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

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.

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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.

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.

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

Going Paperless In Construction

Withum

Blogs

Construction Lenders Endure Rollercoaster Of Market Disruption

PYMNTS

construction is in the midst of a roller coaster of disruption. Demand for building is on the rise, and these projects need financing, but for construction lenders to juggle the myriad factors influencing borrowing needs and risk profiles is no easy feat.

Key Performance Indicators and your Construction Company

Withum

Blogs

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

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.

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.

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.

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.

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

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.

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.

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.

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.

Construction Cash Flow Health Is Built On Payments Predictability - Not Speed

PYMNTS

The construction industry has garnered a notorious reputation for its B2B payment challenges. Having industry-specific expertise when tackling cash flow pain points can be essential for FinTech solutions of all kinds, and that includes the construction industry.

Cool WIP: Revamping your Construction Work In Progress

Withum

Articles

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

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?

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.

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.

Amex: Payments Tech Builds Healthier Cash Flows In Booming Construction Market

PYMNTS

Rising supply and demand throughout the construction industry can be a fickle beast for the builders, contractors, buyers and suppliers operating in the space.

B2B Payments Today: Billd Talks Construction Cash Flow; Bill.com Announces AR Acquisition

PYMNTS

Today in B2B payments, Billd talks construction cash flow predictability, and Bill.com strikes an accounts receivable acquisition. Construction Cash Flow Health Is Built on Payments Predictability, Not Speed.

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.

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.

Wawa To Construct Drive-Thru-Only Convenience Store In PA

PYMNTS

Wawa continues to test new store concepts with this latest drive-thru format, providing an opportunity for our customers to still experience and enjoy their favorite Wawa products while remaining inside their vehicle,” said Terri Micklin , Wawa’s director of construction, in a statement. “It

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

Construction Contractors: INDOT Offers Flexibility In Submitting Required Forms

Katz,Sapper&Miller

INDOT’s Prequalification Division has released updated guidance for construction contractors who need to submit Statements of Experience and Financial Condition

Withum Ranks in Top 15 of Construction Executive’s Annual Top Firm List

Withum

News

Getting B2B Payments In Construction On The Same (Digital) Page

PYMNTS

There are a lot of factors that make B2B payments in the construction industry a challenge. “Something unique about payment in construction is that it’s different than just getting money from point A to point B,” he continued. There are many more layers to that, and there are a lot of expensive risks with construction.” In order to change B2B payments in construction, the industry’s culture has to change, said Wolfe.

KSM’s Construction Services Group to Host Viewpoint Construction Software Local User Group Meeting Feb. 4

Katz,Sapper&Miller

Katz, Sapper & Miller’s Construction Services Group will host a Viewpoint Construction Software® Local User Group Meeting Feb. 4 in Indianapolis

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.

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.

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.”.

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.

KSM to Host Virtual Viewpoint Construction Software Local User Group Meeting

Katz,Sapper&Miller

In order to keep our clients and friends safe and healthy during the COVID-19 crisis while still providing a forum for open discussion, Katz, Sapper & Miller’s Construction Services Group has temporarily moved our usual in-person Viewpoint Construction Software® Local User Group Meeting to a virtual event on June 17 from 2:00-4:00 p.m. EDT.

Barclaycard Targets Construction?s Cash Flow Struggles With SMB Cards

PYMNTS

’s construction industry continues to struggle with late supplier payments, a new commercial card product from Barclaycard aims to address some of the cash flow issues among small businesses (SMBs) in the sector. In collaboration with construction materials supplier Travis Perkins and retailer Toolstation , Barclaycard’s new line of commercial cards targets SMBs in the construction sector with an extended interest-free period. ’s construction sector.

Construction Is Trying — Really — To Move Away From Paper

PYMNTS

Visit a construction job site and – along with the water coolers, chain link fences, portable toilets and tools – chances are you will come across stacks of papers, including plans, permits and invoices. The cost of late payments in commercial construction runs $40 billion annually, according to one recent industry report. Construction is an industry with many moving parts, with contractors, subcontractors and suppliers all sending receipts and invoices back and forth.

KSM to Host 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 Oct. 3 in Indianapolis