Her business may have grown revenues by 294 percent, but Mindy Nunez Airhart also noticed it was having cash flow issues. Working with Bloomberg and Goldman Sachs employees, Airhart and her partner were able to figure out what happened. It turns out Southern Services & Equipment, Airhart’s steel fabrication company, was charging less than the market rate certain labor costs.
“It was a total game-changer for us because if I don’t bid enough at the beginning of the job there’s no way for me to make more money on it,” she said in an interview with QuickBooks®.
If you’ve ever come to the end of a promising job and walked away with little to show for it, there’s a good chance that inadequate cost estimating was the culprit. Conversely, the opposite might happen too — you might have been outbid for projects because your estimates had too much padding in them.
With QuickBooks Enterprise, you can use proposal templates—culled from reports favored by your contracting industry peers—to create competitive bids and win new projects. After the project is green-lit, you can easily enter costs as they’re incurred, letting you know exactly where you stand before it’s too late to adjust.
With this in mind, let’s take a closer look at how powerful job costing tools can help you run a tighter ship and win more bids.