Blogs

3 Effective Strategies to Address Profit Leakages in your Construction Business

By Edward Williams posted 2 days ago
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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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Half of the job vacancies in the construction industry disappear.

By Edward Williams posted 11 days ago
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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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5 Ways Document Management is Hurting your Construction Bottom Line

By Edward Williams posted 11-03-2022
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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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How can data management help contractors with better decision making?

By Edward Williams posted 10-10-2022
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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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Top 5 Lean Construction Advantages & How to Leverage Them

By Edward Williams posted 09-01-2022
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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 XCON 2022 Conference Keynotes

By Carol Hagen posted 08-21-2022
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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?

By Michael King posted 05-11-2022
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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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The Intersection of Safety and Finance

By John Welches posted 08-05-2021
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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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Creating Digital Worksites: The 5 Step Guide To Transform Your Construction Business For Future

By Edward Williams posted 07-16-2021
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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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When to Pass The Receiver!

By Michael King posted 05-04-2021
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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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How Technology Is Transforming The Future Of the Construction Industry

By Edward Williams posted 05-04-2021
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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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Employee Utilization for Production

By Nicolaos Kritikos posted 03-16-2021
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Good morning Everyone, I am looking to see if there is anyone that has any information or excel workbooks that can help with figuring out a good way to manage monthly production against more specified benchmarks. I am currently the controller of a Finish Carp and Painting company and trying to get our field managers more involved in understanding the impact of production from the field employees. Any book or excel suggestion would greatly be appreciated.
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What is Tax Code 179

By William Butler posted 02-15-2021
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What is tax code 179? Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and software purchased or financed during the tax year. That means that if you finance or lease a piece of equipment, you can deduct the FULL PURCHASE PRICE from your gross income. Who Qualifies for Section 179? Businesses that purchase, finance, or lease new or used business equipment during the tax year should qualify for the Section 179 Deduction (assuming they spend less than $3,630,000). Advantage of Tax Code 179 The main Advantage of Financing or leasing equipment is that you can deduct the full amount ...
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Streamlined Small Business Bankruptcies

By Michael King posted 01-21-2021
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QUESTION: WILL THE DEADLINES SET BY THE SMALL BUSINESS REORGANIZATION ACT OF 2019 ACTUALLY SPEED UP SMALL BUSINESS BANKRUPTCIES? ANSWER: SMALL BUSINESS REORGANIZATIONS WILL ONLY BE FASTER IF THE DEADLINES ARE ENFORCED! Other than sunrise and sunset, few deadlines are self-enforcing! The mandatory expedited deadlines in the Small Business Reorganization Act won’t speed up cases unless judges enforce them. If the Standing Trustees and the creditors actively urge courts to enforce the rules, there is a chance that small business reorganizations will be timely completed. What are the basics of the new Subchapter ...
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The Small Business Reorganization Act: Blessing or Curse?

By Michael King posted 12-04-2020
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QUESTION: SHOULD I WORRY ABOUT THE SMALL BUSINESS REORGANIZATION ACT OF 2019? ANSWER: CREDITORS SHOULD BEWARE OF SIGNIFICANT NEW PROTECTIONS BEING GIVEN DEBTORS UNDER THE SMALL BUSINESS REORGANIZATION ACT! The History of Small Business Bankruptcies. In October 2005, I wrote: The costs of a Chapter 11 bankruptcy reorganization are often more than a small business debtor can handle. Statistics show that many small business Chapter 11 reorganization proceedings eventually become Chapter 7 liquidation proceedings. Congress wanted to help small business debtors move through the bankruptcy process more swiftly and so it created the concept of the ...
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Microsoft Teams Tips, Tricks & Best Practices

By Carol Hagen posted 10-21-2020
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Our CFMA (Valley of the Sun) webinar on Teams Zoom & Skype has passed and while we had almost a dozen members attend, Microsoft Teams seems to be the clear winner. To that end I thought you’d all benefit from a few Microsoft Teams recommendations, tricks & tips. Hope you all put this to good use! How to turn off notifications : https://www.onmsft.com/how-to/how-to-manage-notifications-in-microsoft-teams-and-not-get-annoyed If you ever need to open two channels in the same account at the same time , this “How to run multiple instances of Microsoft Teams with two different accounts” is awesome! https://www.onmsft.com/how-to/how-to-run-multiple-instances-of-microsoft-teams-with-two-different-accounts ...
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Microsoft Teams Tips, Tricks Best Practices

By Carol Hagen posted 10-21-2020
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Our CFMA (Valley of the Sun) webinar on Teams Zoom & Skype has passed and while we had almost a dozen members attend, Microsoft Teams seems to be the clear winner. To that end I thought you’d all benefit from a few Microsoft Teams recommendations, tricks & tips. Hope you all put this to good use! How to turn off notifications : https://www.onmsft.com/how-to/how-to-manage-notifications-in-microsoft-teams-and-not-get-annoyed If you ever need to open two channels in the same account at the same time , this “How to run multiple instances of Microsoft Teams with two different accounts” is awesome! https://www.onmsft.com/how-to/how-to-run-multiple-instances-of-microsoft-teams-with-two-different-accounts ...
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Construction Company looking for strong Staff Accountant

By Anthony DiFerdinando, Jr. posted 10-07-2020
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To All: Construction company located inside the DC beltway looking for a strong staff accountant with 2-5 years of GL experience. Great place to work. Immediate opening. Please forward resume to tdiferdinando@gmail.com Thank you in advance for your efforts. Tony
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Quick Survey - Payroll

By John Barbee posted 07-08-2020
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How many companies control or process payroll through the accounting department and how many companies control or process payroll through the human resources department? To encourage responses, just type Accounting or HR" Thank you very much. John R. Barbee Vice-President of Accounting and Controller O: 704.897.2297 E: jbarbee@hep-petra.com W: www.hep-petra.com 11330 Vanstory Drive, Suite 101 Huntersville, NC 28078
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Note From Your CFMA Chapter President!

By Joel Van Egdom posted 07-06-2020
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Greetings, Siouxland Chapter of CFMA! I’m hoping everyone had an enjoyable 4 th of July! With the arrival of July we have heat and humidity continuing in the Midwest and local baseball seasons in full swing. Over the first number of days of July, we have also seen COVID-19 case trends increasing in areas across the United States, and we ask that you continue to keep those impacted in your thoughts and prayers as individuals and businesses have been significantly impacted both in our local communities and around the world. Many months have flown by since our local chapter last had the opportunity to meet in person. On April 1, we transitioned to a new CFMA ...
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