In 1981, New Jersey CPA David Casey founded the Construction Financial Management Association (CFMA) to provide a forum for gathering and exchanging ideas as well to provide educational programs for construction finance professionals. CFMA has since transformed from a small regional association into a national organization with over 7,000 members including general contractors, subcontractors, developers, construction managers, architects, engineers, and suppliers.
Each year CFMA hosts a conference and exhibition bringing together thousands of like-minded construction finance professionals for several days of education, sharing, and camaraderie. The conference features educational classes through CFMA’s Schools of Learning in addition to showcased speakers and exhibit booths displaying the hottest products and technologies driving the industry forward. This year’s CFMA 2009 Conference is being held May 16th through May 20th at Caesars Palace in Las Vegas – the site of the original CFMA national conference in 1982.
A prevailing theme to this years’ CFMA conference is the need for builders to address the exponential growth in electronic and paper file management involved with construction. Files include emails, invoices, drawings, insurance records, certification of completions, permits, and more. The mountain of paperwork required for an average construction project can fill up an entire trailer. Unfortunately this paperwork robs profits by consuming resources for filing documents, retrieving them, and storage costs. It also exposes companies to the risk of eDiscovery litigation.
ColumbiaSoft is attending this year’s CFMA conference as an exhibitor demonstrating Document Locator, a paperless office solution for construction companies. Paperless office solutions, also known as document management solutions, offer construction companies many capabilities. Document Locator digitally archives paper documents, electronically stores them, and indexes them based on client-specified criteria, and has workflow automation. In addition, paperless office solutions help facilitate disaster recovery planning and reduce the exposure associated with eDiscovery requests.
Paperless office solutions allow construction companies to amass a central repository containing all of the critical documents typically silo’d by departmental applications. As an example, users outside of accounting could access all of the invoice documents related to their project without requiring access to the accounting software or directly contacting accounting with their requests. This type of open collaboration between employees, vendors, and subcontractors provides substantial benefits to project team members allowing them real-time access to the information required to perform their tasks. If you are interested in learning more about how paperless office solutions could benefit your construction company, please do not hesitate to stop by our booth at CFMA to learn more.