Digging Into Financials

Digging Into Financials

“The most important aspects of financial management for the small construction industry contractor are bookkeepingbudgeting and cost accounting*,* said Vancouver accountant Lionel Raber” – Journal of Commerce

1) Bookkeeping

BuildingBlok allows you to track cost changes in real-time, automatically keeping your books up-to-date. All Change Orders are stored in the Change Order Log. There is no need to manually update Excel spreadsheets. Everyone collaborates on the same system and has access to document logs, reducing the risk of discrepancies caused by human-error.

2) Budgeting

Every user can track his/her original budget and any changes that accrue on the project. General contractors, subcontractors, owners, et cetera have every piece of financial information available at their fingertips. Additionally, the Payment Application feature allows you to monitor progress towards completion and invoice for work completed. BuildingBlok’s permission settings guarantee that all financial information is confidential and appears only for the users who need it.

3) Cost Accounting

BuildingBlok’s Cost Accounting Report reflects the most current financial information. The report updates automatically and in real-time, allowing you to view how pending and approved change orders affect your cost-to-complete and change from original budget. Additionally, the Actual Cost Summary Report relays committed and uncommitted costs so that you can see your Projected Cost and Projected Over/Under [from original budget].

Increase transparency and accountability by maintaining a full financial audit trail at your fingertips. By storing your bookkeeping, budgeting, and cost accounting in a centralized, cloud-based platform, you can guarantee everyone is on the same page and your financial information is fully up-to-date.