Plumbers 🔧 and Electricians 💡 - not the first professions that come to mind in a conversation about Technology... With 2.2 Million professionals employed by Building Contractors in the US and 99% of those businesses being SMBs, the industry is ripe for disruption: ⏭ Fleets are often deployed to the field - this leaves individuals performing a wide range of tasks across customer management, invoicing, and actually *doing the job*. ⏭ Just because someone is great at their trade does not mean they're great at the operations of running a business - accounting, capital management, etc. ⏭ The business is capital intensive, requiring significant assets to power the physical nature of the work and inventory to satisfy their customers on a reasonable timeframe. Vertical SAAS solutions are cropping up to streamline processes and increase the efficiency of this massive workforce. The unique financial needs of the industry are similarly being addressed by software, helping to: ✅ Reduce capital asset costs ✅ Increase payment speed and free up working capital ✅ Automate accounting so the professionals can focus on their trade At Basis, we're excited to power the unique financial needs of this sector of the economy.
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Flat rate or hourly rate—how do you choose? Whether you're a contractor or field service pro, understanding these pricing models is key to getting paid right. Explore the pros, cons, and tips to pick the best fit for your projects in our blog! #contractors #fieldservices #flatrate #hourlyrate #pricingstrategy
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I help Main Contractors increase profits by providing effective cost control and advice | Chartered Quantity Surveyor | Member of the Chartered Institute of Arbitrators
Contractor hasn't been paid on time...again! The gut reaction is to: ❌ Slow the job down because you haven't been paid ❌ Wait for the money to come through ❌ Then ramp things up again 🔄️ Repeat as necessary ❌ Then blame any delay on late payments Well the Client doesn't dispute the value of the works, they just never pay on time. So if the job ends up delayed, it's the Client's fault right? Sounds reasonable How can anyone expect to have materials/plant delivered on schedule, subbies attend site on time, everything running like clockwork, when you always get paid late? Fair point BUT You probably won't get very far. It's not really a valid remedy for late payment. It will cost you more money, time and stress. My advice? Keep lines of communication open. Don't ignore or pretend it isn't an issue, if it is. Ask the Client how they expect works to finish on time, if payments are late? Some things you may be entitled to do if you don't get a positive response: ✅ Issue a notice of intention to suspend the works due to non-payment ✅ Charge interest on late payments ✅ Suspend the works (following the issue of a notice) Really important👇 Understand the contract payment cycle/mechanism and follow it properly. You don't want to get caught out on a technical mistake e.g. not submitting a payment application on time. If you're not sure how to deal with late or non-payment, get advice from someone who knows. How do you deal with late payments? Share your thoughts in the comments 👇
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When is a low-cost contractor resource not as low-cost as you think they are? Here's a video explaining why, when you think about how to staff your agency, you should be calculating effective cost per hour and not just the straight hourly rate of the fractional team you employ. ServiceCrowd uses an operating model that shows this and calculates the cost of management. Now, is this cost real money going out the door of your agency? Probably not; it's probably "sunk cost" of full time employees. But that doesn't mean it's not worth calculating, especially if you rely heavily on low-cost contractors. Let me know what you think! https://bit.ly/3Aq35V9
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🚀 Attention Trades Professionals! 🛠️ Tired of drowning in paperwork? 📝 Ready to get back to what you do best – your trade? 💪 👉 Let us handle the admin tasks so you can focus on the job at hand! From scheduling and invoicing to managing customer queries and more, our expert team has got you covered. ✨ Why Outsource with Us? ✅ Save Time: More hours for the worksite, less time in the office. ✅ Boost Productivity: Focus on what you love and leave the rest to us. ✅ Professional Service: Experienced admin support tailored to your needs. ✅ Cost-Effective: Only pay for the services you need. 🔧 Whether you're a builder, plumber, electrician, or any other tradesperson, we’re here to help streamline your business. 📞 Contact us today for a free consultation and see how we can take your business to the next level! 📈 #Trades #AdminSupport #OutsourceAdmin #BoostProductivity #FocusOnYourTrade #BusinessGrowth
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Online Business Mentor and Digital Marketing Expert, Helping People EverydayTo Establish Online Business Success
Feeling the Recession? We have friends that have been laid off from many industries such as oil and gas, transport, construction, journeyman plumbers, contractors and tradesman of all types! Even corporate office jobs like accountants, assistants, call centre representatives, secretary and web developers are getting their hours slashed or worse yet, losing their jobs! Small business owners are also suffering because of the ripple effect! The good news is that we have a solution! Find out how we escaped the rat race & now earn a living online! Register here for free information on how to join us: www.maurinedigital.com Write "info" below if you want me to send you more details
