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.
community
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.
best practices
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.
insider info
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.
feature comparison
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
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.
insider info
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.
insider info
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.
industry insight
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.
insider info
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?
best practices
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?
best practices
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?
insider info
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...
best practices
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.
community
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.
community
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.
new features
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
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
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
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.
best practices
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.
insider info
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.
best practices
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%?
insider info
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.
best practices
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.
insider info
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.
best practices
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
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?
culture
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