We’ve changed up the construction financial manager review. Now, instead of sharing a selection of news from across the industry, we’ve broken it down to help you find what is most relevant to you. The articles below are divided into three sections: for credit managers, for office managers, and construction technology news.
We decided to make these changes because we want to make it easy for all construction financial professionals to stay informed about what matters to them. Do you have suggestions or feedback? Please reply to this email and let me know.
Enjoy your weekend!
zlien marketing associate
For Credit Managers
Key articles from across the web on construction finance and credit management.
zlien blog: How to Reduce DSO of Construction Invoices
Credit teams in the construction industry constantly battle late payments. In particular, subcontractors and suppliers performing labor or supplying materials to help permanently improve a property are farther removed from the money behind the project, and, therefore, must often deal with dreaded DSO (Days Sales Outstanding). Read on to find out some of the best ways that credit departments can reduce the time between working on a project and getting paid.
Construction Executive: Improving Cash Flow: Alternative Funding Options for Contractors
While the construction business continues to flourish, the competitiveness of the industry and contractors’ access to working capital continues to get more complicated. Most contractors get paid during various stages of a project, or sometimes only when the project is fully completed. This complicates things when it comes to acquiring capital through traditional lenders.
For Office Managers
Construction office managers wear many hats. Save time by letting us deliver relevant news to your inbox along with tips, tricks, and best practices.
Fieldwire: Construction Terms 101
If you’re new to the construction industry, I’m sure you’ve noticed that there are quite a few terms and acronyms that are regularly used while out in the field. It’s important to have a firm grasp on what each of these terms mean, so we decided to provide some clear descriptions for all of the jargon you need to know.
zlien blog: 5 Free online Resources for Construction Office Managers
For an office manager in the construction industry, every day brings different duties, and many of these relate to managing accounts receivable. The process for collecting payment in construction differs from other industries and requires specialized knowledge of the payment collection process and the tools available to manage credit risk.
JD Supra: Considerations for Construction Industry Employers as They Continue to Prepare for New Salary Thresholds Under White-Collar Overtime Exemptions
These changes to the overtime exemptions will touch almost every employer in the country, but they are likely to have a disproportionate impact on construction-related businesses, which are among the industries projected to have the most affected workers.
Construction Technology News
Keep up with recent developments in construction tech.
Construction Dive: Bechtel Rolls Out Virtual Reality Safety Training
Global construction firm Bechtel partnered with New York City-based construction safety technology company Human Condition Safety to offer the latter’s new virtual reality (VR) immersion safety training.
WSJ: The Construction Business Goes Digital
The dirt-under-the-fingernails world of construction is breaking digital ground. In an industry where practices have barely changed for decades, the building site of the future promises comprehensive online modeling, drones as surveyors and virtual-reality images of everything from building sites to commercial real estate.