Blog
A Constant Stream of Helpful Content on Getting Paid in Construction
How Accounts Receivable Aging Reports Impact Project Cash Flow
All projects, regardless of size, can only succeed if you manage cash flow effectively. But to do that well takes knowledge. Specifically, you need to have a handle on how much money flows in and out of the business in any given period. One everyday fact of business life that makes predicting cash flow tricky […]
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7 Critical Sales and Credit Alignments Before Signing Construction Contracts
Construction projects can range from modest $50,000 renovations to expansive $100 million developments, making the interaction between sales and credit teams critical. Each financial step has to be well considered, and it’s not unusual for the two departments to have a little friction. While sales teams focus on securing contracts to drive revenue, credit professionals […]
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Building Your Village for Improved Credit Operations
Credit management today is as much about relationship-building as it is about managing receivables. Gone are the days when the primary focus was asking, “Where’s the money?” Today, the question has become much more comprehensive: “How can we enhance the customer experience while ensuring timely payments?” This shift in perspective is critical. Happy, satisfied customers […]
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How Audit Trails Enhance Accountability in Construction Teams
An audit trail serves as a time-stamped record of actions in a business environment. They’re useful for tracking financial transactions as well as other events, such as changes to documentation or message notifications. One of the big benefits of implementing an audit trail system is that it boosts accountability. It simplifies the process of establishing […]
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Credit Talk w/ Lori: The Importance of Industry Credit Groups
Credit professionals often navigate complex and high-stakes environments where effective risk management and strategic decision-making are essential. While knowledge and experience are critical, professionals stand to gain a lot from peers–and this is where industry credit groups come into play, offering a valuable platform for networking, mentorship, and continued education for credit professionals. In this […]
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How Online Payments Streamline Construction Project Closeouts
Closing out a project is often complex and time-intensive, frequently aggravated by payment delays that can create significant financial strain. These delays disrupt cash flow and introduce unnecessary stress for all parties involved. Disputes over change orders, incomplete closeout documentation, and breakdowns in communication among stakeholders can further stall progress, complicating payment and extending the […]
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How to Boost Construction Management Efficiency through Data Analytics
Like other sectors, the construction industry is generating unprecedented amounts of data. However, all this data is only valuable if appropriately utilized, and this is where data analytics can help. Data analytics is the process of analyzing raw data to find trends and answer questions. Through data-driven insights, construction companies can make sense of all […]
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Extending Credit with Confidence: Five Building Blocks to Know
Credit management in the construction industry is a delicate balance of risk and reward. Extending credit can enable growth and solidify long-term relationships, but it can expose your company to significant financial risk without the proper safeguards. With the right strategies, you can confidently approach credit extension, knowing your company is protected while encouraging successful […]
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Win Construction Contracts Through Video Marketing
With people’s attention pulled in so many directions, it’s tougher than ever to capture and retain it. How do you cut through the noise and showcase your construction business in an engaging way? The answer is visual storytelling, utilizing a tailored video content marketing strategy for your construction projects. People spend an average of 2 […]
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