There comes a time in every construction company’s existence that they’ve underpriced a job significantly. Doing so costs them their reputation with the client and makes it hard to recoup out-of-pocket expenses because the money for the project has been already accounted for. One of the easiest ways to avoid such trouble is to invest in good cost estimation software.
To better understand its role in companies like yours, it best to know what it is, how it works, the different types available, and why it saves you money.
What is Cost Estimating Software
Cost estimating software is a computer software program that allows construction companies to come up with accurate price quotes for their clients by inputting specific information about the job. This includes square footage, materials, and labor information. The room for human error decreases because the program does all of the calculating for you. Once an estimate has been produced, it can be submitted to the client to review.
How the Software Works
The different software available offers different features such as material and equipment cost databases. Up-to-date with current prices, it allows the client to see what they’re paying for based on current industry costs. You’re able to take the information that you’ve accessed through the database and provide it to them any time they request it.
Most programs allow you to include a digital blueprint of the project, too. The formats available for upload are CAD and BIM. That way, you have a visual reminder of the job and the bid you put in.
The Different Types of Estimating Software
The types of software that do cost estimating vary in type, too. Some are mobile-based, making it easy to travel with the software on a smartphone or tablet to review with the client. Others integrate with other platforms forming a complete suite of software that works seamlessly together. When shopping for the right option for you, consider how and where you want to access the estimates to provide to your clients.
How You’ll Save Money
Construction estimating software saves you time and money. It keeps you from underpricing the materials and equipment needed to complete the job. It allows you to calculate the amount of labor expended and still have enough in the budget to account for unexpected costs if they were to arise while on the job site. It prevents you from paying out-of-pocket expenses for a job you didn’t charge enough for and helps you maintain your reputation with a client who may call on you for future work.
Submit Bids with Greater Confidence
Don’t underestimate the cost of future projects. The right software gives you padding in the event something comes up to drive up the price of the job. Get the reassurance and accuracy needed to bid with greater confidence. Now that you know the value of investing in construction estimating software, you’ll make sure that it’s one of the very first things you budget for each year.
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