Construction Industry Advisor – Summer 2017

Summer 2017_Page_1Construction Industry Advisor – Summer 2017

Consider a Different Route - Four Accounting Alternatives that May Reduce Financial Reporting Costs

Many privately held construction companies prepare audited financial statements that comply with Generally Accepted Accounting Principles (GAAP). But, for some contractors, the limited value of doing so is undercut by the additional cost and complexity. This article describes four alternatives that construction businesses may use to ease the GAAP compliance burden. A sidebar looks at good questions to ask during an accounting method review.

Cross-Training Can Help Mitigate the Labor Shortage

The construction industry continues to struggle with a shortage of skilled labor. One way contractors can mitigate the problem is by making better use of the workers they already have on staff through cross-training. This article explores the concept and its applications.

Waivers of Subrogation: Are You Really Protected?

It’s common for a construction contract to contain a “waiver of subrogation” provision under “insurance requirements.” Unfortunately, these provisions are widely misunderstood. This article defines this legal concept and explains important points for contractors to keep in mind.

Six Tips for More Effective Change Orders

In the construction industry, change orders are a fact of life. The trick is making them a profitable one! This article provides six tips to better managing the process, including obtaining prompt approval and (usually) not providing freebies.

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