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Wipfli’s construction business consulting services are built on our 75-year legacy as a trusted advisor to the construction industry. We understand the barriers leaders face when building and sustaining a growing organization. That’s why our engagements are delivered by advisors dedicated to construction, who can provide solutions tailored to your industry and business.
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Outsourced controller for construction: Grow smarter?
Construction companies often still rely on a small internal team to handle financials. But firms following a legacy approach struggle to make the more agile decisions needed to thrive in today’s highly competitive market. That’s why more construction firms are turning to strengthen their reporting, analysis and financial management capabilities. An outsourced controller can help your leadership team take smarter, more strategic action at a fraction of the cost of hiring a full-time controller for your team. Keep reading to learn more about how an outsourced controller can help your business succeed. What does an outsourced financial controller do in construction? A financial controller is a senior member of your finance team who keeps your financial reporting accurate and, within the construction industry, reviews your work in progress (WIP) schedule to identify potential overruns in estimated costs. Typical outsourced controller responsibilities include: Ensuring accurate financial reporting: Overseeing income and cash flow statements, as well as your balance sheet and WIP and contract schedules. Managing your accounting team: Bridging the gap between your accounting team and your CFO by overseeing daily accounting work while delivering essential information to your leadership. Developing and managing budgets: Ensuring appropriate budgets for both external client jobs and internal operations, as well as communicating with your project managers to maintain accurate details around current job costs. Risk management and compliance: Avoiding cost overruns and implementing internal controls to help you mitigate financial risks. Maintaining cash flow: Keeping accounts receivable and accounts payable running smoothly to give your business a healthy level of cash flow . Analyzing financial data: Delivering key insights on trends, opportunities and problem areas to help your C-suite make more informed, strategic choices. Outsourcing allows you to fill this role with an experienced professional in a fractional or part-time capacity. Pros: How an outsourced controller helps construction firms Hiring an outsourced controller allows you to add clearer financial insights and management without onboarding a full-time senior employee. For mid-market businesses that want the ability to make more data-driven decisions, this can often be a great fit. 1. Smarter financial decisions An effective controller delivers clearer, more accurate financials to your C-suite. This gives your leadership more data for informed decision-making, which can help make your whole business more agile or scale up to meet your growth goals . 2. Pay for what you need Outsourcing means that you only pay for the services you actually need. It’s not uncommon for controllers at smaller companies to spend part of their days doing office manager work because there aren’t enough duties to fill a 40-hour workweek. If your business isn’t at a point where you need a full-time controller, outsourcing allows you to hire one fractionally — for 10 or 20 hours a week rather than 40 — while still attracting high-caliber talent and experience. 3. Deep industry experience Bringin in a fractional team member who has significant experience working with other businesses in your industry gives you a fresh perspective on how you can do things better and keep up with your peers. You’ll also gain a team member who understands financial excellence from a construction industry perspective and is prepared to hold your project managers accountable for accurate cost updates. 4. High qualifications and minimal training You won’t have to spend time training an outsourced controller to do the job. Instead, you’ll get a highly qualified, capable employee ready to hit the ground running and deliver (with the caveat that they will still need time to learn how your particular business works). 5. More efficient, effective business performance You’ll be adding someone who understands modern accounting processes and systems and will work to implement those within your business. This can play a huge role in improving your business’s overall performance by giving you a better grip on how money is moving through your organization and allowing you to plug holes, mitigate risks and find efficiencies. Cons: What are the downsides of an outsourced controller? An outsourced controller is not a one-size-fits-all solution. Some potential downsides you may face include: 1. Fractional capacity This pro can also be a con. An outsourced controller will typically work with more than one client at a time. If you want someone who is focused entirely on your business in a full-time capacity, hiring internally makes more sense. 2. Systems or infrastructure challenges Outsourced controllers often work remotely and many proactively seek ways to bring your processes and workflows up to date. If your company doesn’t have the infrastructure to support remote work or updated systems, it will be harder for your new controller to make a real impact. 