Good cost estimating software improves your work in several ways.

First, since it maintains standard cost data, you spend less time costing out resources and supplies. This helps when things get complicated. Duane Craig, formerly of GCA Builders in New York, was once erecting several storage buildings when he discovered "a rock the size of a Volkswagen," the removal of which promised to send cost overruns skyward. "We needed a report that showed what it would cost to continue. Having [Bid4Build] made that task a whole lot quicker and simpler than if I would have had to go to a spreadsheet solution and pull costs from a book. We saved close to 60 hours of my time alone, plus we were able to better sort out bids for various parts of the job much more quickly and accurately," he said.

Second, cost estimating software can be integrated with your construction management and accounting software. Such integration eliminates redundant data entry, which a common source of mistakes.

Third, you'll spend less time wielding a ruler, since most packages allow you to take off quantities from a blueprint using a digitizer. A digitizer tablet -- there are many on the market -- lets you trace a stylus over the drawing to "take off" lengths and areas. You quickly pick up lengths and areas, give a graphic representation of the drawn line to reference from, and conveniently drop the quantities into the cost estimating spreadsheet.

Fourth, once you have implemented cost estimating software, you can use it to double-check old estimates. For example, Davis Edwards, a project manager at Gray Purcell, used Plan Swift to revise estimates for three projects. "I found many items that were incorrect or missing. Those errors could have amounted to over $1.3 million in lost revenue," he said.

Fifth, cost estimating software generally offers multi-user support. This means that all your estimators, including those out in the field, can work on a bid at the same time and make real-time revisions to key data.

*** To learn more about how to start your selection process and properly budget for cost estimating software, go to the next article: Construction Estimating Software Buyer's Guide: Selection