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A Constant Stream of Helpful Content on Getting Paid in Construction
How Digitization is Bringing the Construction Industry into the Modern Day
Digitization is on fast track in virtually every industry globally, but construction has been one of the slowest to modernize — until recently. The industry’s slow modernization trend, coupled with an infamous shortage of workers, makes construction primed to benefit significantly from digitization. The COVID-19 pandemic also helped spur the industry forward as it was […]
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Texas Lien Law Changes 2022: What You Need to Know
On June 15, 2021, Gov. Greg Abbott signed into law House Bill 2237, introducing major changes to Chapter 53 of the Texas Property Code . These changes, which took effect on January 1, 2022, reflect new rules and regulations surrounding the filing of a Texas mechanics lien and all steps that come with it, including […]
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Progress, Advanced, Arrears: Different Methods of Billing Construction Clients
Understanding the different billing methods and finding the best type that best fits your company is essential for any construction business.
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How to Build an Effective Accounts Receivable Team in Construction
One of the keys to running a successful construction business is effective accounts receivable management. If you have a smooth-sailing process for reviewing, processing and collecting your payments, you have a better chance of improving your cash flow and growing your company. Construction businesses have different ways of managing their accounts receivable or AR. Smaller […]
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How to Respond to Delinquent Construction Client Objections to Collections
Dealing with delinquent clients is one of the toughest challenges for contractors, subcontractors, and material suppliers. Delinquent clients in construction are clients who do not pay on time or, worse, who do not pay at all. Having too many delinquent clients can clog your business’ cash flow. A messed-up cash flow can be a major […]
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Construction Collection Calls Mistakes to Avoid
Knowing how to effectively call customers for payment is necessary, especially in construction that is notorious for late payments.
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Trade Credit Management for Material Suppliers: In-house or Outsource?
Cash flow management is one of the most important aspects of running a construction business. Failing to stay on top of your finances can spell disaster for your company, and this rings particularly true in an industry as complex as construction. Construction projects follow a hierarchical payment chain. Under this system, contractors and subcontractors typically […]
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Why Expectation Management is Key in Construction
When you’re on the job, it’s easy to forget that you’re building for someone, maybe even several people. Like any other business, there’s a customer and seller involved in every transaction. While you may not be directly responsible for the sale of a property or project, you are still beholden to the customer. That’s precisely […]
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How Fast Should In-house Trade Credit Approvals Be?
Trade credit is one of the most popular financing options in the construction industry. When construction clients use trade credit, they can buy materials and services without having to pay upfront. They instead pay at a later date depending on the payment terms agreed upon by the parties involved. Using trade credit is convenient, so […]
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