Do You Need Progress Billing Software? 9 Must-Ask Questions
- Cash Management, FINANCE, Improving Productivity, Payment, TECHNOLOGY
- April 23, 2024
The ASA Metro Washington Chapter joined forces with the National Association of Minority Contractors, DMV (District/Maryland/Virginia) Chapter and the Metro DC Hispanic Contractors Association to formulate a short paper that explains the issues and what can be done. Subcontractors in the construction industry are often expected to shoulder the financial burden of construction projects, acting
READ MOREBy Claire Wilson, Siteline Payment delays cast a long shadow over the construction industry, particularly for subcontractors. Here’s what we know: Subcontractors often function as the project’s informal bank, with a staggering 77% reporting they routinely front project costs. Yet, consistent payments remain elusive, with only 5% of subcontractors reporting they always get paid on
READ MOREBy Adrienne Smoot-Edwards, Regeneracy; and Mary Klett, ASA Communications The construction industry is built on hard work, careful planning, and the collaboration of numerous trades and professionals. Yet, for subcontractors — the specialists who bring buildings to life with skilled labor, materials, and expertise — the industry’s payment process is a perpetual source of frustration
READ MOREBy Gary Semmer, AssuredPartners In the construction industry, contracts define relationships, responsibilities, and expectations among contractors, subcontractors, and owners. One of the most important yet often misunderstood elements in these contracts is the Additional Insured (AI) Endorsement, which provides extended insurance coverage and is important in managing risk for all parties involved in a construction
READ MOREBy Patrick Hogan, handle.com Cash flow in construction is notoriously unpredictable. Projects start, work progresses, and costs pile up long before payment hits your account. Delays in invoicing, slow approvals, and late payments can leave subcontractors and suppliers scrambling to cover payroll, materials, and other expenses. Without steady cash flow, even the most profitable projects
READ MOREBy Patrick Hogan, handle.com Construction businesses are acutely aware that streamlining business —particularly payments—can lead to faster transactions and, consequently, better bottom line. This is especially crucial in the construction sector where profits are typically slim and payment processes are notoriously slow. Thankfully, the industry is now actively moving toward electronic payment systems, a vital
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