Preventing Fraud in your Construction Company

RogerRossmeisl

Fraud is costly for all victimized companies, but it’s even worse in the construction sector. Some types of fraud are more prevalent in the construction industry, particularly payroll and billing fraud. Fraud Briefs Construction Company Fraud

How Technology Helps Construction Businesses Save Money

Randal DeHart

The use of technology in construction has come a long way. Many articles have already been written about how construction has been sluggish in adopting new advancements in technology compared to other business sectors.

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Bad Business Practices In Construction Bookkeeping

Randal DeHart

One of the biggest challenges construction company owners like you have with an in-house bookkeeper is training them to work for your best interest, not theirs, and deliver consistent results and the reports you can trust daily, year after year.

Ways To Sustain The Life Line Of Your Construction Company

Randal DeHart

Your construction company can run into problems by not charging enough for goods or services, having late-paying clients, growing too quickly, or simply spending too much money. Cash flow refers to the movement of money into and out of your business.

Four Key Areas To Evaluate In Your Construction Business Budget

Randal DeHart

There is no better time to reflect and think seriously about your construction business. Construction Bookkeeping And Accounting Technology For Your Construction Company Automated Data Entry Construction Systems And Processes Contractor Guidance Construction Business Budget

How To Balance Profit Centers And Cost Centers In Your Construction Company

Randal DeHart

Success in operating a profitable construction business is all about maintaining the proper balance of control over both The Profit Centers and The Cost Centers. If either one gets too powerful and is allowed to run your construction company, it can cause more damage than good.

Overcoming Your Most Common Construction Business Time Waster

Randal DeHart

Every day you make financial decisions about your company, which affect how successful and sustainable your construction business is. Keeping up with paperwork is a typical construction business timewaster we noticed in more than thirty years in the industry.

Proven Construction Business Processes When Creating Your To-Do List

Randal DeHart

When you're a construction business owner, your to-do list is often long and constantly growing longer. Business Process Management For Contractors Winning Teams Construction Productivity Contractor Guidance contractor delegation

Complexities of Sales Tax: Construction

TaxConnex

If you’re a construction contractor – especially if you’re engaged in contracts in different states – you have to evaluate your sales tax responsibilities in each state where you have customers. Generally, a business that considers themselves in the construction industry is performing a service and most services are excluded from sales and use tax. That might be true in some states but different states have different rules when it comes to construction services.

Five Effective Ways To Find New Construction Clients

Randal DeHart

Many of us who owned and operated construction companies spent thousands of dollars on these experts and, based on their recommendations, spent tens of thousands of dollars annually in full-page yellow page ads as close to the first position as possible.

Diversity in accounting: Still under construction

Accounting Today

Diversity and equality Practice management Employee relations

The ERP Takes A Wrecking Ball To Construction Workflow Friction

PYMNTS

In the construction industry, the ERP is especially valuable considering the complex network of collaborators, and subsequent high volume of data, involved in a single project. According to Satran, there are three main roles the ERP plays for construction firms today.

PwC fined £5M for shoddy audits at two construction firms

Accounting Today

Audit International accounting PwC Audit preparation

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Centsoft Unveils AP Automation For Construction Industry

PYMNTS

To help project managers and administrators save time, Centsoft has unveiled an accounts payable (AP) automation technology for firms in the construction industry. B2B Payments accounts payable AP automation B2B Centsoft construction invoice automation News What's Hot In B2B

Downtown St. Louis Construction Update: Phase 2 of City Foundry, 21c Museum Hotel Opening and America’s Center Expansion

Anders CPA

Louis, we’re always excited to share exciting construction projects happening in our own backyard. Construction has begun on the historic Butler Bros. The Anders Construction Group stays up to date on the latest projects in our city. Louis construction projects.

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Forensic Accounting for Construction Claims

FraudFiles

Tracy Coenen talks about the prevalence of fraud allegations related to construction projects and the work a forensic accountant can do in construction claims. The construction analysis includes a comparison of the following numbers: Total expected cost of the project.

Going Paperless In Construction

Withum

Blogs

Xero: Accounting for Construction Companies

FusionCPA

As an owner of a construction company, managing various elements from the field is necessary, and Xero accounting for construction companies can help.

