Contractors Really Need Technology Now – Bookkeeping in Bunny Slippers
With declining construction activity, the expectation would be a similar decline in materials costs. This is not proving to be the case.
Now is the time for the construction industry to leverage technology to improve operational efficiencies and reduce operating costs, and to help reduce the impacts of constantly shifting materials costs due to globalization. As an example, It is estimated at between 75% and 80% of all construction-industry invoicing is still paper-based. Research has shown that the cost of processing a paper-based invoice is approximately $5, compared to $2 to process an electronic invoice. The construction business can save not only on the cost of processing and storing paper documents, but can also greatly improve efficiency by reducing errors introduced when data is re-keyed.