Traditionally, economics is defined as, “The study of the allocation of scarce resources between competing wants.”
In today’s tough economy, this definition couldn’t ring more true. For CFMs, the “competing wants” in the current economic climate are the owner’s need to have better, more timely information vs. the CFM’s desire to produce that information with greater efficiency.
The “scarce resources” in this scenario are the limited funds available to make these two things happen.
Pushed to do more with fewer resources, CFMs must make the best use of the tools they already have – specifically, their current software programs. Yet, many contractors don’t recognize that software is an essential financial management tool.
While field employees use service trucks, backhoes, and other traditional construction tools, CFMs rely on accounting software and supporting programs to manage their companies’ day-to-day financial operations.