Kim Tremblay

About Kim Tremblay

As a Senior Product Manager with 4castplus, Kim has over 20 years of Finance, Administration and HR experience in the technology and non-profit sectors. Kim has a strong background in financial leadership and a well-rounded insight into the challenges facing businesses.

Top 4 Construction Invoicing Tips to Accelerate Cash Flow

 Accelerate Your Cash Flow You’ve spent considerable time and effort in running your projects well.  You make sure that your customer is kept very happy during project execution, and you’re expertly handling the multitude of challenges that come along with a complex project.  Your project is going well, your customer is happy. But you still can’t seem to get paid on time. What’s with that?   There’s no doubt about it, keeping your project healthy and well managed has a huge impact on achieving healthy cash flow, but that's really only part of the overall strategy of getting cash flowing happily into your organization.   The other half of it – the half that can really bite you – is making sure that you invoice efficiently, and your customers pay you efficiently.  Many construction organizations spend a great deal of cost and effort towards invoicing their customers in an attempt to improve their cash flow performance. The challenge, however, is that they’re using the same old process, the same old tools, subject to the same old risks.  And they’re getting the same old results: accounts receivable aging stretching to 120 days, accountants and auditors insisting on an allowance for uncollectable accounts, board members and bank managers tapping their fingers waiting for the latest receivables schedule.   It’s no wonder when you consider the inherent challenges that practically all construction companies have to deal with in getting their invoices out the door.  Those challenges, however, can be minimized, and cash-flow significantly accelerated by implementing the following four cash flow management strategies. Consolidate information. When your key project data resides in multiple systems, there is great risk in access, ownership and status of that data. When you consolidate

Innovation is Essential – How One Company Did it, Part I

In our first blog in this series, we talked about the necessity of introducing innovation into your business - to improve efficiency, profitability - to stay competitive. Companies that don’t evaluate how they are doing business, and where they need to improve, are being left behind. Introducing innovation doesn’t have to be overwhelming or complex, and doesn’t have to result in spending a whole lot of money – in fact, the best ways to innovate are to look for ways to simplify and streamline your existing business processes. In this second blog, we’re going to show you how one of our customers, Company A, started to do just that. Company A took a look at a key process – their project cost management - analyzed how they were managing their project costs, how they wanted to manage their project costs and what kind of information they wanted from their project cost management system...and what changes they could make to improve this process. And in future blogs, we’ll see how Company A uncovers inefficiencies in their process, and the result of improvements that they made. Company A has been in business for a number of years, and has been running labor and materials projects that have been fairly similar in nature. They’ve been successful in that key respect that many small business owners benchmark success by – there was cash in the bank at the end of the month. So, all in all, their projects were running profitably – but the question is....how much more profitable could they be? How much more cash-flow could be generated from their projects? Were there trends developing that would signal areas to improve efficiency, shore up the bottom line? As

Innovation Is Essential

No matter the size of your business, innovation is essential.  Looking for ways to bring innovation into your business can offer huge returns – cost savings due to greater efficiency, faster growth due to better decision making, improved retention of talented staff, and a number of other benefits.  In a study performed by the Association of Canadian Community Colleges (“ACCC”) “Colleges and Institutes and Canada’s SMEs (Small to Medium-Sized Enterprises): A Partnership for Innovation”, we find the following statement, “The capacity and ability to innovate is a critical determinant for productivity and growth.”  And critical it is.  In these economic times, where every business has had to take another look at how it does business just to stay in business – incorporating innovation into your business is even more essential. But for the small to mid-size enterprise, injecting new innovative processes into your business can be a challenging objective. When you’re flat-out busy just trying to get business done; how do you go about taking a step back to think about innovative ways to improve and grow - and ensure you survive?  Where do you start? The good news is that innovation doesn’t have to mean abandoning what you are doing to bring in a revolutionary new process. You can achieve great things in smaller incremental steps. As stated further in the ACCC study, “Innovation is defined as applying new ideas in a way that produces new value for the organization.  New ideas do not mean 'new to the world'.  New ideas mean 'new to the organization'.” It can be as simple as this:  take one existing process and find small ways to improve it.  As you’ll see, the benefits reaped from that one decision can