In today\u2019s current climate, it\u2019s never been more important for builders to stay on top of their finances. The soaring rate of inflation is having a major impact \u2013 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. <\/p>\n\n\n\n
Naturally, all of this is having a significant impact on builders\u2019 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\u2019s why it\u2019s now more business-critical than ever for builders to know their numbers and be able to track their profits in real time. <\/p>\n\n\n\n
At Buildxact, we know how time-consuming it can be to manage your business\u2019s 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<\/a>, you get to be fully in control \u2013 from initial quote, right through to final invoice. Here\u2019s how: <\/p>\n\n\n\n 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\u2019t have to be taxing, and with Buildxact cost tracking software<\/a> 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. <\/p>\n\n\n\n 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\u2019s 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\u2019re over budget and (in green) how much you\u2019re under. This way, you don\u2019t have to wait until it\u2019s too late to realise if you\u2019ve overspent, and you can minimise any risks early.<\/p>\n\n\n\n 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.<\/p>\n\n\n\nTrack costs with ease<\/strong><\/h2>\n\n\n\n