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The construction industry is currently experiencing a digital revolution due to its complex projects and business operations. Cloud Financial and Project Management solutions are at the forefront of this transformation. Modern technology is not only changing the way projects are managed, but it is also redefining the industry’s future. Traditionally, the construction sector relied on a mix of paper-based processes and standalone software, leading to inefficiencies, data silos, and limited scalability. Cloud systems have revolutionized this approach by offering integrated, scalable, and real-time solutions. In this blog post, we will discuss how cloud financial, ...
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We have Subcontract clients ask us all the time. Is there a better way to handle the Pay Application process. All the different forms specific to GC's, keeping up with the compliance requirements, and change orders. There is a better way - Connect with us if this interest your company. Bill@kormoski.com
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As accountants in the construction industry, you’re no stranger to the unique challenges faced by builders, contractors, and project managers. From budgeting and resource allocation to compliance and profitability analysis, the intricacies of construction accounting demand specialized tools. Enter Acumatica Cloud ERP , a comprehensive solution designed to meet the specific needs of construction businesses. What Is Construction Accounting Software? Construction accounting software is tailor-made for the construction industry. It goes beyond standard accounting practices to address the complexities of project-based financial management. Here are some ...
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Large Language Models (LLMs) and Artificial General Intelligence have been the talk of the town lately. But, have you ever wondered how these advanced AIs would perform on real-world (e.g. construction accounting) problems that require fundamental human abilities? GAIA's (Dec’ 23) measurement dataset debunks the myth of AI outperforming humans. Human respondents obtained 92% vs. 15% for GPT-4 equipped with plugins on GAIA's questions. This performance disparity contrasts with the current trend of LLMs outperforming humans on tasks requiring professional skills like accounting and law. The advent of Artificial General Intelligence (AGI) hinges on a system's capability ...
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5 Ways to Avoid Wireless Bill Shock Some enterprise plans nickel and dime you – until that change adds up to thousands of dollars in unplanned expenses each month. A few years ago, people worried about the high cost of voice minutes while roaming. Now, as we increasingly rely on data, your data fees can quickly spiral out of control. However, it’s hard to estimate each employee’s data usage so that you can give them the most cost-effective plan. Here are five ways to keep your enterprise wireless costs under control – without sacrificing productivity or convenience while employees travel: 1. Automate your roaming option. Many ...
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Joining sponsors that are dedicated to the construction industry at CFMA's Annual Conference & Exhibitions in Colorado from July 15-19, 2023, ProjectPro is thrilled to engage with peers across the construction industry. ­­ As a leading construction software provider, ProjectPro aims to offer innovative solutions to address construction companies' challenges. This five-day event promises many educational opportunities, networking prospects, and a platform to showcase mission-critical product offerings. Let's explore how ProjectPro's participation at CFMA will benefit construction professionals and foster industry growth. Industry Expert Educational ...
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In recent years the construction industry has gone through dramatic fluctuations due to factors like COVID-19, material acquirement delays, and changing consumer behaviors. Miraculously, the industry still managed to pull off a win, going 17% above last year’s record to a whopping $1 trillion. Industry experts predict a slowdown in this upward trajectory due to the rising interest rates. Fortunately, owing to government funding, particularly for commercial projects, the construction industry will likely not feel the brunt of any ensuing economic turmoil. To aid your construction company in remaining competitive in the times to come, we’ve assembled a list ...
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Efficient management is crucial in the construction industry, and staying organized while accurately estimating and quoting jobs is a key aspect of successful project execution. With the latest advancements in construction accounting software, such as ProjectPro, managing jobs has become more streamlined and effective. In this article, we will explore the benefits of job quoting, purchasing, procurement, and planning offered by ProjectPro, and highlight how it can enhance your construction management experience. Job Quoting · Comprehensive Scope of Work: Job quoting ensures that no aspect of the project is overlooked. Detailed job quote templates ...
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Data security is essential for any construction project. With the advent of cloud computing, many construction firms have started using cloud services to store and manage their project information. However, data security in the cloud is always a concern for many businesses. This article will discuss the best practices for securing your construction project information in the cloud. Best Practices for Securing Your Construction Project Information in the Cloud Choose a Reliable Cloud Service Provider The first step in securing your construction project information in the cloud is to choose a reliable cloud service provider. Unfortunately, not all cloud ...
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The primary goals of construction firms are to construct buildings and generate profits. However, many struggle to remain profitable despite excelling at the former. One reason for this is the way bids are performed and contracts are negotiated. Clients, particularly in the public sector, often prioritize cost over the expertise, experience, and quality of the contractor's work when hiring a construction contractor. During the previous economic downturn, intense competition and a decrease in opportunities caused many companies to reduce their bids in order to remain competitive. They survived on very narrow profit margins, simply to have enough work ...
