When a construction company uses its accounting department to its fullest potential, great things start to happen. Stakeholders make better decisions and risks are often identified and minimized sooner, with less effort. This means increased profits, shorter timelines, and a more well-rounded business. But accounting teams can’t accomplish this if they’re left out of the picture.
Why should you pay attention to the changes? The difference between an employee and an independent contractor is important because taxation is different for contractors vs. employees, and independent contractors are not subject to the minimum wage requirements, overtime requirements, and a number of federal and state laws that cover employees.
The national construction industry added 39,000 jobs on net in March, according to data released Friday by the US Bureau of Labor Statistics. On a year-over-year basis, industry employment has expanded by 270,000 jobs, an increase of 3.4%.
National nonresidential construction spending decreased 1% in February. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.179 trillion for the month.
Critical path method, or CPM, scheduling has been at the core of construction projects for decades. What started as a simple analog process, which consisted more or less of gathering a group of individuals around a planning room board to assemble activities and milestones, has evolved into a comprehensive digital process that can incorporate a host of previously unconnected areas of project execution.
One of the accounting department’s greatest assets is its ability to assess risk and avoid it. Construction accounting personnel are generally risk-averse despite working alongside the adventurers who push construction projects forward.
The national construction industry added 23,000 jobs on net in February, according to data released today by the US Bureau of Labor Statistics. On a year-over-year basis, industry employment has expanded by 215,000 jobs, an increase of 2.7%.
National nonresidential construction spending decreased 0.2% in January. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.190 trillion for the month.
Do you want to make 10% more money? (Most project managers probably do!) Do you want to make 10% more money by working 10% more hours, and 10% harder? (Probably not so much.) That’s why profitability matters, explains Leslie Shiner, author and construction financial consultant.
Loose bolts have been in the news quite a bit following the Jan. 5 Alaska Airlines door plug incident—and from subsequent quality investigations at manufacturer Boeing Co. and its suppliers. Even the most experienced workers make mistakes, and intense schedule and cost pressures make errors more likely.
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