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Is This Your Situation: Facing Your Concerns About Revenue Management in Construction

 

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.

 
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Steven Miller
Steven Miller
Partner
1 (843) 706-8440
smiller@websterrogers.com
1 Westbury Park Way, Suite 200
Bluffton, SC 29910
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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