When business is booming and the workday feels never ending, the last thing a contractor wants to worry about is keeping track of paperwork—losing hours of the day to administrative tasks that could be done with the click of a button.
The digital economy is moving faster than ever; however, according to a survey from Hearth, 48% of contractors are still using paper invoices. Digital contracts are a solution to the stress and hassle caused by an abundance of unnecessary paperwork.
According to Freshbooks’ Digital Economy Report for 2021, one of the greatest benefits of digitizing for business owners is the ability to stay on top of payments. Paper methods were by far the slowest option compared to digital contracts and transfers that take a fraction of the time.
Here are a few reasons why every contractor should integrate digital contracts into their business.
Convenience
Carrying around a ton of paperwork is inconvenient. What’s even worse is forgetting paperwork at the office. With digital contracts, everything a contractor needs to get a building owner to sign off on a job is at their fingertips. From the truck, office, or a customer’s table, contractors can be ready to hit send on a contract anytime.
Collect digital signatures
Chasing down a signature or waiting by a fax machine is time that could be spent selling, on the job or with family. Digital contracts allow contractors to take control of their time and schedule. And there’s no risk of losing important paperwork because digital contracts can be stored and accessed from anywhere.
Schedule payments
Digital contracts allow contractors to set up payment schedules for customers. Securing down payments is crucial to be able to buy materials and complete projects. Digital tools help collect payments that otherwise might take longer to collect.
Improve Cash Flow
Digitizing contracts gives contractors and business owners the ability to stay on top of payments and get paid faster. A common challenge to many businesses is cash flow management, but with digital contracts and scheduled payments, transfers can be quick and easy—as funds can be received in about half the time. Digitizing payment tools means taking control of finances.
Increase Functionality and Revenue
Digitization is no longer just for tech hubs, but a smart, strategic move for the contracting industry as a way to increase the revenue and optimize the sales process of any business. Businesses using digital tools experience a 61% increase in revenue and contractors using digital contracts will far exceed the growth of their paper counterparts.
With the digital economy expanding at such a rapid pace in recent years, the possibilities are endless. Not only are digital contracts more convenient, they also improve cash flow and functionality. Digital contracts present opportunities to create better connections with customers and clients. By taking away the stress and hassle of paperwork, contractors can take advantage of modern tools to establish new lines of business—reaching customers that they may not interact with otherwise.
