The recent technology boom is creating a massive shift in the marketplace when it comes to nearly every business out there. Contractors are not an exception to the rule here either. Industries near and far are adopting new tech with applications and software that allow them to operate more efficiently, thus reducing labor hours spent on operations, meaning increased profits for the company and potentially more competitive pricing to beat other contractors.

Contractor and Office Tech Advancement

Many contracting companies are using an automation accounting platform. But there are still gaps that must be filled. Routing invoicing and approval is a big one. People are literally having the main office staff scan invoices and then email out invoice images to the project superintendent. Invoice images are “digital paper,” meaning they’re not actual digital artifacts. Any data that’s on them has to be manually entered, and the whole routing and approval process is manual as well.

Then there is the process of receiving payments. Solutions for contractor efficiency are built to handle paying the vendor only handle set up invoice approval, so then you need a payments automation solution on top of that. The good news is that automating payments is pretty easy to do with processing cards.

Automated Tracking of Sales

The next big factor is tracking the sales conversion rates. Basically needing to answer the big question, it being “How many deals do we close per amount of new leads that come in?” There are some solutions out there but nothing that is perfect. As companies evolve and new tech start ups create solutions, a lot of these issues will be in the not so distant past which leads to a bright future for companies across the globe. Before you know it, any issue your contracting company encounters will be solved by an application or software.

This video provides a solution to some of these issues with tracking nearly every aspect of operations: