No words can send a chill down the spine of a construction business owner faster than, “IRS tax audit.” Other than maybe, “embezzlement.”
When you own a business there are many reasons to worry. If you own a construction business, you have your own set of issues and priorities. Estimations must be completed quickly and with accuracy. Jobs must be started and completed on time. Subcontractors and employees must be paid. Invoices must go out. The books must be balanced. All of these plus what seems like a million other things must be done daily.
All of these items are vital to the success of any construction business strategy.
Many owners juggle all of these activities and projects through a myriad of spreadsheets, older software and off-the-shelf solutions. What happens when mistakes are made somewhere in the pipeline? When your organization is shuffling paper in the office and in the field, important items are bound to get lost. When you’re using five or more ways to keep up with different parts of jobs, you can end up with sheets that don’t reconcile. And if your system is old, you might not be billing on time, so where is your cash flow?
You could write some of it off and move on. And many people do. But all of this could add up to much bigger problems. Which brings us back to IRS audits and employee embezzlement.
If your systems allow easy items edits, then anyone can change an item – such as vendors on checks – and suddenly, you’re worried about a lot more than on-time construction and the millions of other things on your to-do list. And, compliance problems on payroll can earn you large, unnecessary fines.
It is your business. And it’s your money. It’s worth tracking the right way.
Selecting the right software will do more than streamline your processes. It will give peace of mind. And remove those chills from your spine.