As a business owner, you’ve worked hard to build something of value—not just for today but for the future. Yet, one of the most overlooked threats to long-term profitability is the absence of a solid succession plan. Whether your transition is expected or sudden, your business’s financial health depends on your ability to transfer leadership, …
Read More...Audits don’t always give advance notice. In construction, they often show up when you go after bigger jobs, expand your bonding capacity, or secure new financing. Being unprepared can stall opportunities and raise questions about your financial controls. The good news? You can avoid surprises with the proper foundation. These nine steps will help you …
Read More...In the construction industry, precision and structure are non-negotiable. That same discipline should extend to financial recordkeeping—yet many contractors underestimate the strategic importance of well-maintained records. Adequate recordkeeping is not simply an administrative task but a critical function supporting tax efficiency, audit preparedness, financial decision-making, and long-term compliance. Why Disorganized Records Can Be Costly Construction …
Read More...In construction, success isn’t just about laying bricks or pouring concrete. Behind every project, there’s a financial framework that keeps things running smoothly. Bonding and insurance are two critical pieces of that framework. They protect your business, your clients, and your projects. Yet, these costs are often overlooked in budget planning, leading to unexpected financial …
Read More...On January 13, 2025, OSHA rolled out new rules that require personal protective equipment (PPE) in the construction industry to safely fit the workers wearing it. This change brings construction in line with standards that have already been in place for general industry and shipyard work. The idea is simple—safety gear should fit properly so …
Read More...On July 4, President Trump signed the much-anticipated “One Big Beautiful Bill Act” (OBBB) into law, following approval by both the Senate and the House of Representatives. This sweeping legislation permanently extends and reshapes many provisions of the 2017 Tax Cuts and Jobs Act (TCJA), with wide-ranging implications for individuals, businesses, nonprofits, and international taxpayers. …
Read More...At Payne Nickles & Company, our mission is to provide forward-looking, client-oriented professional accounting and advisory services. That means we’re here not just to help you file tax returns, find deductions, and stay compliant each year—but also to guide you toward proactive financial strategies that make a real impact. Over the next few months, we’re …
Read More...Growth is exciting as a business owner, but it also brings added complexity to your tax situation. Expansion may mean hiring new staff, entering new markets, or investing in new assets. Without proper planning, these changes can increase your tax burden and limit the capital you have available to reinvest. The good news? With proactive …
Read More...Construction business owners are no strangers to workforce challenges. Skilled labor is hard to find—and even harder to keep. More contractors are exploring profit-sharing to reward performance, reduce turnover, and tie compensation to results. However, to be practical, a profit-sharing plan must do more than hand out bonuses. It should align with your business goals, …
Read More...At some point, nearly every business owner faces a common question: How do I fund the next growth stage? Whether you’re eyeing new equipment, a larger space, or need extra cash flow, choosing the right kind of financing is a big decision that shapes your business well beyond the initial investment. Business owners typically consider …
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