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SEC charges Navy shipbuilder Austal with accounting fraud

CFO Dive

Austal understated an accounting metric known as “estimate at completion” for the construction of Littoral Combat Ships, according to SEC allegations.

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FASB clarifies guidance for construction contract holdbacks

CFO Dive

Accounting related to revenue recognition issues has been one of the thornier subjects tripping up report preparers in recent years.

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Construction Industry Looks to 2023

CFO News Room

As 2022 closes and 2023 begins, we spoke with the members of our senior sales team for the construction industry to get their thoughts on the challenges construction companies will face in the new year. They have been through many business cycles and have seen construction businesses thrive, survive, and fail.

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Construction, manufacturing and retail account for 40% of administrations

Accountancy Today

Data from The Gazette Official Public Record revealed construction, manufacturing and retail were the sectors that accounted for almost 40% of administrations in 2022.

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The ERP Takes A Wrecking Ball To Construction Workflow Friction

PYMNTS

In the construction industry, the ERP is especially valuable considering the complex network of collaborators, and subsequent high volume of data, involved in a single project. From managing subcontractors to coordinating with insurance firms to paying employees, data sits at the heart of every construction project. "I

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Centsoft Unveils AP Automation For Construction Industry

PYMNTS

To help project managers and administrators save time, Centsoft has unveiled an accounts payable (AP) automation technology for firms in the construction industry. Its technology automatically brings in vendor accounts, the vendor register and currencies. It then puts the invoice information into a dashboard.

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Deep Dive: How Digital AP Can Help Construction Firms Navigate Payment, Procurement Challenges

PYMNTS

Many of these processes are decades-old and must follow complex regulatory guidelines, as is the case in the construction industry. Construction companies are facing both time and cash crunches due to dwindling work opportunities and slower payment timelines during the crisis. Late or lagging payment processes can expand costs.