I’ve got 10 minutes to approve 150 invoices before my next meetin
Much of my industrial construction career has been spent laser-focused on endless stacks of invoices, field tickets, purchase orders, change orders, cost reports & manpower reports. One thing is common, it really boils down insight, energy, understanding, and intellect to find things that just don’t make sense.
When I’m working for a contractor, I’m looking for items that we forgot to charge for …
- Manpower – “I’m pretty sure Mike was on site today, why isn’t his name on the field ticket”
- Equipment – “We charged for our dozer operator, but not the D6?”
- 3rd party costs – “I know we can charge for this order of supplies, why haven’t we?”
When I’m working for an owner I’m looking for things that were over-billed…
- Manpower – “Did this welder really work 23 hours today?”
- Equipment – “We have paid the daily rate for this pickup truck so many times, we could have outright purchased three of them”
- 3rd party costs – “This is our second time paying this exact invoice”
There has to be a better way. There just aren’t enough hours in the day. If you only have time to manage cost by feel instead of fact, I would suggest that you take a few minutes to get to know more about your vendor’s process and focus more of your precious time reviewing the unsophisticated vendors. The vendors who have yet to adopt the tools to automate their billing process are significantly more likely to overbill by mistake.
This is an exciting time to be in the industry. Technology is being increasingly adopted around every corner. The construction industry, both owners & contractor are about to have a breakthrough and harness the power of the data they collect.
How would you like your project team to only have to resolve billing problems, and not waste their time looking for them?