose good functionality in the forms you choose and make sure that there is an export and import function that works so that you do not simply get all your information stuck online.
Use Good Estimation and Accounting Software
You will be able to see that most successful builders use an estimation software such as from Buildxact Canada for example or they use platforms like cloud based ones for their accounting and estimation. See, when you are based in the cloud, you have the advantage of being able to invite your accountant or your bookkeeper whoever it is, to start the work needed on your accounts and access the information anywhere, but you will also be able to keep track of what is being done and what is being accessed.
Stay On Top of the Tracking of Your Jobs
It is imperative that you stay on top of the jobs that are happening and this is the main point of concern that can improve your cash flow and your management as well. However, you will also need the right tools to pull this off. You will, for example need a real time insight on what is going out and how that will add up against what is coming in to the company. a good construction job management software will let you know all this in just minutes, literally at your fingertips and once all your purchasing and invoicing has been done, you will be able to neatly transfer it to your accounting software with just something as simple as a click.
What Is Safe Harbour Provision?
Essentially, in the construction industry, safe harbor refers to attempting to turnaround business while also being protected against personal liability for any insolvent trading that may take place. This is essentially almost like an insurance policy for insolvent trading and yet, it is also something that many people in the industry are not very willing to speak about. However, familiarizing yourself with this will only benefit you.