Sage Automates Construction Finance Benchmarking

PYMNTS

Business management technology provider Sage is rolling out a new solution designed to help construction firms track the health of company finances and compare performance against industry peers. In a press release issued on Monday (April 22), Sage announced an integration between its Sage 300 Construction Real Estate platform and a benchmarking tool that is widely used in the industry.

KSM Honored by Construction Executive as a Top 50 Construction Accounting Firm

Katz,Sapper&Miller

Katz, Sapper & Miller (KSM) has been named one of The Top 50 Construction Accounting Firms in the country by Construction Executive (CE) magazine

Viewpoint Construction Software Local User Group Meeting

Katz,Sapper&Miller

Katz, Sapper & Miller’s Construction Services Group will host a Viewpoint Construction Software® Local User Group Meeting Feb. 11 in Indianapolis

Goldman-Backed Construction FinTech Rabbet Raises $8M

PYMNTS

Rabbet, an intelligent construction finance platform, announced Wednesday (Feb. With the support of Goldman Sachs , QED and Camber Creek, Rabbet will further its mission to bring frictionless transactions to the construction industry,” Rabbet CEO and Co-Founder Will Mitchell said in the press release. Our name represents our commitment to strengthening connections in the real estate industry and fueling today’s connected construction economy.

Key Performance Indicators and your Construction Company

Withum

Blogs

Construction Industry Seminar: Fraud and Embezzlement

Katz,Sapper&Miller

Katz, Sapper & Miller’s Andrew Goodman will speak at the AssuredPartners Construction Industry Seminar. 19 in Indianapolis, the seminar brings construction professionals together to discuss trending topics in the industry including the legal, financial, and operational risks that construction firms face Taking place Nov.

Home Construction Rebounds In May, But Trouble Lingers

PYMNTS

home construction collapsed in March, the sector rebounded in May after steep declines caused by COVID-19 shutdowns, according to the U.S. Economy economy home construction NAHB News What's Hot ZillowFor the first time since U.S.

Construction Payments: Building The House With Virtual Cards

PYMNTS

Keeping Construction Payments Fraud-Free. trillion construction market can have long-ranging effects. Cash flow problems can result in construction firms delaying payments to vendors, suppliers or subcontractors, which in turn can result in late delivery of supplies, therefore delaying projects from the beginning. In today’s highly interconnected ecosystem, businesses rely on many other companies to keep their operations running smoothly.

Finding The Right Incentives For Faster B2B Construction Payments

PYMNTS

construction giant Carillion collapsed, but the saga continues to send shockwaves throughout the global construction industry. Small businesses are the fabric of the construction industry,” he said. Nearly two years have passed since U.K.

KSM to Host Construction Industry Update

Katz,Sapper&Miller

KSM’s Construction Services Group will host a Construction Industry Update Aug. 15 in Indianapolis and Fort Wayne, IN

Why Communication Is Key To Faster Construction Payments

PYMNTS

Late payments are a headache for any industry, but the construction sector has seen some particularly detrimental effects from cash-flow bottlenecks. the collapse of construction conglomerate Carillion pulled back the curtains on the corporate’s B2B payment practices. Just a few months later, Welsh construction giant Dawnus met its demise, again calling to light the troubling practice of delaying payments to suppliers and subcontractors, often small businesses.

Deep Dive: Building Steady Construction Cash Flows With Digital Tools

PYMNTS

trillion construction industry has not yet had its moment of digital reckoning. Recent data indicates that construction firms typically rank in the bottom percentage of U.S. Construction firms looking to remain profitable must ensure proper cash flows and complete projects on time, but old school practices can get in the way. The Bureau of Labor Statistics found that the average annual salary for construction workers is $34,810. The $1.8

How High-Profit Jobs Can Make Or Break Your Construction Company

Randal DeHart

Knowing which jobs have the highest probability of success and profit before getting involved moves your construction company from an unpredictable roller coaster to a peaceful merry-go-round.

Palette Unveils AP Automation Software For Construction Firms

PYMNTS

Palette Software unveiled accounts payable (AP) automation technology that is designed for firms in the construction and engineering industries and run on the cloud, according to an announcement. In June, Centsoft introduced AP automation for companies in the construction sector.

