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Canned Reports
What are Canned Reports?
Canned reports are predefined reports that provide information about various construction processes. Unlike ad-hoc reports—which are customized each time they’re run—canned reports follow standard layouts and include pre-set fields that provide consistent information on an ongoing basis. Subcontractor account teams can set these fields to include data related to project progress, labor costs, equipment utilization, material usage, safety incidents—anything that they frequently compile for their analysis or are required to report to other stakeholders.
The key benefit of canned reports is having regularly scheduled visibility into key metrics and insights without recreating the same reports and analyses each time. This enables subcontractor accounting teams to focus less on compiling data and more on strategic analysis and monitoring. Furthermore, they provide quick, comprehensive visibility into a company’s financial processes to help accountants identify issues early on, analyze costs and variances, validate invoices, and ensure compliance on an ongoing basis.
Canned reports are typically generated from construction project management or accounting software. However, when it comes to accounts receivable (A/R) and billing reporting, Siteline takes the cake. With Siteline, subcontractors can easily:
- View the status of all their pay apps—filterable by various project details—to stay on top of collections.
- Track and compare GC payment times and benchmark their performance to inform bid prices.
- Analyze overhead costs and cash flow health to optimize financial performance.
- Evaluate A/R performance by office and project manager to identify successes and opportunities.
See for yourself! Schedule a personalized Siteline demo today and learn how our A/R and billing reporting capabilities can strengthen your construction business.
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Other construction terms
What is Depreciation?
Depreciation in the construction industry refers to the decrease in value of a building or infrastructure over time due to natural wear and tear, damage, ageing, or obsolescence. It's a concept that pertains to accounting and fiscal management within the construction sector. Recognizing depreciation is crucial for construction companies as it can be used for tax benefits and to predict future costs. Depending on the method used, which can be straight-line, declining balance, or sum-of-years digits, the annual depreciation expense can be calculated. Hence, understanding depreciation is key to a construction company's financial planning and strategy.
What are Long-term Liabilities (Noncurrent Liabilities)?
Long-term liabilities, also known as noncurrent liabilities, in the construction industry are obligations that are due more than a year from the current date. They are an important part of a company's financial structure and may include bonds payable, long-term loans, deferred tax liabilities, lease obligations, and pension obligations. For example, a construction company might have long-term liabilities in the form of a multi-year loan taken to acquire new heavy machinery or land for future projects. These liabilities have a significant impact on a company's liquidity and overall financial health, so it's critical that construction companies manage them effectively. Depending on how these are managed, they can influence a construction company's creditworthiness and its ability to secure future funding for expansion or for carrying out large projects. Hence, understanding long-term liabilities is vital for sustainability and growth in the construction industry.
What is Progress Billing?
Progress Billing is a method commonly used in the construction industry, where billing for a project is done at different stages as it progresses, rather than asking for full payment upfront or at the completion of the project. This type of billing is beneficial both for constructors and clients. For constructors, it helps maintain the cash flow required for the ongoing expense of materials and labor. For clients, it provides assurance that they are paying for the work only as it is being completed and allows them to budget effectively. Each invoice is usually based on the percentage of work completed, thus it is also known as percentage-of-completion billing method. Proper documentation, like progress reports or photos of the construction site, often accompany these invoices as a proof of progress.
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