Overhead costs are silently draining your profits. Each untracked work hour, misplaced material order, or payroll error quickly accumulates. The worst thing is that most contractors have no idea how much money they are losing until it’s too late.
Untracked labor hours? Excessive administrative expenses? Poor job costing? These
Lost T&M tickets mean lost revenue. If you are relying on paper forms or slow approvals, you are leaving money on the table. Subcontractors do the work before approvals come through, but when tickets go missing or get disputed, that work can go unpaid, killing profit margins.
According to statistics,
Even with the rapid advancement of technology in the construction industry taking place, there are still some foundational areas that rely heavily on manual practices. One of those manual processes that 40% of US contractors regularly use is paper timesheets to track labor hours. It might be comforting for some
Choosing the best construction contract for your project can make a big difference for your bottom line and peace of mind. Cost-plus contracts and time and materials (T&M) contracts are two common construction industry options, each with its own pros and cons. The best choice depends on considering factors like
Many construction projects suffer low productivity. For the past 20 years, productivity in this sector has grown only by 1%. That’s quite low compared with the 2.8 percent growth of the entire world economy and 3.6% growth for the manufacturing sector.
Furthermore, a survey revealed that less than 25%
Starting a construction project involves navigating an unpredictable development process. Because the construction sector must make rapid adjustments when material expenses fluctuate and project requirements change, time and materials contracts serve as essential tools. There are various types of construction contracts, but time and materials contracts stand out for
The growing progress of construction demands strong labor oversight to help teams meet project objectives. Modern technologies create a foundation for contractors to increase work output alongside safety measures while making all operations run better. Studies by Colorado State University’s Construction Management Department show how technology improves project work levels
Portable time clocks provide a much-needed solution for construction management, allowing for accurate time tracking with teams of all sizes. Check out this list of top portable construction time clocks and find the right one for your company.
Paper timesheets have their drawbacks. Time tracking apps are great for some
The construction industry thrives on precision, accountability, and efficiency. Yet, there is one major oversight that completely derails these three key principles: time theft. In an industry where potentially every hour counts, the unchecked draining of time can drain resources, disrupt schedules, and inflate costs. In other words, addressing this
