Knowing capital needs on a construction project is critical to ensure proper cash reserves and interest reserves. Rabbet users can forecast what funding sources are going to be drawn during which months on the project then ensure sufficient interest reserves remain available.
Rabbet’s Big Value for Small Projects
Sometimes the smallest savings can yield the biggest results, and our clients have definitely found that to be true of Rabbet. Regardless of your project’s size, Rabbet can make the construction finance process easier, faster and more cost efficient.
These savings can be magnified on smaller projects, especially if you’re working with smaller teams, tighter budgets or fewer resources. We’re here to show you how!
Automatic Data Input
Your manpower can go a lot further if your team members aren’t bogged down with manual tasks like data entry. Thanks to machine learning and automation, Rabbet can upload and digitize all of your documents at lightning speed.
Our intelligent software will also “learn” your projects. Rabbet will soon become familiar with customized data, such as vendor names, which it will remember in the future. This eliminates redundant work and tedious data entry. .
One of the biggest problems with manual data entry – aside from its monotonous nature – is the potential for errors. And these mistakes are costly. A typo in an address or vendor name could delay payment, while an error inputting numbers can throw an entire budget off-kilter.
Artificial intelligence, by its very nature, isn’t prone to these sorts of errors. It doesn’t get tired, and it doesn’t get bored. Even if an error were to occur, the machine learning process is smart enough to know when something is amiss. If it can’t understand something it flags the issue for human evaluation.
Find the Omissions
Eliminating errors and organizing paperwork are two great ways to ensure your project remains on its correct timeline and budget. But what if you don’t have all the information you need to do so? If you’re managing construction finance manually, this means digging through each document to see what is missing where. Sometimes you’re not even sure what, exactly, you’re looking for…you just know the numbers are off.
Processes like these can eat up valuable time and resources, especially on a smaller team working within a confined budget. Rabbet can alert you to any kinks in your process or missing documentation before you even know it’s a problem. This is artificial intelligence, and proactivity, at its best.
Faster Draw Preparation
You can’t blame lenders for wanting to be diligent on draw requests, which, of course, takes time. But what if you could expedite the draw request from the time you began compiling the documents, to the time it takes lenders to review it?
You can with Rabbet. It’s easy to create a professional draw package since you’re tracking all your documents and project finances in one centralized location. Lenders are able to process draw requests substantially faster when they receive high-quality draw packages that are organized and easy to review. Reducing the time it takes to create, review and disburse funds for a draw request leads to faster payments and satisfied team members. That’s a win-win on any construction project!
Draw requests are one approval made easier through Rabbet, but it doesn’t stop there. Any approval –including change orders, lien waivers, schedule changes and more – can be easily achieved through Rabbet. As we already know, paper can be misplaced and email can be tedious, not to mention often overlooked.
Rabbet allows decision-makers to review any documents on their timeline. You don’t have to worry if someone has already left the job site or the office for the day. Simply send them an alert through Rabbet that they have documents to review and pending approvals, and they can submit their signatures anytime, from anywhere. They can also add comments or questions right into the system. No need to jump between platforms or involve email or phone calls. Rabbet keeps track of everything in one secure space.
Emails and spreadsheets can be frustrating as you’re only getting one piece of the puzzle at a time. If you have questions or need more information, you have to send a follow-up email or request additional spreadsheets. Even then, you may not receive the answer you’re looking for.
So take the guesswork out of the project. With Rabbet, you can login and view any document you like, since everything is stored in one easy-to-access place.
Construction finance software that utilizes machine learning can be a valuable team member – one that shouldn’t be overlooked on smaller projects when every dollar, employee, and hour counts. Rabbet can soon be one of your most effective “employees.” We’d love to show you how. Schedule a demo today.