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The construction industry has been hit hard by the COVID-19 pandemic, with a significant number of job openings disappearing. According to recent data, half of all construction job openings in the United States have vanished, leaving many workers struggling to find employment. The pandemic has forced many construction projects to be postponed or canceled, resulting in a significant decrease in the number of job opportunities available. Many construction companies have had to lay off workers or put them on furlough, and the job market in the industry has become increasingly competitive. According to Basu's report, the total count of available ...
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Every construction contractor will agree that managing documents manually is a tedious process. This leads to poor coordination, human error, and missed files, often costing them money and time. This is why choosing a robust platform is crucial. It can dramatically reduce your troubles and keep your projects on track. Here are the top five document management problems and five practical ways to overcome each. Depending on manual coordination rather than transforming workflow digitally For obvious reasons, every document manager on any construction project undergoes tremendous pressure. A single mess in any project process, ...
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According to experts, the global data management market is expected to reach $190 billion by 2027. The more your construction business expands, the bigger your database becomes. The problems you may encounter while growing your database could be issued with data management, storage issues, tech bugs, etc. To prevent this, you must devise an effective data management strategy and use the best data management tool for high convenience and quick data access. Nearly 83% of construction businesses consider data an indispensable part of their strategies. Moreover, more than half recognize the unfavorable influence of inaccurate data on their business ...
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Construction projects are complex. There are several factors that contribute to its movements like a herd of turtles—minor inefficiencies, strict deadlines, and timeframes add up quickly to high cost and wastage. This is where lean construction can help you survive and thrive. With lean construction principles, you will experience a reduction in waste and an increment in project value. In this guide, we’ll be sharing five lean construction benefits that your organization can leverage efficiently. Ensure that every principle you implement depends on your specific situation. 1. Improves Planning and Scheduling Inadequate scheduling is one ...
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Bluebeam has become the construction PDF program of choice with over 2 million users and growing. I'll be attending XCON, blogging and send a few social media updates on best takeaways, productivity tips, etc. My employer, U.S. CAD, a Bluebeam Platinum Reseller is one of the sponsors and we have some great giveaways. If you have team members going, have them stop by our booth 201 and mention CFMA when they visit , or find me at the event (I'll be the only one wearing Bluebeam shoes)! The XCON conference is August 23 & 24, 2022 and I know many CFMA firms didn't budget for a trip to San Diego for their team, so here's the next best thing, attend ...
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Irrevocable Gifts?

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QUESTION: I CAN’T BELIEVE I MADE THAT STUPID GIFT, CAN I GET IT BACK? ANSWER: EVEN GIFTS MADE IN CONTEMPLATION OF MARRIAGE ARE NOT RETRIEVABLE! We are all familiar with buyer’s remorse and hopes to rescind a contract. But, can we get back gifts we later regret having made? Almost seventy years ago, this issue was presented to Judge McGivern in Splendore v. Guglielmo the Supreme Court, Special Term, New York County, 205 Misc. 941 (1954). Why did the donor want the gift back? As Judge McGivern said: "In Manhattan's East Harlem, on the fiesta of Our Lady of Mt. Carmel, in the year 1948, Charles Splendore, the plaintiff, first met ...
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For all the right reasons, safety is a central theme in the construction industry. For crews in the field, safe practices can literally be a matter of life and death. For the accountants and financial planners back at the office, safety is important, too: not just because they also care about the wellbeing of their coworkers, but also because safety incidents drive up costs. Finance professionals working in the construction industry can add value to their organizations by becoming part of the safety conversation. Among other things, helping executives and field supervisors understand the “business side” of their safety efforts can give them added context. ...
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The need for digitization is intense in every industry and construction is no exception. But, being notoriously resistant to changes, the construction industry is still lacking behind the others when it comes to adopting new technological solutions for improving efficiency. According to a report , less than six percent of construction firms utilize digital planning tools to the fullest, while 93% of them agree that digitization will impact every process positively. This is one of the reasons why construction is the least digitized industry in the USA with productivity remaining flat for the last 20 years. After the pandemic, several players in ...
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QUESTION: DO CHANGES TO RECEIVERSHIP LAW MATTER TO MY COMPANY? ANSWER: THE UNIFORM COMMERCIAL REAL ESTATE RECEIVERSHIP ACT CAN REALLY HELP YOU OR REALLY HURT YOU. What are the statutory powers of these new receivers? The Uniform Commercial Real Estate Receivership Act ("UCRERA") grants some of the most frequently used equitable powers of equitable receiverships to statutory receivers by default, with no specific court order needed. The receiver by statutory authority has the ability to: Control and manage property; Operate a business related to receivership properties; Pay debts related to receivership property; Assert ...
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At present, the construction industry is going through an extensive transformation. Though 2020 turned out to be an unfavorable year for many, the business has started to boom again, paving the way for opportunities in the pipeline. The situation has resulted in construction companies experiencing extraordinary pressure due to competitive bids and timelines. In addition to this, the ever-growing scarcity of skilled workers and labor resources has made contractors bear the challenge of projects running 20 percent over time and 80 percent over budget, as per the reports shared by McKinsey . However, construction companies are trying to curb this pressure by ...
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