How Loan Monitoring and Disbursement Systems Can Help You Grow
If you own a construction company, you have a lot of aspects of the business to worry about. From employee productivity, to constantly changing regulations, to tough competition for major projects, it’s hard to stay on track and grow your business. When opportunities arise, like the millions of dollars of emergency relief funding in Delaware to fix bridges, you want to be ready to make a bid and land the project.
One of the most time-consuming and labor intensive parts of running a construction company, is managing the construction lending process. A great software system is key to increasing your productivity and reducing risks. Here are some ways a good construction loan monitoring and disbursement system can help to handle your growth.
Manage Communications Effectively
It is imperative that you have a great system for managing the avalanche of communication documents in your construction company. From letters and memos, to notes and meeting agendas, you should be able to access all communication from one system so nothing is lost. This will save employees time and make tracking down information less irritating. Lost phone numbers or documents can greatly slow down your daily processes.
Track Loans in Great Detail
To run your construction business properly, you should know all details about your loans. This includes locations, dates, the players involved, and its financial position. You need software to help you create vouchers, legal notices, and notification letters quickly and easily as soon as you need them. You should also be able to track notes, budgets, and inspections that include pictures.
Track How Funds are Broken Down in Budgets
Budgets for all projects should be easily accessible to managers. You should be able to create them and change them easily from one program. It’s also important to be able to identify special budget lines according to category and special reporting. Budgeting can be confusing, so a good system will help keep thing simple, clean, and easy to use.
Do a Lot of Stress Testing
A great management system for your construction company should allow you to do a lot of different stress testing. You should be able to build your own customized stress scenarios and then test what would be the outcome. You should be able to do testing for short-term problems as well as those that may last for a longer period of time.
Get Better Systems Now
Managing any company is hard. Managing a construction company is especially difficult and complicated. If you need help with your loan monitoring and disbursement systems, or any type of online organizing to help make your company run more smoothly, ECL Software can give you a free, personalized online demo. Just fill out this form or call 1-800-625-5972.