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

How Technology Cuts Costs in Construction Project Management

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 …

In the construction industry, managing financial risk is crucial for ensuring project success and maintaining profitability. Financial risks can arise from various sources, including contract disputes, unforeseen expenses, and cash flow issues. This article will explore strategies for managing financial risk from a CPA’s perspective, helping construction business owners mitigate potential pitfalls and enhance their …

Navigating the complexities of business ownership requires a keen understanding of financial planning. A comprehensive financial plan is more than just a set of documents; it’s a roadmap that guides your business through the ever-changing landscape of commerce, helping to steer day-to-day decisions and long-term strategies. Essential Components of Financial Planning Efficient cash management is …

In the construction industry, effective record retention is not just a matter of administrative housekeeping; it is a critical component that can influence legal standing, financial health, and company reputation. Establishing a robust record retention policy is essential, ensuring all necessary documents are maintained to support business operations, comply with regulations, and prepare for potential …

In the construction industry, where innovation and efficiency are key to success, the Research and Development (R&D) tax credit is a powerful yet underutilized tool for small to medium-sized construction companies. Often perceived as the domain of tech giants and manufacturing behemoths, the R&D tax credit holds significant potential for the construction industry, offering financial …

With the Infrastructure Investment and Jobs Act (IIJA) now actively funding projects, a new chapter unfolds for the construction industry. This landmark $1.2 trillion legislation is more than just a promise; it’s a reality shaping the future of infrastructure in America. As construction business owners and contractors, understanding the implications of this funding and preparing …

In construction, change orders are a common yet complex aspect that can significantly impact a project’s profitability. As an accounting firm specializing in construction, we understand the challenges and opportunities of managing change orders effectively. Our experience has shown that a well-structured change order process is a necessity and a strategic advantage. This article offers …

Have you ever stood at the base of a skyscraper, looked up, and wondered about the intricacies that brought such an architectural marvel to life? As a construction business owner, you’re probably all too familiar with the challenges and complexities behind such ventures. And just as the building process involves layers of planning, materials, and …

The construction world is constantly evolving, and as projects grow in scale and complexity, so do the administrative challenges. For construction business owners, payroll tax compliance is not just a line item on a checklist—it’s a cornerstone of your operation. As a firm with years of experience working with construction businesses, we’ve seen firsthand the …

Mastering uncertainties and embracing predictability are among the most challenging aspects of managing construction projects. Work In Progress (WIP) schedules emerge as a powerful tool for taming these uncertainties as volatility becomes the norm. Their ability to provide real-time, actionable insights makes them an invaluable asset for savvy construction business owners. Demystifying WIP Analysis …