It may also be caused by estimating inadequate time to see the BPR initiative through. Even employees may raise objections and act as roadblocks to the organization’s reengineering plans. There’s often a possibility that a reengineering initiative may impact their jobs or roles within the company. What do you expect to see after the execution […]
In the 1980s, the American automobile industry was in a depression, and in an attempt to cut costs, Ford decided to scrutinize some of their departments in an attempt to find inefficient processes. Usually, it’s possible to get the employees buy-in by motivating them or showing them different views they weren’t aware of. Sometimes, however, […]
Reengineering might not be appropriate in all situations, especially if your processes only require optimization and if your organization is not looking to undergo dramatic change. Usually, reasons like new market opportunities, increasing competition, poor financial performance, and decreasing market share trigger the need for a business process transformation. A regulatory mandate might require new […]
It decided to merge the various departments into one, let go of employees to minimize multiple handoffs and form a nerve center of customer support to handle all issues. Second, BPR differs from restructuring or downsizing in that it seeks to achieve more with limited resources than either of those approaches can. Restructuring requires decreasing […]
Each construction project, work order, PMA is unique, with diverse requirements, schedules, resources and costs. Not to mention the fact The Significance of Construction Bookkeeping for Streamlining Projects that businesses have to manage the concerns of clients, multiple stakeholders, regulatory standards and frequent changes to the project scope. This means that you have to consider […]
Staying compliant with these regulations is essential to avoid fines, legal issues, and reputational damage. It also ensures that financial statements accurately reflect the company’s financial position. Retainage billing is a practice where a portion of each progress payment is withheld until the project is substantially complete. In construction, several billing methods are commonly used, […]
This means that you recognize income in the accounting period when it’s collected, and not The Significance of Construction Bookkeeping for Streamlining Projects at the time of sale. The high price and length of construction projects make payment scheduling and collection unique. Indirect costs are those which are essential to running your business across projects. […]
Effective cash flow management is essential for the financial health and sustainability of a construction business. For instance, the cost of a piece of machinery used across multiple projects should be distributed based on usage. Ignoring or inaccurately allocating indirect costs can skew the profitability metrics of a project. Construction accounting software can help in […]
