The RedHammer Report:?November 2024

???First Edition: Welcome to Our Monthly Newsletter!

?? Welcome to the debut of The RedHammer Report! In each issue, we’ll bring you the latest updates, industry trends, and expert tips crafted to help construction companies like yours thrive in a competitive landscape. Here’s what you can look forward to:

• RedHammer News, Articles & Highlights: Get updates on our latest news, articles and highlights.
• Industry Trends: Stay informed on construction technology, finance, and operational best practices.
• The Tech Toolbox: Explore software solutions and tools that improve efficiency and profitability.
• Tips, Tricks, & Random: Practical advice and timely reminders to streamline your workflows and improve performance across projects.

We’re excited to have you with us on this journey. Here’s to new insights and smarter business!

RedHammer News, Articles, & Highlights

???Breaking News: Florida Here We Come!!!

?? Exciting News: RedHammer Expands to Florida!

We’re thrilled to announce the opening of our new office in Fort Lauderdale! This location will allow us to better serve clients along the East Coast, bringing our expertise closer to home for construction businesses from Florida up through the Northeast.

?? Why it matters: With a dedicated East Coast presence, we’re committed to providing faster support, on-the-ground insights, and enhanced resources tailored to meet the unique needs of the region.

Stay tuned for updates as we grow in Florida!

????Article: Top Construction Software Implementation Pitfalls

We recently published an article on?ConstructionDive?covering how to avoid common software implementation pitfalls—a few right steps can help you save time and money on projects.

?? Why it matters: Poor planning and underestimating complexity lead to delays and frustration, ultimately affecting project timelines and budgets.

???Key mistakes to avoid:

• Underestimating Complexity: Involve experts early for a smoother implementation.
• Insufficient Planning: Understand your requirements and build a comprehensive plan.
• Failing to Reset:??Take the time to evaluate and update items like your chart of accounts and cost codes.?

Read the full article?Avoid These Common Mistakes Around Software Implementation

?? New Highlight: Hui Kapili Construction Accelerator

We’re thrilled to share our involvement in Hawaii's Hui Kapili Accelerator, an initiative aimed at building a stronger construction industry through training and mentorship.

??? Why it matters: This program empowers local construction leaders with skills that drive growth and excellence in Hawaii’s building sector.

?? Session Spotlight: RedHammer's CEO Neil Tagawa led a deep dive into construction accounting, exploring essential practices to optimize financial management.

Check out the Accelerator program details here and the session highlights here.

Industry Trends

?? 2024 CFMA Benchmarks: Strong Performance | Resilience

The CFMA’s 2024 Construction Financial Benchmarker underscores robust growth and resilience across construction sectors, reflecting the industry's adaptability and strong financial performance.

?? Key Stats:

• Revenue Growth: 10.4% increase despite economic pressures.
• Profit Margins: Net income before taxes rose to 6.3%.
• Top Performers: "Best in Class" companies showed exceptional returns, with Return on Equity (ROE) at 59.7%.

?? Industry Insights: Companies focused on cost management and asset utilization led the way.

Learn more about the 2024 CFMA Construction Financial Benchmarker and RedHammer's position?here.

Has your company outgrown QuickBooks but isn’t ready to spend thousands on a new software implementation?

What is Knowify??????

Knowify is an affordable cloud-based construction management solution that seamlessly integrates with QuickBooks Online, giving contractors unmatched visibility and control over their jobs and finances.

• Job Setup & Contract Types: Easily create jobs with custom contract types to match project needs and streamline management.
• Complete Project Workflow: Manage budgets, estimates, proposals, and invoices, including AIA billings, in one central place.
• Project Management: Plan, track, and manage every stage of your projects, from scheduling and task assignments to progress tracking.
• Purchase Orders/Commitments: Gain control over project spending by issuing and tracking purchase orders directly linked to job costs.
• Job Cost & WIP Reporting: Access real-time job cost data and generate Work in Progress (WIP) reports for a clear picture of project profitability.
• Track Job Progress & Costs: Monitor project milestones and cost performance in real-time to stay on target.

Set Up a Demo with RedHammer

??? Year-End Tax Planning: As the year wraps up, schedule time with your CPAs and financial advisors to optimize your tax position for a smoother closeout.

?? Prep Early for 1099s: Don’t wait until January! Start gathering necessary information now. For more guidance, check out our blog: 1099 Reporting for Construction Companies.

?? Construction Accounting Refresher: Need to brush up on industry terms? Visit our guide: Construction Accounting 101.

?? Workers Compensation Lookup: Did you know? You can search a vendor’s workers' comp coverage in 32 of 50 states on the?NCCI's?EWCCV website!