In today’s current climate, it’s never been more important for builders to stay on top of their finances. The soaring rate of inflation is having a major impact – not only is it causing material prices and the cost of skilled labour to skyrocket, but customers are now starting to tighten their belts too. Supply chain issues are also adding to the strain, with nine out of ten builders now having to delay jobs due to either materials or skills shortages. 

Naturally, all of this is having a significant impact on builders’ bottom lines. In fact, recent stats show 49% of small builders have seen a negative impact on profit margins due to the economic climate. That’s why it’s now more business-critical than ever for builders to know their numbers and be able to track their profits in real time. 

At Buildxact, we know how time-consuming it can be to manage your business’s finances, particularly at a time when prices are so volatile. The good news is, we have easy-to-use accounting and cost-tracking tools that can do it all for you. No more worrying about cashflow, or lost evenings checking accounts. With Buildxact financial tools, you get to be fully in control – from initial quote, right through to final invoice. Here’s how: 

Track costs with ease

Keeping track of costs is a key part of staying profitable, but it can be a major struggle for time-strapped builders, with many having to rely on complex spreadsheets. The good news is cost tracking doesn’t have to be taxing, and with Buildxact cost tracking software you can easily and accurately track and manage your profitability in real-time. This means you always know if a job is within budget, and you have the insight to improve and refine future estimates, as it automatically compares the estimate to your actual spend, line by line or by category. 

The software lets you order and track items directly from the estimate, without having to manually import data or worry about potential inputting mistakes. There’s a clear dashboard that tells you everything you need to know in one place. This includes a live list of all your costs, showing you how much has been spent per category. It highlights (in red) how much you’re over budget and (in green) how much you’re under. This way, you don’t have to wait until it’s too late to realise if you’ve overspent, and you can minimise any risks early.

Using the dashboard, you can also create purchase orders, work orders, or enter supplier invoices, all at the click of a button. You can even manage team timesheets using a workforce management app to track your resourcing costs.

Cut your accounting admin

Buildxact accounting software also helps you fully streamline all your accounting admin, allowing you to effortlessly invoice and track your profit in one place. The best bit is, it fully integrates with your own accounting software, including Zero, MYOB and QuickBooks, so there’s no double handling of paperwork or billing errors. 

We know that getting accurate invoices out the door quickly is a key part of running a successful building business, which is why we’ve made the process as easy as possible. Using either a template invoice or creating your own bespoke version, you can provide a clear breakdown of costs for your customers. The software shows you the stage of job that invoice relates to, the percentage it accounts for, the total cost and highlights whether it’s been invoiced or paid – helping you keep track of costs and improve cashflow. 

You can also make changes to invoices quickly and easily, which is particularly helpful in the current climate. Using Buildxact’s variations management tool, you can document changes, whether that’s updating percentages, amounts, or adding variations directly to the invoice. 

The customer gets a professional-looking PDF and invoice statement in their portal, clearly outlining what the costs are, any changes due to variations, how much has been paid and any outstanding balance owed – keeping them fully informed. 

Keep on top of your financials

With all the pressures on builders today, there’s never been a better time to take control of your business’s finances. If you’d like to learn how you can quickly and easily track and manage your profitability in real-time, book a demo or start a free 14-day trial today. We’ll help you spend less time doing the books, so you can spend more time onsite!