CFM Review: Unexpected Benefits of Construction Software

Every Friday, we select a few articles from the week that we think are worth your time as a construction financial manager (CFM). We look for compelling articles not only about financial topics, but about business, technology, and life, that challenges you to think about your role as a CFM in different ways. We’d love to hear from you about how we’re doing, and to have you join our community by subscribing to receive this weekly post by email.  Follow #CFMReview.

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Unexpected Benefits of Construction Software

unexpected benefits of construction technology

Technology is a broad category of things. It encompasses hardware, software, the Internet. Even construction technology is a broad category. All this is to say, there are a great number of ways in which technology can benefit the construction industry, from improving safety on a job site to making construction accounting more efficient.

Construction financial professionals have much to gain from the right technology and construction software. These include construction accounting software, construction billing software, and lien/notice compliance software.

Less obvious channels include jobsite documentation technology, which you can use to back up your claim during a payment dispute. Mobile and cloud technology enables smoother jobs, which can prevent disputes in the first place. A Customer Relationship Manager (CRM) can help CFMs keep track work, change orders, payments, lien compliance, and more on a project.

Read PROCORE’s ebook to learn more: How Construction Technology Saves Time, Money and Jobs

 

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Is Debt Collection Dead?

is debt collection dead?

So says the TrueAccord blog. They blame the poor user experience and failure to adopt new technology: “It’s the 21st century, time to use the communication tools available to us.” (Sound familiar?)

 

This means two things for construction financial managers:

  1. It reiterates the importance of keeping up-to-date with modern communications. More than anything else, collections and accounts receivables are about communication and relationships. If you can connect with debtors in a way that’s easy for them, that they’re used to, you have a leg up.
  2. If collections is becoming overly regulated and less effective, securing payments is more important than ever. This means ramping up your ability to wield contracts, prompt payment, retainage, and mechanics lien laws to protect payment for your work.

Read: Debt Collection is Dead, Long Live Debt Collection!

 

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We created a lien and notice deadline tracking spreadsheet.

 

> Download the spreadsheet here

Let us know your thoughts. Is the template helpful? How can we improve it?

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