Strong financial management serves as a critical cornerstone of the construction industry. Construction financial managers may work in a variety of niches, depending on their background: They may be in charge of cost calculations, financial reporting, or income tax planning, among other duties and responsibilities.
We Get It
Financial professionals often spend too many hours lost in tools that waste precious time and are not always accurate. Even searching for the data you need to understand your project’s financials is complex; data is often siloed into multiple systems, files, and PDF’s.
Let's take an honest look here. You're trying to track all of your project costs in one set of spreadsheets, taxes in another, and estimations in yet another. Data from the field is taking days and days to reach you. Then, you're making calculations and producing a variety of financial reports and presentations. Finally, you've got to send them off to management — hoping that every piece of data has been accurately calculated and entered.
Whew. This sounds incredibly exhausting, and moreover, it is not the most efficient use of a financial manager's time.
Spreadsheet software like Microsoft Excel and Google Sheets is certainly one way to keep track of entities, analyze revenue trends, and produce financial reports — but what if you could do all of that in one place (at the drop of a hat), while ensuring anyone who needs project or financial information can get it, whether they’re in the field or at the office.
This is the foundation of AI-based analytics technology in the construction industry.
Adding New Tech to Your Tool Kit
The best thing a financial manager can do to accelerate their career and dramatically increase their own value is by investing in the right tools for the job.
What if there was a tool out there that could (yep, shameless product plug coming):
- Conduct cash flow forecasting
- Help you automate your WIP reports
- Be your accountant
- Analyze and prioritize projects based on historical performance trends
Sounds like a sweet deal, right?
Turns out, tools like this do exist — and can take your performance to the next level.
Ditch the Excel spreadsheets for a modern forecasting and intelligence tool that covers all of your needs. From estimations to accounting to financial analysis and reporting, Briq delivers it all in a secure, all-in-one platform that helps you maximize your performance and your company's profits.
A Real-Life Success Story
There's no way one new tool can make that much of a difference, right?
Ask Western States Fire protection, a Briq partner that has been able to save thousands of hours a month and over $30,000 in costs because they no longer need to process 400 monthly expense reports and extract data from over 5,500 PDFs — they simply handed the responsibility off to our AI-based construction software and focused their energies on more pressing work. By trusting Briq, they boosted their efficiency and their bottom line.
Interested in taking your financial management game to the next level? Learn more here.