article thumbnail

Change Orders in Construction – 101 Guide

Lets Build

Change orders are common to construction projects. Whatever is the case, it is important to know how you can more effectively handle a change order as it can change your project both time and money. What is a change order in construction? What causes a change order.

article thumbnail

5 Ways to Prepare for New Revenue Recognition Standards

Viewpoint Construction Technology

The new GAAP revenue recognition standards developed by the Financial Accounting Standards Board are here, and these standards are designed with complex projects in mind. When implemented properly, they offer improved cash flow and better accounting insight, which benefits contractors and customers. Identify the Contract.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

LEAN Job Order Contracting OpenJOC(TM)

Job Order Contracting

The OpenJOC System supports mutually beneficial relationships among real property owners and awarded JOC contractors, and does so with the low administrative costs and full compliance and accountability. Virtually eliminate change orders and legal disputes. Fully cost visibility and transparency.

Contract 100
article thumbnail

Construction Business Owner Blogs

Construction Business Owner

ACCOUNTING |. Accounting & Finance. « A Change (Order) for the Better? Judging Tipis » Some Advice on Change Orders. I was talking with John Chaney this week, and he mentioned that he was going to blog about how change orders affect construction management. STRATEGY |. MANAGEMENT |.

article thumbnail

What Causes Construction Project Delays?

Viewpoint Construction Technology

If a change request is submitted for example, a project manger gets an alert on his dashboard, and from his mobile device can approve and create a change order. If weather is hot and humid, or cold and snowy, account for a slower pace in the timeline, and follow safe practices for crews. Lack of Effective Communication.

article thumbnail

Construction Business Owner Blogs

Construction Business Owner

ACCOUNTING |. Accounting & Finance. Some Advice on Change Orders » A Change (Order) for the Better? When clients ask me about change orders, I’m reminded of a well-circulated photo. The yacht is named “Change Order.” STRATEGY |. MANAGEMENT |. SOFTWARE |.

article thumbnail

Construction Business Owner Blogs

Construction Business Owner

ACCOUNTING |. Accounting & Finance. Greg is a Principal at Mountjoy, Chilton, Medley LLP , a CPA firm with a team of accountants dedicated to construction accounting. Legal language is often unclear, resulting in differences in interpretations that can disrupt and delay projects, increasing costs. Tags accounting.