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The High Cost of Low Bids: When Contractors Compete on Price, Everyone Loses

Levelset

Prioritizing a low bid over contractor performance is a lose-lose procurement strategy. Unfortunately, low bidding is an accepted practice for both owners and contractors alike. And any savings on paper are usually lost mid-way through the project in change orders. Who’s responsible for low-bid procurement?

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5 Reasons to Use Mechanical Contractor Software

Pro Builder

5 Reasons to Use Mechanical Contractor Software. The construction industry has gone through an extensive transformation, and technology has completely changed the concept of how to drive more quality, productivity, and profit into projects. The same is true for mechanical contractors. Mon, 04/19/2021 - 06:00. 3) Estimating.

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Data Analytics Trends in Construction

Viewpoint Construction Technology

Construction sites these days have no shortage of data: design and BIM data from the planning stages of a project, jobsite data collected by wearables, mobile devices and sensors on equipment/materials, accounting and job progress data from the office, project management data and much more. Let’s take a look.

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5 Ways to Prepare for New Revenue Recognition Standards

Viewpoint Construction Technology

Contractors today deal with challenging projects, often with multiple performance obligations. 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. Here are some of the important steps: . Identify the Contract.

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Contractor Tactics On How To Avoid Payment Problems

Contractor Bookkeeping

The most popular method designed by investors and developers and shrewd business people who understand the concept of divide and conquer is for contractors to get little or no down payment for a construction project, do all the work, including change orders and then try to collect their money.

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Building Strong Starts: Protecting Profit Margins Through Effective Preconstruction

Autodesk Construction Cloud

When you stay on top of project planning and design from the beginning (i.e., Integrate design with downstream processes A typical $100 million project takes around 30 months in design and preconstruction. One way to avoid these challenges is to implement integrated design. How do you accomplish this?

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QuickBooks Contractor Unique Payment Application Issues Solved

Contractor Bookkeeping

Payment Applications For Residential Remodel & Commercial Tenant Improvement Contractors. This is a FREE form we developed for our handymen and trade contractors to use on the jobsite and at their office because invoicing in QuickBooks can be difficult. Change Orders and Related Payments. Simple Invoice.