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One of the biggest stumbling blocks with contractors getting their job costing system set up properly is the cost code structure. There are several moving parts and it can be overwhelming. Where do you start? We're helping you begin to solve the puzzle on this week's Contractor Success Forum. Join us: https://lnkd.in/dqbihjxq #construction #contractorlife #jobcosting #constructionaccounting
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Online Business Mentor and Digital Marketing Expert, Helping People EverydayTo Establish Online Business Success
Feeling the Recession? We have friends that have been laid off from many industries such as oil and gas, transport, construction, journeyman plumbers, contractors and tradesman of all types! Even corporate office jobs like accountants, assistants, call centre representatives, secretary and web developers are getting their hours slashed or worse yet, losing their jobs! Small business owners are also suffering because of the ripple effect! The good news is that we have a solution! Find out how we escaped the rat race & now earn a living online! Register here for free information on how to join us: www.maurinedigital.com Write "info" below if you want me to send you more details
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HVAC company Harding Mechanical was concerned with improving their job cost allocations and payroll accuracy to support timely, error-free payment to staff and vendors, as well as gain better visibility into their costs and operations. Since partnering with us in 2001, Jonas’ integrated construction software and reporting tools have helped them enhance job cost visibility and streamline payroll management by integrating their field to back office operations. Learn more (https://lnkd.in/gkzM2XKd) about how Jonas helped Harding Mechanical improve the tracking of their costs and reduce misallocations in this case study to get better cost visibility and maximize profitability. #ConstructionAccounting #ConstructionReporting #JobCosting
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One of the biggest stumbling blocks with contractors getting their job costing system set up properly is the cost code structure. There are several moving parts and it can be overwhelming. Where do you start? We're helping you begin to solve the puzzle on this week's Contractor Success Forum. Join us: https://lnkd.in/dqbihjxq #construction #contractorlife #jobcosting #constructionaccounting
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Quantity Surveyor | Payments, Variations, Claims, Final Account, Subcontractor Management, Rate Breakdown, BOQ Preparation, Tender works
(Direct vs. indirect) Cost In Construction - Useful Tips 📚 Direct Costs 1. Labor Costs -Skilled Labor: Wages for tradespeople like electricians, plumbers, and carpenters who work directly on the construction site -Unskilled Labor: Wages for general labourers performing tasks such as site cleanup or material handling 2. Materials Costs -Materials: Concrete, steel, wood, blocks,, etc -Supplies: Items like nails, screws, and adhesives that are consumed during the project. 3. Equipment Costs -Rental Costs: Fees for renting construction machinery like cranes , Excavators .. 4. Subcontractor Payments 5. Direct Overhead -Site Utilities: Costs for utilities like electricity and water used on-site. -Temporary Facilities: Expenses for temporary site facilities like site offices, restrooms, and storage containers 📚 Indirect Costs 1. General Overhead -Administrative Costs: Salaries for administrative staff who manage and support multiple projects. -Office Rent and Utilities: Costs for maintaining office space, including electricity, heating, and cooling 2. Insurance Costs -General Liability Insurance: Coverage for damages or injuries not directly related to the construction process. -Workers’ Compensation Insurance: Coverage for workers injured on the job, which is not directly tied to any specific project 3. Management Salaries -Project Managers: Salaries for project managers who oversee multiple projects but are not directly involved in the construction work. -Executives: Salaries for company executives and other higher-level personnel. 4. Office Supplies and Equipment -General Supplies: Costs for office supplies like paper, pens, and computers that support administrative functions -Equipment Maintenance: Costs related to maintaining office equipment and computers. 5. Depreciation of Office Equipment -Non-Project Specific Equipment: Depreciation costs for equipment used in administrative functions, not directly tied to the project. -Allocation and Management • Direct Costs: are typically easier to allocate to specific projects because they directly relate to construction activities and resources. These costs are often tracked through detailed project accounting systems • Indirect Costs: are usually spread across multiple projects and require allocation methods to distribute them fairly. Common methods include allocating a percentage of general overhead costs based on labour hours, project costs, or other relevant metrics. Understanding and managing these costs is crucial for accurate project budgeting, pricing, and financial reporting Knowledge can only be volunteered it cannot be conscripted 📌🚀 hashtag #Directcost hashtag #indirectcost hashtag #budget hashtag #Construction hashtag #CivilEngineering hashtag #Projectmanagement hashtag #projects hashtag #QS hashtag #cashflow hashtag #Planning hashtag #costcontrol
