Construction Accounting | Industry Blog | Viewpoint Construction Software

Construction Accounting

This year’s theme for the 2016 CFMA National Conference was Building It Forward and marked Viewpoint’s fifth year of attending the CFMA Conference as a Principle Partner. This year’s conference featured 3 general sessions, 8-mini conferences, 48 breakout sessions, 6 dawn peer groups, and record breaking number of more than 925 attendees.

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Being able to manage invoices, lien releases, compliancAnns_blog_library_Money_decrease_medium 300 x 154e documents and other expenses efficiently is paramount to your project’s and company’s success.

Did you know that payments to subcontractors can represent more than 75% of a project’s cash outflow?

Read more about the advantages of an effective and efficient AP function to manage subcontracted costs in this article by Viewpoint Development Partner, GCPay.com.

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Guest Post: Michael Smith, Keystyle Data Solutions, Viewpoint Development Partner

Cool Vista by Viewpoint features that may be new to you!

Vista is full of ways to customize and automate your experience. One gem that is often overlooked is VA Scheduled Changes form. This tool gives you the ability to choose to update any field in the future.

Why would you want to update something in the future?

There are a variety of reasons you may wish to do this. For example, after performance reviews it’s not uncommon for department managers to have their employees’ salaries scheduled for future rate increases. Instead of adding significant future pressure on the payroll team, they can receive the rate increase schedule ahead of time and use the VA Schedule Change form to setup all these rate changes.

Other ideas for this would be to manage FMLA time, anniversary leave accrual changes, JC Role changes, and many more.

If you’re wondering how you can take advantage of this cool tool, follow the steps below:  (This example shows how to update future hourly rates)

1. Open the form PR Employee and click the “Add’l Info” tab
2. Right click the “Hourly Rate” field and select Scheduled Changes

screenshot 1 keystyle data

 

 

 

 

 

 

 

3. Enter the date you wish the change to occur on in the Effective Date box
4. Enter the New Value
5. Save the form and you’re done!

screenshot 2 keystyle data

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Utility contractor webinar blog

Many contractors see their equipment account as something of a mystery. Do you know how to unscramble and balance your equipment account?

In an upcoming webinar hosted by Utility Contractor Magazine, we’ll look at how to develop practical tools that improve equipment costing and produce actionable information based on a knowledge of budget variances and the fundamental difference between equipment owning and operating costs.

Also, learn the systems needed to understand what is going on inside the equipment account and the information you need to take appropriate action.

At the end of the webinar, attendees will:
• Understand the importance of balancing cost and budget within a given equipment rate class and of eliminating cross subsidization between classes and categories of equipment.
• Know the difference between equipment owning and operating costs and know what action to take when budget expectations are not met in either one or both of these principal equipment cost types.
• Be familiar with report formats and graphics that present information in a clear easily understood format that drives appropriate action and produces the required results.

December 9, 2015, 2 PM ET
Presenter: Mike Vorster
Hosted by Utility Contractor Magazine
Register here

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team at booth July 2015 1

Viewpoint had the privilege of attending the 2015 CFMA (Construction Financial Management Association) National Conference in Chicago last week. In our 4th year as CFMA Principle Partner, Viewpoint was given the opportunity of not only exhibiting at this great event but also participating in several educational and networking sessions as well.

This year’s conference was one of CFMA’s most powerful and well-attended, with well over 800 guests. During the 5-day conference, there were 3 general sessions, 37 breakout sessions, and 6 dawn peer group discussions, as well as multiple networking and social events. Viewpoint had the opportunity to sponsor several of the networking events including Happy Hour for the Monday exhibit hall event, and we gave away a $100 Amazon gift card to a lucky visitor to our booth.

Amazon Gift card winner July 2015

Sessions
Viewpoint hosted a Technology Forum on Sunday where Rob Humphreys, Viewpoint’s VP of Global Product Management shared our vision for continued product enhancement and development, and unveiled some great new offerings now available to the market. The event was standing room only and it was a pleasure to see so many of our customers and other attendees at the event.

Robs session July 2015

Monday, Viewpoint’s Jeremy Larsen, Senior Project Manager had the opportunity to present a session focused on The Basics of BIM. This session provided a better understanding of BIM in the construction industry today, the recognized benefits BIM can offer an organization, and ways in which attendees can introduce or enhance the use of BIM processes through the use of technology.

Exhibit Hall
The exhibit hall was buzzing as well! With well over 100 guests visiting the Viewpoint booth we had the opportunity to show our breadth of product offerings to many attendees including; Vista by Viewpoint, ProContractor, Viewpoint For Project Collaboration, Viewpoint For Estimating, and Viewpoint For Content Management.

Throughout the conference, it was noted that 2015 marks a year of new challenges for many contractors as they come out of the recession. A common concern we heard from many of the attendees is that they are now swarming with work and need to increase their skilled workforce to handle the multitude of projects available. A report by Construction Labor Market Analyzer indicates that by 2016, U.S. construction projects will require 6.7 million skilled workers — about 50% more than are available today. To address this challenge, many contractors are looking for ways to attract younger generations to the industry. Technology to attract the younger workforce along with programs to educate students around skilled trades were popular topics during the roundtables at CFMA year.

Thanks again CFMA for putting on another great event!  #CFMACONF15

 

booth 1

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