Nvoicepay Integrates Into Viewpoint’s Construction Software

PYMNTS

The latest research in B2B payment practices within the construction sector isn’t good: Two-thirds of small- and medium-sized businesses (SMBs) surveyed by the U.K. Just days after the FMB published its findings, invoice payment firm Nvoicepay announced a partnership with Viewpoint , a software firm targeting the construction space. These innovations are how we continue to transform the construction industry with cutting-edge technology.”.

Deep Dive: How Digital AP Can Help Construction Firms Navigate Payment, Procurement Challenges

PYMNTS

Many of these processes are decades-old and must follow complex regulatory guidelines, as is the case in the construction industry. Construction companies are facing both time and cash crunches due to dwindling work opportunities and slower payment timelines during the crisis.

Why Construction Payments’ Friction Has Nothing To Do With Payments

PYMNTS

A B2B transaction in an industry like construction, where what triggers a payment isn’t a single, simple invoice. It is perhaps unsurprising, then, that the construction sector is no stranger to delayed and late B2B payments. According to construction loan automation software company Rabbet , the vast majority of subcontractors get paid far beyond their net 30 terms. What’s more complicated than a B2B transaction?

The Construction Industry’s Lending Catch-22

PYMNTS

Credit underwriting is more reliant than ever on Big Data, and one of the industries in which this is most pronounced is the construction industry. Plus, the construction industry today is complicated by delayed and late payments to contractors, sub-contractors and suppliers, while payments also face additional friction by the manual process of lien waivers, which confirms parties on a project have received payment and therefore have waived lien rights to the owner’s property.

In Construction, Tech Provides The Blueprint To Profits

PYMNTS

There is a sudden surge in construction technology startups, and investors have perked up. Analysts forecasted a 40 percent increase in venture capitalist (VC) funding for construction startups between 2014 and 2017, with investments totaling $375 million last year. Other construction firms like Procore and FLUX have earned multimillion dollar funding rounds from big-name VCs, too, as innovators tackle the nuanced complexities of an industry.

FinTech Mobilizes To Repair Construction's Biggest B2B Payment Pains

PYMNTS

Although the concept is designed to support greater control over cash flow — especially for buyers — in the construction industry, “net terms” doesn’t necessarily mean what it implies. According to Yaser Masoudnia , CEO of LinqPal , which launched last month, this legacy B2B payments framework is just one example of the variety of legacy payment workflows upon which the construction industry relies. Net terms are a staple in the B2B payments arena.

KSM Honored as a Top 50 Construction Accounting Firm

Katz,Sapper&Miller

Katz, Sapper & Miller (KSM) has been named one of The Top 50 Construction Accounting Firms in the country by Construction Executive (CE) magazine

Comdata Powers Virtual Card Payments For Construction Sector

PYMNTS

Financial solutions provider Comdata is teaming up with Computer Guidance Corporation to integrate virtual card payment functionality for the construction industry. Computer Guidance Corporation offers cloud ERP solutions for the construction sector. Matt Butler, vice president of construction at Comdata, added that the partnership will help Computer Guidance customers “minimize the pain and hassle of paper checks and manual processes” when paying their suppliers.

Construction Ponders The Equipment Rent-Versus-Buy Dilemma

PYMNTS

However, according to Keith Holmes, VP of operations at equipment rental platform BigRentz , in the last several years, he has seen a significant shift from the purchasing model to the rental model among the construction companies that use the site. A construction company that secures a contract from a nationwide company like Walgreens or Walmart may have to rent the same type of equipment at multiple locations in the U.S.

Land Gorilla On Pulling Lenders Into The Fold Of Construction Payments Friction

PYMNTS

Construction FinTech has evolved to target an array of financial friction points, with delayed payments, a mountain of paperwork and a crowded supply chain of contractors and subcontractors adding hurdles in the financial supply chain. There is widespread opportunity for FinTech to enhance visibility into the B2B payments process in the construction space, promote faster electronic payments and boost cash flow visibility.

As Construction Booms, So Does Fraud

Katz,Sapper&Miller

With the construction industry closing in on a decade of strong performance, all levels of employees should be aware of these threats and the costs of recovery (in both time and expense Wherever financial information and funds flow, there is the potential for losses caused by cyberattacks, fraud, and embezzlement.