2020 Winter Issue

Highlights:

New Accounting Standard – Are There Leases Hiding in Your Contracts?

Construction businesses with a calendar year end have until 2021 to implement Accounting Standards Codification (ASC) Topic 842, Leases, to stay in compliance with Generally Accepted Accounting Principles. This article explores one of the biggest new challenges: embedded leases. A sidebar provides a brief recap of the overall rule changes under ASC 842.

Respond Quickly to Succession Plan Troubles

Family-owned construction businesses often face distinctive challenges when it comes to succession planning. Emotions can run high, and the business owner’s lifelong working legacy may be at stake. This article discusses various ways to address succession planning concerns and conflicts.

Seven Tips for Avoiding Construction Disputes

A single construction dispute can turn a profitable job into a loss; multiple ones can put a contractor out of business. This article describes seven strategies for avoiding them, including careful drafting of contracts, adhering to accurate scheduling, and considering alternative delivery approaches.

The Potential of Robotic Process Automation

Robotic process automation (RPA) refers to software tools that automate repetitive, rule-based human tasks. Examples include creating invoices, managing documents and performing certain HR tasks. This article looks into potential uses of RPA for construction companies.