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 …
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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 …
Read More...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 …
Read More...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 …
Read More...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 …
Read More...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 …
Read More...As a construction business owner, navigating the financial intricacies of your industry can be daunting. Between managing contracts and tracking new regulations, the shift from ASC 840 to ASC 842 in lease accounting standards may seem like just another complexity. However, understanding these changes and their implications is key to ensuring your business’s financial stability …
Read More...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? …
Read More...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 …
Read More...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 …
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