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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 a Draw Request?
A Draw Request, in the realm of construction, is a formal process involving a requisition for payment for work performed on a specific job or within a specified period on a project. This request is typically submitted by contractors or subcontractors to the project owner or financier to cover labor expenses, material costs, and other related construction expenditures. A Draw request initiates a draw inspection where a third-party inspector confirms the validity of the claim. These requests aid in maintaining project transparency and ensure that funds are allocated appropriately in line with the progress of the project. This process is pivotal in effective construction project financial management.
What is the Matching Principle?
The Matching Principle is a crucial accounting concept prevalent in the construction industry. This principle dictates that all expenses must be matched with the revenues they generated in a particular financial period, ensuring that all costs and income for each project are accurately reported on the income statement. For example, if a construction company incurs costs for labor, materials, and equipment in July and August for a project that's completed in September, those costs would be recorded in September when the income is recognized. This principle is essential as it provides a more accurate picture of a company's profitability and financial health for a specific period. It allows construction companies to better manage their cash flows, project budgeting, and financial planning.
What is a Bond?
A bond in the construction industry is a type of surety bond, which serves as a financial guarantee for project completion. It safeguards the interests of stakeholders such as project owners, suppliers, and subcontractors, in the event that the contractor fails to fulfill the contract conditions. Bonds are usually required for public works projects in ensure taxpayers' money is well spent. There are different types of bonds such as bid bonds, performance bonds, payment bonds, and maintenance bonds. For instance, a performance bond guarantees the contract's terms are fulfilled, while a payment bond ensures laborers, suppliers and subcontractors are paid. Bonds are crucial in risk management in construction contracts.
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