Effective cash flow management and data accuracy are crucial to maintaining financial health and operational efficiency for construction and service businesses, like specialty and mechanical contractors. 

With cost overruns being a reality, contractors may struggle to improve cash flow while balancing the budget and meeting deliverables on a job.   

Costs that hinder cash flow and profitability can arise from day-to-day occurrences like equipment maintenance or change order requests, which can be difficult to budget for. They can also stem from economic and industry challenges like fluctuating interest rates and shortages in skilled labor, which businesses have even less control over.  

With numerous factors affecting profitability and cash flow predictability, plus a growing trend of incorporating construction technology and software to mitigate these issues, mechanical and specialty contractors have to rely on robust construction and accounting software to accurately depict their true costs and stay competitive in the industry.

Keep reading this blog on jonasconstruction.com

Check out more news, articles and blogs here