SAN ANTONIO, TX Padgett Stratemann & Co. (PS&Co.) hosted its first Construction Industry Conference in the Austin area last month at The Omni Downtown Austin. This year's event gathered more than 75 people from around the state of Texas to learn more about important industry topics of today from several national-level industry speakers and local experts.

The day kicked off with Anirban Basu, CEO of Sage Policy Group, who provided attendees with a humorous look at "The Economist Who Loved Me." Basu provided attendees with a sharp, detailed, data-driven update of the performance of the global, national, and Texas economies, with special insights into key aspects of economic life, including trends characterizing financial, real estate, energy, and labor markets.

PS&Co. Audit Partners Denise Bendele and Vicky Martin gave a "Revenue Recognition Standards Update" that explained the new five-step model for recognizing revenue from customers and the changes that will have a widespread impact on people, policies, and processes. New guidance also requires lessees to recognize lease assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months.

Gregg Schoppman, with FMI, provided an in-depth look into "Lean Six Sigma and Practical Applications of Lean to Improve Efficiency and Productivity." Schoppman explained with the increased focus of many construction companies on cost reduction and efficiency, and the downward pressure on price, contractors continue to examine areas of the businesses where waste is prevalent. As schedules contract, expectations rise and margins remain in a futile balance, and it is imperative that the construction industry examine its operations and develop sound, lean, and efficient processes. Schoppman walked attendees through the process of creating an integrated approach that is consistent, sustainable, and replicable in the long term.

The day closed out with a cocktail hour for attendees and exhibitors.

PS&Co. thanked all the participants who came from across the state and presenters from across the country who helped make this event a success. PS&Co. thanked sponsors and exhibitors: Alliance Solutions Group; alliantgroup; BRAYN Consulting;  Cokinos, Bosien, & Young, Attorneys at Law; Foundation Software; InTrust Fiduciary Group; Globeo; Palmer Consulting; and Plains Capital Bank.

If you were unable to join them for this year's conference, make plans to join them in November for their next conference in San Antonio. More information is available at Padgett-CPA.com.