Introduction

‍A long-standing civil contractor with three decades of profitable operations faced a significant challenge as economic conditions tightened. This family-owned business, revered for its robust balance sheet and disciplined management, found its financial software inadequate for the competitive bidding landscape.

Challenges

‍The management team realized their financial systems could not produce the detailed job cost reports available to their competitors. Reliance on cumbersome manual spreadsheets for compliance led to high overhead costs and hindered efficient management reporting, critical for strategic decision-making in competitive bids.

Solution Implemented‍

RedHammer introduced several strategic upgrades to overhaul the contractor’s financial management systems:

• Timberline Implementation: Deployed Timberline software to enhance job cost tracking and reporting capabilities.
• Paperless Accounts Payable System: Implemented a paperless approval system to streamline operations and reduce errors.
• Weekly Job Cost Reports: Initiated the distribution of detailed weekly job cost reports to maintain tight control over expenses.

Results

‍The implementation of these solutions had a profound impact on the contractor’s operations:

• Reduced Accounting Overhead by 45%: The streamlined processes significantly cut costs related to accounting.
• Improved Job Cost Information: Enhanced reporting capabilities provided the management with the tools needed for precise job costing and budgeting.
• Bi-Weekly Project Management Meetings: Established regular meetings to review job costs and monitor budget compliance closely, fostering a proactive management approach.

Conclusion

‍This case study demonstrates how upgrading financial software and processes can transform a contractor's ability to manage costs and compete effectively in strategic bids.

Call to Action

‍Are you looking to enhance your competitive edge with strategic bidding capabilities? Contact RedHammer to discover how our specialized services can optimize your financial systems for success.

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