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The Ultimate Guide to Construction Job Costing: Unlock Project Efficiency and Profitability

Profit is the heart of success for any construction job, particularly in an industry known for its wafer-thin margins. Job costing is a powerful tool, helping forecast expenses and identify potential issues before they nibble away at your profit. How can the project be completed within the budget constraints? What risks loom on the horizon? …

As we approach the halfway point of 2023, it’s the perfect opportunity to evaluate your business tax planning and determine ways to decrease your tax burden. Employing the right strategies can reduce your taxes, optimize your cash flow, and enhance your long-term financial success. In this article, we’ll introduce three tax strategies for 2023: Roth …

Cash flow is a major concern for most construction firms. When cash is low, it could mean being unable to make payroll or purchase supplies for an upcoming project. If that happens, it’s more than the immediate profit at stake; you can damage your firm’s reputation and success. These tips can help you understand how …

Fraud. Scam. Phishing. Regardless of what you call these illicit activities, it’s important to protect yourself against the bad players that take advantage of weaknesses for their gain. Not only is it inconvenient, but there’s often a financial cost when you’re a victim of fraud. The IRS releases an annual ‘Dirty Dozen’ list featuring the …

As a business owner, you understand the importance of making the right decisions and keeping your finances to survive. When you want to thrive, however, you need the kind of insight and experience that will drive strategy and deliver results. The sharp financial perspective of a CFO can make a world of difference in a …

In our rapidly evolving information era, new rules and regulations pressure businesses to consolidate their financial reporting process. But depending on your financial system, running these reports can require extensive manual work, exposing your reporting to user errors. While many businesses have turned to enterprise resource planning (ERP) automation, a recent article claims less than …

Ransomware attacks aren’t new, but construction firms of all sizes could get caught in the middle of one – even with protection. Data shows the construction industry is among the most targeted for ransomware and other types of digital schemes. Luckily, there are steps firms can take to make themselves less attractive to hackers or …

The FASB released ASU No 2023-01 to Topic 842, Leases on March 27, 2023. Applicable businesses can adopt the changes in their lease accounting procedures for fiscal years beginning after December 15, 2023. The new lease accounting methods have been an important topic for businesses over the last few years. Determining if an enforceable lease …

February 28, 2023, Sandusky, OH – Payne, Nickles & Company, a full-service accounting, and business advisory firm, announced today Abbey Bemis will join the firm as its first Chief Operating Officer. The appointment of the COO is in line with the company’s strategy to drive growth and efficiency as it continues to expand its business. “We are …

Like most other businesses, construction firms are open to more scrutiny than ever. Investors and consumers can research company initiatives and review experiences through social media and popular review sites. This more informed collective cares about who they are doing business with, not just what the construction firm can do for them. With all this …