191. Mastering Cashflow With Adam Eagle

Fragmented financial systems lead to inefficiencies: Consolidate your financial processes into a single system to avoid errors and improve oversight.

Prioritize job costing: Consistently track actual costs against estimates to ensure project profitability and avoid hidden losses.

Automate payments to save time: Implement software to automate subcontractor invoicing and payments, reducing administrative burden and improving cash flow.

Cultivate strong subcontractor relationships: Prompt and efficient payments improve subcontractor loyalty, potentially leading to better bids and service.

Leverage technology for decision-making: Utilize financial software to get real-time insights into your budget and expenses, enabling proactive management and error correction.

Understand your Work-In-Progress (WIP): Regularly calculate WIP accounting adjustments to accurately gauge your business's true financial health.

Seek specialist financial support: While general bookkeepers are useful for compliance, consider partnering with construction-specific financial services for accurate job costing and strategic financial guidance.