Many important changes in the marketplace pertain to revenue management, and these changes are affecting every industry from retail to construction. If you own a construction company, it would be prudent to spend some time better understanding the new economy to see how your business can succeed in the coming years.
Before you make your next business decision, evaluate the following important considerations:
- Are you risking noncompliance by not understanding new standards? Industry standards change regularly, and many are government mandated. By failing to understand these new standards, you run the risk of being noncompliant, which could become a barrier to continued success in the future. And that is simply the best case scenario.
- Did you know your data could be compromised if you use spreadsheets alone? For example, simple spreadsheets, like Microsoft Excel, are not considered sophisticated enough to maintain the right financial records. Yet, many construction companies admit that they are still using spreadsheets as their primary data collection tool.
- Are you familiar with ERP software and how to manage your revenue? Enterprise resource planning systems can automate much of your data collection process. The myriad number of packages from which to choose, however, can make the process of transition intimidating for many construction business owners.
- Are new billing standards taxing your current systems? If you cannot process billing effectively or efficiently, you will interrupt your cash flow process, which may be detrimental over time. If you’re finding the process to be complicated or difficult, it is time to consider a new revenue management system.
Do you have more questions than answers about revenue management? Contact our experts to learn more and improve your construction business today.
We welcome the opportunity to put our construction accounting expertise to work for you. To learn more about how our firm can help advance your success, don’t hesitate to contact Kathy Corcoran at (302) 254-8240.
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