The Benefits of Electronic Payments in Construction

Regardless of what industry you work in, everyone likes getting paid on time. Yet, even when general contractors are proactive and diligent about payment, there are often issues with ensuring everyone sees their fair share promptly.

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How Bank Failures Will Affect General Contractors

As if the looming recession hasn’t caused enough market uncertainty, the bank failures in March 2023 have prompted additional concern, particularly for general contractors.

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Attention Tech Workers: Construction Could Be for You

In 2023 alone, 392 tech companies laid off 108,901 employees. This means over 100,000 skilled workers are in the job market right now, trying to figure out where they’ll find that next position. However, there may be an industry offering a place for tech workers that they wouldn’t immediately look to.

industry insight

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Cost-Plus Contracts Expose Contractors to Huge Risks

There are many benefits to using a cost-plus contract, however, despite the benefits, cost-plus contracts expose contractors to huge risks.

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How to Improve Transparency in Financial Management

Having financial transparency at your company can improve the culture and equip employees with the knowledge and tools to fully participate and stay committed to your company’s goals. However, many construction companies don’t know where or how to start when it comes to improving financial transparency or even why it’s important for their business.

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What Happened to Southwest Airlines? A Lesson (and Warning) on Technical Debt

If you watched the news or talked to anyone traveling on Southwest, you probably would’ve heard that the inside of the airport looked like nothing short of a travel apocalypse. From the 22nd to the 28th of December, Southwest canceled an average of 45 percent of its flights. By the 28th, Southwest was responsible for about 87 percent of all canceled flights in the country.

technology

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inBuild Launches on Y Combinator

inBuild uniquely employs AI to identify all documents from incoming emails, extract key data, route it to the appropriate team members, process payments, and reconcile expenses with the project budgets. Construction teams gain real-time system-wide visibility into the financial health of their projects and company. Documents are automatically cataloged and easily accessible on the go.

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Why Use Standardized Construction Cost Codes?

Construction cost codes allow companies to streamline their data management. Without a solid and consistent system, the construction accounts payable process is difficult for all stakeholders. Utilizing standard cost codes is a simple upgrade for new clients, estimators, project managers, administrators, subcontractors, and more. Here’s a quick peek into why you should use AIA (American Institute of Architects) cost codes in daily business.

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Increase Financial Visibility To Thrive in a Recession

An economic recession is one of the most critical times for any industry, with very little wiggle room for the survival of a company. The construction industry is especially at risk due to its unique operational costs. For any construction company, the objective during the recession is to minimize expenses while keeping a strong check on profitability and balance of payments.

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The Pros and Cons of AI Accounts Payable

Bill.com, Stampli, Beanworks, and inBuild are some of the most popular invoice management software solutions that can help businesses save time and streamline their payment processes. But which one is the best option for your business? In this article, we will compare the pros and cons of Bill.com, Stampli, inBuild, and Beanworks to help you decide which tool is best for your business needs.

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How Productivity Impacts ROI

In any business, return on investment (ROI) is crucial. This metric allows you to compare the profitability of different investments and make decisions about where to allocate your resources. In the construction industry, productivity is a key factor that impacts ROI. Find our how this can affect your business.

industry insight

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How Can You Better Your Construction Draw Process?

A construction draw schedule is an agreement between the lender, builder, and borrower that outlines when the builder will be paid for their work. In construction projects, payments are made throughout the course of the project rather than in a lump sum before or after. This is because construction can be a lengthy process and the builder needs to be paid for materials and labor as they go.

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How to Choose the Best Accounting Software for Your Business

Software for accounting is more than simply a necessary evil. It offers a wide range of functions that might make running your business more efficient. Here are some of the key ways accounting software may help your organization, from generating bills to managing cash flow.

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Reconnecting the Construction World

The recent COVID-19 pandemic caused a stir within almost every profession and the construction business is no exception. The pandemic has brought about some significant changes in the mode of operation of the business world, in general, and the construction industry, specifically... To save the already crippling economy from further disintegration, it is necessary to introduce effective and innovative policies in the construction world which may include improved strategic collaboration, supply chain management, enhanced cyber security, and cash management.

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How Do Construction Contracts Affect Project Finances?

Construction contracts can also be used to finance a project. In some cases, contractors may be willing to provide financing to the owner, using the contract as collateral. This can be a helpful way to get a project off the ground, but it can also put the owner at risk if the contractor defaults on the loan. In this blog, we’ll go over all you need to go about construction contracts and how they affect project finances.

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Can Technology Help During a Labor Shortage?

One of the most significant challenges facing construction firms today is labor shortages. The industry has been struggling to attract and retain a quality workforce for several years, but the problem has become more acute in recent months. Can modern solutions alleviate some of the stress of this has on smaller construction businesses?

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Paperless Construction in Digital Times

The road to a truly paperless construction company has been ongoing for years and has proven hard to adopt for some. This is no fault of their own, as the industry is inherently paper-reliant. As of 2017 67% of trade industries were still using paper in their day-to-day operations. It’s not like this is some new, novel idea. Companies have been attempting the seemingly impossible for decades. What has changed? Why is right now the perfect time to make the change?

