Article written by Natalie Ritchie on the Viewpoint blog

Managing cash flow for a large construction project is tricky — not just because you don’t get paid immediately, but also because you’re dealing with progress claim preparation, submission deadlines, varying substantiation requirements and variation and claim negotiations — all of which distract you from actually doing the work and finally getting payment.

Adding to the complexity are project durations (which can go from days to years), the broad scope of work, the logistical sequencing of tasks and any conditions tacked onto the contract.

Considering these complexities, it’s easy to understand why, throughout the life of a project, a variety of things can change — directly impacting the original cash flow forecast.

But when underlying project revenue and cost forecasts are inaccurate, even the largest company can tap out its cash reserves, resulting in a failure to meet payroll payments, supplier payments, subcontractor commitments and service payment obligations.

Anirban Basu, chairman and CEO at the Sage Policy Group, Inc., joins the podcast and discusses the economic trends and leading indicators that contractors need to watch in order to be successful. Basu, who serves as the chief economist for the Associated Builders and Contractors (ABC) and the Construction Financial Management Association (CFMA) notes that while the short-term outlook for the construction industry remains solid, overall indicators point to a potential slowdown over the next couple of years. Effective cash flow management is critical to enduring a recession, and Basu points to new technologies that maximize efficiencies, boost productivity and replace traditional processes. Hear why he doesn’t see a traditional way out of the skilled labor shortage and why a technological revolution is necessary to fill the gaps and keep contractors productive.

Podcast originally appeared on the Viewpoint blog

Article written by Gallit Itzhaki for the Viewpoint blog

Welcome to 2019. It’s a new year. It can be new you. You’ve made a list and checked it twice…or not. Sometimes, that list gets messy or doesn’t exist at all. Either way, it’s OK! Make a list with a new set of goals that can take you to the next level!

And, while you’re at it, there are things you can do to take your construction organization to new heights as well. Maybe one of your company’s goals is to utilize less paper, modernize your construction operations or build the largest bridge the world. No challenge should be too big or too small, but it’s important to create a set of realistic goals.

Now is a great time to start taking steps toward your construction goals. And we’re here to help you do just that — stick to those resolutions like cement to a sidewalk by giving you a few (hopefully realistic) goals you can accomplish this year. With that in mind, here are five New Year’s resolutions for construction industry professionals:

Article written by Andy Holtman for the Viewpoint blog

Recently, we looked at some of the tax incentives that construction companies can take advantage of related to the types of work they do, including the R&D Tax Credit and the 179D Deduction. But as contractors continue to transform their operations through technology and train new generations of workers, they might not be aware that there are a number of tax incentives and credits to help offset these costs as well.

A Renewed Focus on Training and Education

The federal government already offers a number of individual incentive programs for educational credits or deductions through the Internal Revenue Service, including the American Opportunity Credit, the Lifetime Learning Credit and the Tuition and Fees Deduction. And a handful of states have their own incentive programs designed to help offset the costs of training and education, including learning new construction processes, software and other technologies (more below).

Article is a guest post on the Viewpoint blog

There are tax incentives construction firms can take advantage of that could add thousands of dollars to the bottom line.

The voluminous changes in the Tax Cuts and Jobs Act (TCJA) leave taxpayers uncertain about the future on tax credits and deductions. Typically creating unforeseen obstacles, there are now unprecedented opportunities for many taxpayers as it relates to R&D tax credits. The two most power tax incentives we’ll discuss here are the R&D Tax Credit and 179D Energy Efficient Commercial Building Deduction.

R&D Tax Credits for Construction

Whether you are a general contractor or specialty subcontractor, you could be eligible for significant R&D tax credits. Check out this video for more on how to qualify. It’s common for our mid-sized construction clients to see $50,000 or more per year in net federal credits.

Article written by Andy Holtmann and appears on the Viewpoint blog

Find out how to centralize your construction document management system and make it easily accessible to your teams.

Document management might not sound glamorous, but effective document management is critical to the success of construction projects. As contractors move from pen and paper to digital, paperless operating environments, they have found a variety of solutions for document management available to them, some more sophisticated than others.

Still, many contractors use a mix of paper and digital documents, and even if they’ve gone fully digital, they may rely on a mix of software applications. A survey of the Viewpoint community found many contractors still rely on basic digital tools like spreadsheets to manage their projects. (Last year’s Construction Technology Report from JBKnowledge reported similar findings).

Article written by Andy Holtmann, Dexter + Chaney

How smart companies regain & retain skilled talent in the construction industry

The skilled labor shortage spans several major industries in the United States (and overseas)—a trend that has hit construction particularly hard in recent years. During the Great Recession, the construction industry hit some low lows, but along with the problems of a declining economy comes the hope of an eventual recovery. The construction industry achieved a notable resurgence this year, with growth across commercial and residential projects, including roads, bridges, and other infrastructure.

Unfortunately, during the recession, economic decline forced a number of workers—many of whom worked years to master their trade talents—to move out of construction and pursue work and active income in other industries. Thankfully, there has been an increase in construction activity over the past few years, which is welcome news for the remaining contractors who have been waiting patiently for the other shoe to drop. Because a large number of skilled workers have not returned to the industry, employers are left to identify suitable replacements as industry growth continues.

Original article by Andy Holtmann on Dexter + Chaney

This is the final installment in a five-part series on how innovative technologies and software are helping project managers streamline processes to build faster, smarter projects

While many project managers today are still utilizing manual processes or working with significantly outdated software, it is becoming clear that this is less of a matter of choice. According to a 2015 Construction Technology Report¹ by JBKnowledge in conjunction with the Construction Financial Management Association and others, 77.4 percent of respondents considered mobile computing capabilities on the project jobsite to be either “important” or “very important.”

Original article by Andy Holtmann on Dexter + Chaney

This is the fourth installment of a five-part series on how innovative technologies and software are helping project managers streamline processes to build faster, smarter projects

While having the best people in place, working together well and using the latest tools is critical, the construction project can still suffer if the data being tracked and reviewed is days or even weeks old. That outdated project information can make it hard to accurately gauge current job costs or work in progress.

Original article by Andy Holtmann on Dexter + Chaney

This is the third installment of a five-part series on how innovative technologies and software are helping project managers streamline processes to build faster, smarter projects

All battle plans are perfect—until the battle begins. Construction project managers probably relate to that statement more that anyone. A construction project can be planned out down to the very last nail, but even in the best-planned project, something always goes awry.