Construction Archives - Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

Why a Strong Budget Is the Blueprint for Construction Success

Key Takeaways A well-built construction budget gives contractors a dependable roadmap for controlling costs, managing resources, and protecting profit. Job costing systems, cost codes, and construction accounting software help companies track spending accurately through every phase of a project. Partnering with an accounting advisor ensures budgets are realistic, regularly monitored, and aligned with long-term business …

Key Takeaways Seasonal slowdowns can be managed through data-driven forecasting, flexible budgeting, and proactive financial planning that anticipate shifts in demand. Diversifying revenue streams and maintaining strong cash flow ensure profitability even when considerable projects pause or material costs fluctuate. Leveraging the One Big Beautiful Bill Act and investing in workforce development builds long-term stability …

Key Points An emergency fund is a financial buffer that helps firms cover payroll, materials, and obligations when disruptions strike. Planning for multiple scenarios and sizing reserves appropriately makes businesses more resilient. Use new opportunities, like those in the One Big Beautiful Bill, to strengthen your financial position and fund future growth. Navigating Financial Uncertainty …

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 …

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 …

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 …

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, …

Running a construction business today means you’re probably no stranger to delays. Whether it’s due to supply chain disruptions, labor shortages, or unexpected health regulations, these challenges can wreak havoc on your project timelines—and, ultimately, your bottom line. But when delays happen, a well-drafted construction contract can save you from costly disputes and keep your …

Running a construction business comes with a unique set of financial challenges and opportunities. One of the most significant opportunities lies in the tax deductions and incentives available to the construction industry. Understanding and leveraging these tax benefits can help you minimize tax liability, improve cash flow, and reinvest in your business for future growth. …

The construction industry has seen significant technological advancements and substantial financial benefits. Key technologies such as project management software, Building Information Modeling (BIM), and other digital tools enhance efficiency and drive cost savings. Here’s a detailed look at how these innovations transform the financial landscape of construction project management. Project Management Software: Streamlining Operations …