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Artificial Intelligence Wants to Make You Management

In the last ten years, the idea of Artificial Intelligence has been steadily growing in interest and practical application. It’s no longer just phone assistants and self-driving cars, but AI is making its way into every industry, with a projected economic impact of $15.7 trillion by 2030. Is it trying to replace you in the workplace? Or could it be a powerful tool that increases your value as an employee?

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Out With the Old, in With inBuild

Today we will be explaining the old way of accounts payable (AP) for construction firms. Traditionally when subcontractors or suppliers send their invoices to a general contractor, those invoices are received via email or snail mail. It takes a significant amount of upkeep to track all of the AP documents, insuring none slip through the cracks...

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inBuild Selected as Finalist at Greater Colorado Pitch Series

For the Greater Colorado Pitch Series, nearly 100 companies applied and inBuild was selected as 1 of 8 finalists! The winner will receive a capital commitment from the Greater Colorado Venture Fund of $250,000 and the opportunity to be a panel guest on July 12th.

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inBuild Makes Waves at Telluride Venture Network

For this week’s blog, we are excited to announce that we will be presenting at Telluride Venture Network (TVN) this upcoming week! Here we will be meeting customers for the first time in person and showcasing our product to the community.

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Eliminate Delayed Payments: Balance Integration

For this week’s blog, we are discussing how delayed payments directly impact subcontractors in construction. Understand this, all parties involved in a project are impacted by delinquent payments, however, subcontractors take the hardest hit... Our newest partnership with Balance allows us to attack these late payments head on! We at inBuild have integrated Balance’s software with ours to provide electronic payments within our platform.

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Head-to-head Comparison: inBuild vs. Procore

For the past two blogs we have compared inBuild to both Buildertrend and CoConstruct. To wrap up this three-part series, this week we will be comparing inBuild to Procore. The true value that inBuild encompasses is its ability to bridge the gap between email and legacy software, how will Procore compare?

tech comparison

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Head-to-head Comparison: inBuild vs. CoConstruct

Last week we discussed a head-to-head comparison between inBuild and Buildertrend. This week we will be continuing the conversation, comparing inBuild to CoConstruct... I have highlighted 3 specific features and benefits that differentiate inBuild and CoConstruct: Email Integration, Bulk Editing, Daily Logs.

tech comparison

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Head-to-head Comparison: inBuild vs. Buildertrend

For this week’s blog, we decided to do a head-to-head comparison between inBuild and Buildertrend... I have highlighted 3 specific features and benefits that differentiate inBuild and Buildertrend: OCR/AI, Budget Tracking, and Pay Application.

tech comparison

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Four Ways to Grow Your Construction Business

For this week’s blog, we are going to be discussing 5 ways to grow your construction business... Currently, the construction market is booming. While we are all learning to live both personally and professionally in a COVID world, many homeowners are moving, building, or making home improvements.

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Interview with Senior Developer Filipe

For this week’s blog, I had the privilege of interviewing Senior Developer, Filipe. Filipe joined the inBuild team in April of 2021 and the software has continued to improve each day since... Filipe works as a full stack engineer, where he builds out new features, oversees the application development in its entirety, and a team lead to the additional software engineers.

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Achieving Increased Cash Flow

The time value of money, “is the concept that a sum of money is worth more now than the same sum will be at a future date due to its earnings potential in the interim.” To break this down, say you are earning $15,000 today, or you can put it off for 3 years and get it at that time instead.

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Our Target Market

At this point, you might be wondering who exactly our target market is. There are many potential users and or buyers that can benefit from inBuild. I mean, who wouldn’t want to cut down on time and cost by 92%?

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Solutions for Document Tracking Challenges

InBuild uses artificial intelligence and data capturing technologies to create the automation of invoices for construction development companies. Here, you can track your invoices and each stage of their lifecycle until it has been approved and paid. Prior to the automation of invoicing, invoices were mostly all done on paper. This created document tracking challenges such as accessibility, the ability to make quick modifications, efficiency, security, and organization.

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How it Started

This week I had the privilege of sitting down with Ian and Ty, the founders of inBuild. During our interview we uncovered the why behind the business, where the idea stemmed from, and ultimately why they decided to become business owners.

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Streamlining Common Documents

As you know, our mission at Sharp Capital is to streamline the invoicing process by using machine learning and data capturing technology to create invoice automation with inBuild! We strive to alleviate bookkeeping headaches by minimizing the additional time spent on manual data entry, during each phase of the invoice’s lifecycle.

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Where We Draw Inspiration

As new business owners, people often ask us where we draw our inspiration from... There are several novels that we have found incredibly motivating and impactful as new business owners. Here is our list of Top 5 books that we would recommend to aspiring entrepreneurs.

culture

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Working Behind the Scenes

When someone tells you they work in construction, what do you think their role is? What is the first thing that comes to mind? Perhaps, project manager or builders that are onsite? ... Now, what about those working behind the scenes? Those with monumental, day-to-day tasks to track all incoming and outgoing invoices?

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