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3 Keys for Contractors to Navigate New Revenue Recognition Standards

Viewpoint Construction Technology

Revenue recognition standards were recently updated by the Financial Accounting Standards Board , and these updates will have an impact in the construction industry. Nonpublic entities must begin doing so in 2019. Understand the Effect on Construction Accounting. Learn how revenue recognition changes will impact your processes.

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Why Projects Fail

Job Order Contracting

The fact that variation is going to occur (relative to planned activities and outcomes) during the project is a given. The key to consistent delivery of successful projects therefore lies in the ability to account for and/or manage variations as they occur. Project Management Constraints.

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Streamlining processes and maximizing efficiency in project management

Fieldwire

Construction projects can be complex, with millions of dollars invested and tight deadlines. As a project manager, it’s up to you to execute the plans and ensure everything runs smoothly. Leveraging technology The first place you should look for project improvements is technology.

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Milwaukee’s One-Key Tool Tracking App Now Integrates with Autodesk’s BIM 360

Construction Junkie

That torque wrench was announced at Milwaukee’s NPS 2019 event and allows users to set their desired torque, rundown the fastener close to the desired torque, and finish with precision manually by turning the wrench. Back in February, Milwaukee also announced an integration with another popular construction management software, Procore.

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State of the Construction Industry: April Roundup

Viewpoint Construction Technology

In early April, the Associated General Contractors of America (AGC) and Willis Towers Watson honored 57 different construction firms at its 2019 Construction Safety Excellence Awards (CSEA) luncheon. The Takeaway: Congrats to Encore Electric and all of the 2019 winners! A full list of all 57 winners is available here.

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Home Building by the Numbers

Pro Builder

In 2019, for example, the average profitability among the builders surveyed rose to 9.59% of revenue, up from 8.71% in 2018—the best performance since 2006, before the crash (see chart 1). Shinn’s analysis attributed the boost in 2019 to reductions in costs of sales and operations, while financing expenses were at all-time lows.

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OSHA Announces 2021 Citation Penalty Increase

Construction Junkie

Serious, Other-Than-Serious, and Posting Requirements: $13,653 (up from $13,494 in 2019) Failure to Abate: $13,653 (up from $13,494) per day after due date Willful or repeat: $136,532 (up from $134,937) OSHA assesses penalties based upon a combination of the severity and probability that a jobsite injury might occur.

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