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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. Understand the Effect on Construction Accounting. As we’ve discussed, the changes will definitely affect contract accounting at your business.

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What Happened at the 2017 CFMA Conference?

Construction Business Owner

Membership in CFMA is represented by all types of general contractors, specialty trades and construction managers, with a large number of professionals in the accounting, insurance, surety, software, legal and banking industries.

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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.

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6 Benefits of Contractor Management Services

Safety Services Company

Staying compliant, including meeting internal standards, is crucial for legal requirements and stakeholder trust. They maintain your contractor management accounts (e.g. Similarly, hiring clients will not prioritize companies with legal, security, and financial risks. Let’s dive into this option.

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What Causes Construction Project Delays?

Viewpoint Construction Technology

Working with cloud-based, integrated construction software can keep everyone on the same page by providing equipment, materials and worker status visibility, project progress and productivity and timeline transparency — all in real time. Accurate estimating ensures there is always enough money for materials, wages, and more.

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Construction Business Owner Blogs

Construction Business Owner

ACCOUNTING |. SOFTWARE |. Software & Technology. Accounting & Finance. There’s a lot I could say here, but mostly, I just want to wish everyone a very Merry Christmas and a Happy New Year from everyone at Foundation Software. Is There No Free Lunch or Construction Software? Tags accounting.

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Construction Business Owner Blogs

Construction Business Owner

ACCOUNTING |. SOFTWARE |. Software & Technology. Accounting & Finance. Considering New Accounting Software? The Best Time to Go Live is… » Why Construction-Specific Accounting Software Costs More than Generic Accounting Software. STRATEGY |. MANAGEMENT |. MARKETING |.