3. Could lack construction experience If you choose an outsourcing partner that lacks construction-specific knowledge and experience, your new controller may need significantly more time to learn how everything works. You’ll be better served by deliberately selecting for construction experience during your outsourcing search. Outsourced controller for construction vs. construction accounting team Construction accounting option Advantages Potential drawbacks Outsourced controller for construction Provides construction-specific financial leadership without the cost of a full-time controller. Offers flexible outsourced controller services that can scale with the firm’s needs. Strengthens WIP reporting, job cost analysis, cash flow management and internal controls. Usually works on a fractional basis and may support multiple clients. Requires reliable remote access, accounting systems and communication. Results depend on choosing a provider with construction industry experience. In-house construction accounting team Provides dedicated, full-time support for construction accounting and daily financial operations. Builds on deep knowledge of the company’s projects, job costs, processes and culture. Offers immediate access for routine accounting and reporting needs. Increases payroll, benefits, recruiting and training costs. May not provide senior-level construction controller expertise or an outside perspective. Can be difficult to scale as project volume and financial needs change. Should you hire an outsourced controller or go in-house? If your existing financial capabilities need an upgrade, should you outsource a controller role or hire in-house? That typically depends on your specific business needs, including size, financial resources and strategic goals. 1. Business size and market position Business size is a critical factor. If your business is large enough to need full-time controller services, you may be better off hiring a full-time employee. But if you’re a smaller or medium-sized business, an outsourced controller gives you a resource to compete with larger firms in your market without taking on more headcount. 2. Financial resources Both outsourcing and internal hiring require a significant financial commitment. But one will typically make more financial sense than the other. Assess how much controller support your business needs (you may want to consult with an advisor on this) and do a cost-benefit analysis of hiring versus outsourcing for the role. Read more Why construction firms need to get real about cybersecurity How outsourced controllers can help you scale your business It’s time for construction firms to upskill their teams
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Construction technology ROI: Maximizing your investments
Construction companies are facing a challenge: How do they justify and measure their technology spends return on investment (ROI)? For an industry that has faced numerous challenges, such as labor shortages and supply chain disruptions, technology helps firms adapt to these challenges by improving efficiency and enabling new business models. The benefits of digital transformation are clear, but firms often struggle to quantify the impact of their tech investments. This hesitation can put them at a competitive disadvantage . With the right approach, though, even modest technology budgets can make an impact. Forward-thinking construction firms recognize that strategic technology investments can drive efficiency, improve project outcomes and ultimately increase profits. The key is to understand how to measure and maximize the ROI of these investments. What is construction technology ROI Construction technology ROI measures the financial and operational return a firm gains from its technology investments relative to the costs of acquiring, implementing and maintaining them. In construction, a “return” is not limited to direct revenue. It also encompasses reduced expenses, time savings, risk mitigation and improved project outcomes. Unlike a simple profit calculation, technology ROI accounts for both tangible gains, such as reduced labor hours or fewer change orders, and intangible gains, such as improved client satisfaction or stronger data visibility. Understanding ROI gives decision-makers a structured way to evaluate whether a technology investment is delivering value and where future spending should be directed. How to measure the ROI of construction technology To measure the ROI of their technology investments, construction companies need to identify the most important KPIs before adopting new tech. Measuring construction ROI helps justify spending and guides future decisions. Construction companies should focus on these key areas: Cost savings The most straightforward way to measure ROI is by calculating the cost savings achieved through technology investments. This can include reductions in labor costs, material waste and project delays. Productivity gains Mobile apps and cloud-based tools allow for real-time data collection and sharing , reducing delays and improving decision-making. To measure productivity gains, compare the time taken to complete tasks or the number of projects completed in a given time frame before and after implementing new technology. Revenue growth Digital tools that improve bid accuracy or allow a firm to take on more complex projects can win more contracts and lead to higher-value work. Track your bid win rate and the average value of contracts before and after implementing