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EPISODE 421: Do you ever wonder why construction accounting is so challenging?

I did, too, and so did this week\u2019s guest, who has not only lived through these challenges but also developed innovative solutions to tackle construction\u2019s accounting and profitability issues.

Meet Chris Lee. Chris is an entrepreneur who transitioned from IT to construction and then to tech innovation\u2013solving some of the most challenging problems in this industry.\xa0

He\u2019s the mind behind Esticom, a cloud-based estimating and project management software, and now CrewCost, an easy-to-use accounting software built for construction.

Today, Chris is here to share the unique challenges of construction accounting and why the industry should use specialized accounting software instead of a standard one.

We also explore Chris\u2019s unique entrepreneurial journey, the development and eventual acquisition of his software Esticom by Procore, and the role of cloud technology in transforming construction management.

Tune in now and learn how specialized software can transform the construction industry.

Let\u2019s get started!

Key Takeaways:\xa0

Introduction (00:00)

How Chris Lee got into construction (02:11)\xa0

From contracting business to construction tech (05:49)\xa0

How Chris\u2019s Esticom got acquired by Procore (12:02)

What it\u2019s like working with Procore (15:14)

Why construction should stop using generic accounting software (23:16)

Difference between standard accounting and construction accounting (26:25)

Profitability, cash flow, and billing challenges in construction (30:00)

Keep up with Chris (39:43)

Construction technology news of the week (40:16)

Additional Resources:

Listen to the show at: https://thecontechcrew.com\xa0

Follow us on Twitter: https://twitter.com/thecontechcrew\xa0

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Follow Chris on LinkedIn: https://www.linkedin.com/in/clee512/

Check out CrewCost for more information: https://crewcost.com/

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See this week\u2019s news articles! \U0001f5de\ufe0f\u2b07\ufe0f

\u27a1\ufe0f Quanta Services Climbs 7% on $1.5 Billion Cupertino Electric Acquisition

https://www.marketwatch.com/story/quanta-services-climbs-7-on-1-5-billion-cupertino-electric-acquisition-50407bbc?mod=mergers-and-acquisitions

\u27a1\ufe0f A tech ethicist on how AI worsens ills caused by social media

https://www.economist.com/by-invitation/2024/05/29/a-tech-ethicist-on-how-ai-worsens-ills-caused-by-social-media

\u27a1\ufe0f New Registration Bomb Email Attack Distracts Victims of Financial Fraud (Just personally experienced with a client)

https://blackcloak.io/new-registration-bomb-email-attack-distracts-victims-of-financial-fraud/

\u27a1\ufe0f Microsoft-CrowdStrike Outage Hits Airports, Banks and Hospitals, Causing IT Nightmare

https://www.cnet.com/tech/services-and-software/microsoft-global-outage-explained-911-lines-down-flights-grounded-and-more/

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The ConTech Crew is a construction news podcast dedicated to keeping you up to date with all the latest in construction technology.\xa0

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