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Construction Industry: 4 Predictions for 2016 and beyond

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2015 has been a momentous year for most fields of the construction industry, and for most states. We have seen our clients adapt to the forever changing market and now we will give you a little bit of insight into what we are expecting for 2016 and beyond.   1.      Use of…

Understanding WIP Accounting for Construction

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In some cases, it is simple to determine the timing for Revenues Earned, once ownership of a product is transferred or a service is complete, revenue is considered to have been earned. But if revenue recognition is delayed until the end of a long term contract, the Matching Principle of…

The Most Valuable Report on a Contractor’s Desk

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If you don't recognise the term WIP, join the crowd. Work In Progress confuses most contractors - mainly because it was originally used by accountants and bankers as a financial instrument for the manufacturing sector.  But due to increased complexity in construction law and project risks contractors need additional financial…

Managing Financial Control Through the Project Lifecycle

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How do some construction companies manage financial control throughout the project life cycle when others struggle to understand profitability once the dust settles? To believe this article is worth reading, you first need to agree on two fundamental truths in construction management: A construction company’s measure of profitability is entirely…

Is Your Business Managing Variations Effectively?

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Variations management comes in different forms but the criticalness of getting paid or confirming payment is appropriated correctly is a business critical function for contractors.  From my experience working in construction management for over 20 years, companies that manage project change well have a drastic advantage. 3 traits of successful…

Benefits of Construction Management Software

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I have been working in the construction industry for over thirty years and have helped many clients through my business: Quest Business Solutions. As the director of a construction software company I always have business owners or employees asking what we can do for them and how their business will…

Do staff need special skills to use ProContractor Job Cost Accounting?

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There is much to be gained by refreshing your business processes but when that entails changing software systems many administration staff have difficulty making the transition without bringing baggage.  Most on-the-job educated bookkeepers that have grown their skills in one business would find changing business software a daunting prospect.  But…

Is Estimating Software worth it?

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Many construction companies are finding estimating software and cloud technology is replacing their old methods – find out why There is estimating software for virtually every part of the construction process for a variety of industries. Softwareadvice.com has performed a lot of research on the needs of professionals in the…

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