new technology to gauge this impact. Quality improvements Tools like Building Information Modeling (BIM) systems can catch design flaws early, preventing expensive rework down the line. Monitor metrics like the number of change orders, rework instances and client feedback to assess quality improvements. Safety enhancements Wearable devices, sensors and AI-powered analysis can significantly improve job site safety. The ROI here comes in the form of reduced accidents, lower insurance premiums and less downtime due to safety incidents. Track incident rates, insurance costs and lost time due to accidents to quantify these improvements. Customer satisfaction Satisfied customers are more likely to return for future projects and refer your company to others. Surveys and feedback forms can help quantify customer satisfaction levels. Data-driven decision-making Access to real-time data and analytics can lead to better project management and resource allocation. By tracking metrics in these categories, construction firms can gain a comprehensive view of their ROI. For instance, cost savings might be reflected in reduced labor hours or decreased material waste. Productivity gains could be measured by comparing project completion times before and after implementing new tools. Revenue growth may be evident in an increased bid win rate or higher-value contracts secured. The construction industry technology spending standard can vary widely depending on company size, project scope and specific technology needs. However, construction companies typically allocate a percentage — around 1% to 5% — of their annual revenue to technology investments. Spending usually covers project management software, customer relationship management (CRM) systems, enterprise resource planning (ERP) systems and other digital tools. How to calculate construction technology ROI The standard formula for calculating ROI on a technology investment is: ROI (%) = [(net benefit − total investment cost) ÷ total investment cost] × 100 In this equation: Net benefit = the total value generated by the technology (cost savings + productivity gains + revenue increases + risk reduction) Total investment cost = all costs associated with the technology, including software licensing, implementation, training and ongoing maintenance A positive ROI indicates the technology is generating more value than it costs. A negative ROI signals that the investment has not yet paid off, though some technology investments, particularly large platform implementations, may take more than a year to reach a positive return. Here’s an example A contractor invests $50,000 in a cloud-based project management platform. After 12 months of use, the firm documents the following measurable outcomes: Benefit Value Reduced rework costs (fewer change orders) $30,000 Labor hours recovered through automated reporting $15,000 New contract value from improved bid accuracy $20,000 Total net benefit $65,000 The formula gives us the following result: ROI = [($65,000 − $50,000) ÷ $50,000] × 100 = 30% This means for every dollar invested, the firm returned $1.30 in measurable value within a single year. While not every benefit will be this straightforward to quantify, even partial measurement gives leadership a defensible basis for technology decision-making. How to maximize the ROI of construction technology Construction companies with limited budgets can still make impactful technology investments. Consider the following strategies: Prioritize essential tools: Focus on technology that addresses critical needs first. Project management software, CRM systems and accounting software provide the most immediate benefits. Embrace cloud solutions: Cloud-based software typically offers lower upfront costs than on-premises solutions and can be scaled as the company grows. Invest in training: Ensure your team can effectively use new tools. Proper training maximizes ROI by helping ensure tools are used effectively. Outsource IT services: This can be more cost-effective than hiring full-time IT staff and can provide access to expertise that might otherwise be out of reach. Seek vendor discounts: Some technology vendors offer discounts for industry-specific solutions. Plan for incremental upgrades: Rather than overhauling all systems at once, plan for incremental upgrades. This approach spreads costs over time and gradually improves your technology infrastructure. Monitor and evaluate: Regularly monitor the performance of your technology investments and evaluate their impact on your operations. This ongoing evaluation helps inform future decisions and ensures you are getting the best return on your tech spending. Even modest technology investments can yield significant benefits in efficiency, productivity and profitability. By carefully selecting and implementing the right tools, small firms can position themselves for growth and success. State of technology in construction report How are other construction firms utilizing technology? To get answers, Wipfli surveyed 308 construction and real estate executives to understand their technology progress, pain points and strategic priorities. Download our 2026 state of technology in the construction industry report to gain insights from other construction leaders. Read more The AI data center construction trends shaping the next decade Data lakehouses: The key to scalable AI in construction AI Agents in construction: The new path to operational efficiency
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