Construction Financial Reporting
As a contractor, having clear visibility into your key business metrics is critical for making smart decisions and growing your business. Without access to accurate data on revenue, profits, expenses, and more, you're essentially running your company on gut feelings rather than cold, hard facts.
Advanced reporting features like those offered by Housecall Pro are so valuable. They give you real-time insights into what's happening across all aspects of your contracting business.
What is Advanced Reporting?
Advanced reporting means getting detailed data and statistics on your company's performance. Rather than just tracking basic numbers like total revenue and number of jobs completed, advanced reporting allows you to segment and filter your data in many ways. Check in on your stats related to scheduling, dispatching, Invoicing, and more.
For example, you can view revenue over time, break it down by customer type or service offered, compare profit margins across jobs, and more. The reporting is completely customizable to focus on the metrics you care about most.
Key Benefits for Contractors
As a contractor, advanced reporting delivers three major benefits:
1. Identify New Business Opportunities
With detailed data on where your revenue and profits are coming from, you can easily spot business opportunities.
For instance, the reporting may show that kitchen remodels have an extremely high-profit margin for your company. This insight lets you focus your sales and marketing efforts on selling more kitchen remodels to maximize profits.
2. Improve Operational Efficiencies
Advanced analytics also enable you to closely monitor expenses, material costs, and labor hours on your jobs. If the data shows certain jobs go over budget, you can address process improvements to reduce costs and increase per-job profitability.
3. Quantify Technician Performance
You can also use advanced reporting to measure the performance of individual employees. Key metrics like jobs completed, revenue per job, customer reviews, and more allow you to identify your top performers and those needing more coaching.
To understand the true power of advanced reporting for contractors, it helps to look at some real-world examples from Housecall Pro customers:
1. Determine Sales Effectiveness
One plumbing company owner used advanced reporting to compare the conversion rate of phone call leads vs. website leads. He discovered that 70% of website leads converted to jobs, while only 40% of phone leads did.
This allowed him to shift more marketing budget to driving website traffic rather than traditional advertising – immediately impacting his bottom line.
2. Identify Profitable Niches
A construction firm realized that while kitchen remodels accounted for 30% of their total business, they delivered almost 50% of total profits. By going paperless and organizing data, construction companies can maximize profits.
The owner decided to position the company as a specialty kitchen contractor rather than a generic home remodeler. This allowed them to increase their profit margins even further over time.
3. Coach Underperforming Technicians
An HVAC company used advanced reporting to discover that two of their technicians had much lower customer review scores than the rest of the team.
By coaching these technicians on improving customer service, they increased reviews, repeat business, and referrals dramatically.
According to LevelSet, "There are four basic reports that make up the core financial statements of a construction company: Balance Sheet, Income Statement (or Profit and Loss Statement), Cash Flow Report, and Work-in-Progress (WIP) report."
Start Unlocking Your Data
If you're ready to transform your contracting business with the power of advanced reporting, Housecall Pro makes it simple to get started. Their automated reporting dashboard provides real-time insights into the metrics that matter most.
You can instantly view sales pipeline, job profitability, revenue trends, and much more without having to extract data or create complex spreadsheets manually. There's simply no better way for contractors to unlock the true growth potential of their business!
Listen to our exclusive interview as Housecall Pro's co-founder Roland Ligtenberg joins the Software Spotlight podcast to discuss how their all-in-one field service management platform helps over 40,000 home service professionals streamline operations and scale their businesses. Leveraging mobile technology and growth marketing strategies, Housecall Pro provides an integrated suite of software tools for scheduling, invoicing, customer management, marketing, and more.
Frequently Asked Questions
What metrics can I track with advanced reporting?
You can track virtually any business metric across jobs, customers, technicians, marketing channels, etc. Top metrics include revenue, profits, conversion rates, expenses, labor utilization, customer lifetime value, and employee performance.
What technology powers advanced reporting?
Housecall Pro leverages business intelligence and analytics dashboards that process large real-time datasets. This allows them to deliver live reports and notifications without manual data manipulation.
Can I customize the reporting?
Yes, you can customize reports based on your specific data analysis needs. You can add/remove metrics, create custom dashboards, filter by date ranges, business segments, and more.
How often is the reporting data updated?
The advanced analytics dashboard shows your up-to-the-second data the instant transactions are entered or updated in the Housecall Pro platform. There is no lag or delay in reporting.
What training is involved in using reporting?
Our team designed the reporting interface to be extremely intuitive, allowing you to access and customize reports in minutes without prior experience or training. We also provide live support if you ever get stuck!