The Insider's Guide to Construction Financials

By harnessing the power of AI, companies can unlock unprecedented opportunities to streamline their operations, optimize resource allocation, and enhance project outcomes. AI-driven solutions in construction not only save valuable time and resources but also ensure the utmost safety and accuracy throughout projects.

You need to have a robust and comprehensive bookkeeping system to maintain financial records, facilitate budgeting, and provide data for decision-making. This is where the National Association of Home Builders (NAHB)'s Chart of Accounts and Cost Codes comes in.

Processing payments can be particularly time-consuming, often consuming a significant portion of their workload. However, thanks to advancements in technology and the emergence of innovative software solutions, construction financial controllers can now streamline their tasks by leveraging e-payments.

In the ever-evolving landscape of construction, a significant shift is underway in the relationship between General Contractors and Subcontractors. The construction industry's skilled labor pool is shrinking faster than ice cream in this scorching summer. What can be done to protect your business during these unprecedented times?

Lien waivers are a pain! They are confusing and tedious to keep track of. Getting subcontractors to sign them is always a challenge. Then, most of the time, they get filed away to never be seen again. This begs the question: Why collect lien waivers?

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.

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.

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.

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

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.

During the last week of December, Southwest dramatically cancelled flights, creating chaos. From 22nd to 28th, an average of 45% of Southwest flights were cancelled. By the 28th, these accounted for around 87% of all U.S flight cancellations. Why did this happen? What forms of debt has Southwest been accruing all these years?

inBuild is transforming the financial workflows of construction teams. Capture, analyze, route documents, processes payments, and reconciles expenses. Providing real-time visibility into financial health. This system has helped Keelty Construction streamline operations, reducing manual data entry by 95% and increasing efficiency tenfold.

Construction cost codes enhance data management efficiency. A consistent system simplifies the accounts payable process for all stakeholders in construction. AIA (American Institute of Architects) cost codes are an easy upgrade benefiting clients, estimators, project managers, and subcontractors.

An economic recession is one of the most critical times for any industry, with very little wiggle room for the survival of a company. During an economic recession, automation of manual processes such as bookkeeping and accounts management can help construction companies reduce costs and stay afloat.

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 to help you decide which tool is best for your business needs.

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.

Explore how the construction draw process can be revolutionized with technology. Learn about the documentation involved in draw requests and the challenges of manual processing. Discover how adopting a digital solution, like inBuild, can expedite payment processes, promote transparency, and foster business growth.

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.

Explore how the construction industry is evolving in the face of COVID-19, featuring strategies for improved collaboration, supply chain management, enhanced cybersecurity, and innovative cash-flow solutions. See how inBuild, a virtual assistant, could revolutionize your business.

Explore the intricacies of construction contracts and their impact on project finances. Learn about the common types of contracts, challenges in managing construction accounts, and practical tips for overcoming these hurdles. Discover how a tool like inBuild can streamline the process.

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?

The road to a truly paperless construction company has been ongoing. 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. What has to change? Why is right now the perfect time to make the switch?

In the last ten years, interest in AI has been steadily growing. 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?

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...

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.

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.

InBuild's collaboration with Balance helps construction professionals bridge the gap between office and field by providing electronic payments to combat late payments, which disproportionately affect subcontractors.

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?

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.

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.

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.

For this week’s post, an interview with Senior Developer, Filipe. Joining the team in April of 2021, Filipe works as a full stack engineer. He builds out new features, oversees the application development in its entirety, and leads a team of additional software engineers. What drew him to inBuild?

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.

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%?

inBuild uses data capture technology to automate invoice processing for construction 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. No longer!

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.

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.

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.

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?