Your Top 5 AccuDraw Budget Questions, Answered!
A construction loan project largely revolves around the budget, so it’s worth the effort to make sure this piece is absolutely correct. But how much time are you spending on formatting and uploading versus the time spent reviewing the actual budget? If this sounds like you or your team, you’re not alone. Manually formatting budgets takes time, not to mention the risk of costly typos or errors.
AccuDraw makes tracking budgets quick, easy, and accurate for you and your contractors. Today, we’re taking a minute to review 5 of the most common questions we get about budgets and AccuDraw Construction Loan Software.
Your Top 5 Budget Questions
My contractor likes to submit budget in XYZ format. Can AccuDraw import this?
Many construction lending software systems will make you do the work to convert your contractor budgets into a standardized template or form that it can use for reporting and tracking your construction draws and disbursements, but AccuDraw can handle it all. All you need is the Excel format – AccuDraw can do the rest!
Can AccuDraw divide out construction loan disbursements across draws?
Yes! AccuDraw can do that, track it, and even automatically let your contractor know the money is in their account.
Can I format or print my contractor’s budget?
With AccuDraw, you can easily set up custom formatting or print the budget in whatever format or style you need. It’s that easy!
Can AccuDraw keep track of multiple sources of construction loan funding?
Yes! With AccuDraw, it’s easy to track funding from primary banks, subscribing banks, equity from builders, and beyond. Plus, you can combine these sources into whatever allotment you need and into whatever order you like. If one source needs to be used first or if another source can only be used for a specific part of the project, AccuDraw’s software can handle it.
What happens if something gets entered or updated incorrectly?
With AccuDraw’s new user interface, we’ve made it easier than ever to immediately track the status of your entire project and individual line items. Any discrepancies highlighted are easily highlighted in red. Even better, you’re able to completely customize exactly what you want to track, including funds vs. budget, actual variance, and % complete vs. % drawn.
Ready to Try AccuDraw?
We’ve been working with construction lenders for more than 20 years, which means we’ve got over two decades worth of experience to help you manage and track every part of your construction loan budget.
We work hard to make sure you’re 100% confident that AccuDraw will be the right fit for your construction lending. Contact us today for any other questions you have or to try a free demo of AccuDraw 7!