Marth Banner and Britt Vig are helping clients see the benefits of embracing technology, especially in the construction sector.
KELOWNA – It’s hard to have a conversation regarding technology without hearing about AI and its proliferation throughout all industries. Some may shy away from emerging technologies, especially those in more hands-on industries, but like it or not the changes are already reshaping how work gets done.
While this may be daunting for some, the professionals at accounting firm BDO Canada LLP are helping clients see that embracing technology can modernize operations and enhance profitability, especially in the construction sector.
“Technology can help construction companies job cost more accurately, benchmark against other projects, and manage people more efficiently,” says Martha Banner, Partner, Western Canada Cloud Accounting Services Leader. “Technology can transform job costing, streamline operations, and ensure compliance through real-time financial insights.”
As a Cloud Accounting specialist, Banner has been promoting the benefits of cloud accounting and automation, seeing firsthand how they empower smarter financial decision-making. It is now one of her key responsibilities to be up to date on cloud-based platforms, AI tools and their impact on daily operations. Her coworkers, however, may be less vested in the technology side of things but even more traditional accountants acknowledge the impact of certain software.
“Job costing in the construction industry can be challenging, but technology can help manage costs and track progress,” says Britt Vig, CPA, Partner with BDO Canada LLP. “AI is transforming businesses and creating a need for centralized data platforms that support automation, analytics and long-term strategy, which ultimately leads to cost control and operational maturity.”
In her role, Vig is more focused on family businesses, real estate and construction, and providing strategic insight beyond traditional compliance work. Naturally, any opportunity to improve visibility into margins and project performance is extremely useful to her and her clients. As a seasoned industry expert with over 20 years’ experience, Vig has navigated through the evolution from paper-based processes to digital platforms, and now to intelligent tools.
The professionals at accounting firm BDO Canada LLP
“Job costing in the construction world is probably one of the biggest reasons for having technology. When you’re doing any sort of project, whether it’s building a house or renovating a kitchen, you’re always job costing from the beginning and trying to figure out exactly where your margins are,” says Vig.
“We help our clients use platforms like QuickBooks Online from day one,” says Vig. “When paired with BDO’s insight, these tools allow clients to benchmark performance across the industry. As more data is captured, the value of these insights’ compounds.”
When it comes to data, Banner knows that the more company information you have stored in a secure place, the more it can benefit your business.
“When it comes to the supply chain side of things, when you have managed inventory in a transparent way you can calculate your margins with ease,” says Banner. “You know how much you have within your budget to spend on lumber, where your overages are, where your cost overruns are in a transparent way, and you’re getting that information in a real time.”
Banner also mentions the use of AI and software to manage people.
“The other big pain point in the construction industry is the management of people, the management of subcontractors, the management of people on-site,” says Banner. “Automating collections and accounts receivable removes the need for manual follow-ups, improves cash flow, and reduces friction in client relationships.”
Even traditionally manual industries are discovering just how transformative the right technology can be for people, processes, and profits. For construction businesses looking to modernize their financial systems and unify tools across operations, BDO Canada offers end-to-end support to ensure today’s tech delivers tomorrow’s results.
