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The ServiceTrade Impact: Empowering Finance Leaders in Contracting

Molly McCormick
December 15, 2023

Facing the Financial Challenges Head-On

Finance leaders are responsible for ensuring the fiscal health, operational efficiency, and strategic position of their commercial contracting businesses in a competitive market severely impacted by the skilled labor shortage. They need solutions, like ServiceTrade, that are tailored to their industry to help them manage the three Cs: cash flow, cost control, and closing periods

Cash Flow: The Heartbeat of Business

Cash flow management is crucial for survival and growth. ServiceTrade helps your billing team with real-time data and detailed reporting from the field that accelerates invoicing processes. This rapid turnaround reduces the typical lag between service delivery and payment, significantly improving cash flow. Furthermore, the rich work records, including pictures and videos, minimize billing disputes, leading to a smoother, more efficient accounts receivable process. This efficiency directly translates into a healthier, more predictable cash flow, giving finance leaders the freedom and confidence to make strategic financial decisions.

Did you know that top performing ServiceTrade contractors invoice their customers within 2.6 days on average? How quickly can you invoice customers, and how do you stack up against industry peers? Find out with our Mechanical Industry Benchmark Report or our Fire Protection Industry Benchmark Report.

Cost Control: Maximizing Profitability

Controlling costs is key to profitability. ServiceTrade not only reduces double data entry, but also tracks every billable item to prevent underbilling but also contributes to operational efficiency and technician productivity. This holistic approach ensures that every service contributes to the bottom line, optimizing resource utilization and enhancing profitability.

Read: How PMG Mechanical prioritizes technician productivity and avoids double data entry with ServiceTrade

Closing Periods: Speed and Accuracy

Closing accounting periods quickly and accurately is critical for every commercial contractor but can be challenging, especially with fast-paced service and project teams that don’t prioritize financial precision. ServiceTrade helps finance teams simplify the process, turning potential headaches into streamlined operations. By providing the operations team with their own application so that the accounting system is reserved strictly for the accounting team, finance leaders can be confident data entry is exact. Additionally, with accurate and timely tracking and reporting of parts, labor, and other costs, finance teams have the information they need to quickly and accurately close each period and reduce time wasted chasing information and reconciling errors. These time savings mean that finance teams can spend less time on busy work and fixing problems and more time on strategic planning.

Read: How B&W Mechanical separates accounting and service to keep both departments running optimally

A Partnership for Financial Excellence

ServiceTrade is more than a software solution; it’s a strategic partner for finance leaders in the contracting industry. By providing tools for compliance, cash flow management, and cost control, ServiceTrade enables finance teams to not just meet their goals but exceed them. With ServiceTrade, finance leaders are equipped to navigate the complexities of their industry, ensuring financial stability and contributing to the overall success of their businesses.

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