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ExakTime Reports

How to use ExakTime Reports to increase profit margins

One thing construction professionals must always keep their eye on is profit margins. How will the company’s bottom line look after all upfront costs are accounted for—like renting heavy equipment or purchasing material? How many labor hours will be needed to complete this project successfully? Are there any additional expenses to factor into your proposal for this job?

While you can rely on company precedent and past experience, without technology, pinning down these exact answers will be guesswork. Thankfully, today contractors are able to zero in on key metrics and use data to make decisions critical to the well-being of their businesses.

One way to do this is with ExakTime Reports. With our industry-leading workforce management solution, you’ll have instant access to over 40 types of robust reports at your fingertips, so you can make data-driven business decisions on the go.

Here are the most commonly used types of ExakTime Reports, and how to use them to increase profit margins for your construction or field service business.

Most common types of ExakTime Reports.

1.) Employee Exec. Summary: With Employee Executive Summary reports, you can easily view hours worked by employee or view crew totals for each day of the week—giving you a high-level, digestible overview to keep you up-to-speed on all your job sites.

2.) Employee Time Card: With this report, you can closely monitor workers’ Regular and OT hours for each of your sites.

3.) Employee Touch Detail: Quickly view details of an employee’s start and stop times as well as the type of work completed with Employee Touch Detail. At a glance, you’ll be able to see what tasks each employee devoted their hours to throughout the week—keeping your management proactive and your company productive.

4.) Location by Employee: Running multiple job sites all at once? With Location by Employee reports, you can get a fast download of the total hours worked at specific locations, broken out by employee—making workforce management that much simpler.

5.) Employees by Location: Trying to zero in on where each employee employee spent their working hours? The Employees by Location report gives you a breakdown of how much time crew members spent at each of your job sites.

Accurately bidding on projects.

Did you know that, according to McKinsey, construction projects take 20% longer than was planned to finish, and that 80% go over budget, on average? It’s clear many construction professionals struggle with projecting how much a job will actually cost them to complete. And with the landscape being as competitive as ever, bidding a couple thousand dollars over in your proposal could cost you the entire contract.

Using the labor data you receive with ExakTime Reports, you’ll be able to more accurately bid on projects based on similar ones you’ve had in the past. With ExakTime’s time tracking coupled with our GPS-powered geofences and equipment tracking, you’ll be able to know exactly how long a task actually took to complete. This will give you the knowledge to better estimate how much a project will actually cost you—giving you the opportunity to increase margins.

Properly staffing projects.

No matter how long you’ve been in the construction business, since each project has its own unique set of challenges, it’s difficult to know exactly how long a certain task will take. In turn, properly staffing these jobs can be tough. A task of carving out a ditch may actually only need two workers as opposed to three. A task of filling potholes might best be staffed with four workers instead of three.

With the data collected through Reports, you’ll know just how long each task and job is taking your crew, giving you the insight on where to cut staff or add more staff—decreasing the amount of Overtime you have to shell out.

Landing more contracts.

In construction and the field service industry, reputation is everything. With so many companies and contractors going over budget or missing project deadlines by a long shot, you’ll stand out in a crowded marketplace by staying on budget and on schedule. With the labor insights gathered from using ExakTime on a regular basis, you’ll be able to more precisely bid on contracts.

On top of that, with all of the job site data you can provide to clients and higher-ups inside tidy, actionable reports—pitching on how you’ll optimize job site activity in your next contract or phase of development will be easy. All of this can increase the chances of you landing more contracts with the same client on an ongoing basis, or having referrals come your way from word-of-mouth.

Cutting Overtime hours.

With ExakTime Reports, you’ll be able to hone in on which crews, tasks, and expenses are running over budget in real time. By having this knowledge, you can shift around labor in order to cut down, or cut out altogether, OT—a major money dump for construction companies of any size. You or your payroll manager can also catch any discrepancies in payroll early on, saving you time and money if an employee’s recorded hours don’t match up with yours.

Ready to save time and money with ExakTime Reports and more? Get in touch with us by filling out a form on our website today!