Every Friday, we select a few articles from the week that we think are worth your time as a construction financial manager (CFM). We look for compelling articles not only about financial topics, but about business, technology, and life, that challenges you to think about your role as a CFM in different ways. We’d love to hear from you about how we’re doing, and to have you join our community by subscribing to receive this weekly post by email. Follow #CFMReview.
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Is Fair Payment a Global Movement?
Fair payment initiatives designed to benefit small businesses are emerging across the globe. The United Kingdom recently invited companies to adopt the standards outlined in the Prompt Payment Code (PPC), and in 2014 the UK government partnered with The Construction Leadership Council to enact a payment charter.
In the United States, the Obama administration has promoted several measures that support small businesses and suppliers. South Africa is also making great strides in fair payment with an amendment introduced by the nation’s Department of Public Works.
After outlining fair payment developments in three continents, the article concludes with a discussion of the pros and cons of prompt payment. It seems obvious that fair payment is a worthy cause, but what does fair payment look like?
This article was written by zlien‘s very own Scott G. Wolfe and Danny Garfield.
Read ‘Construction Financial Experts: Inside the Growing Fair Payment Initiatives Across the Globe’
Technology is the Future of Construction
2016 is full of possibilities. And changes. As innovative technologies emerge and adapt for the construction industry, they will become mainstream. Companies that don’t stay up-to-date and aware of how the industry is evolving will be left in the dust.
This article provides a broad outline to types of software that can drastically improve safety, productivity, risk management, and more for companies across the construction industry. Many of these technologies aid with invoice and risk management, and are therefore extremely pertinent to financial managers.
As the author reminds us, however, “When it comes down to it, even the most sophisticated and cutting-edge construction technology is only as good as the people who are using it.” It is essential to commit to learning how you can take advantage of these technologies to truly add value to your business.
Read ‘A Look Ahead: Construction Technologies to Adopt in 2016’
Expert Insights on 2016 Market Trends in Construction
The construction industry is ready to start strong in 2016. Congress recently passed a $305 billion measure to fund infrastructure which will have a major positive impact. Work opportunities appear to be abundant for most constriction industry participants. Many influential industry figures pinpoint low profit margins as contractors’ greatest challenge in recent years, but even those seem to be on the rise.
This article provides a survey of financial trends across the construction industry, as well as insights from knowledgeable experts such as Stuart Binstock, president and CEO of the Construction Finance Management Association (CFMA), and Fred Ode, president of Payroll4Construction.com.
Technology is also mentioned as a major factor in the growth and development of construction companies in 2016. As softwares and services emerge for the jobsite and for back office use, seamless integration between applications and a smooth flow of data will become the norm.
Read ‘Planning the Work Ahead’
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