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 …
Read More...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 …
Read More...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 …
Read More...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 …
Read More...Standard accounting has rules and regulations for businesses in every industry. Some industries, like construction, need a more tailored system to understand their business’s financial picture. In addition to accounts receivable, accounts payable, and payroll, contractors must consider job costing, change orders, progress billings, and customer deposits. Construction accounting offers more in-depth options for tracking, …
Read More...Business travel is back. COVID restrictions have eased, and in-person conferences are back on the calendar. And as more people return to offices, companies are warming to sending their employees on work trips. For many businesses, it’s been a minute since they’ve had to account for employee travel expenses. So it might be time for …
Read More...Record levels of inflation are weighing on the construction industry when contractors are already feeling the squeeze from labor and supply shortages. Contractors are seeing staggering increases for construction inflation, according to Associated General Contractors analysis. The Producer Price Index for inputs to new nonresidential construction — a weighted average of the goods and services …
Read More...As Tax Day approaches, taxpayers will often rush to complete their returns by the April 15th deadline. While it’s ideal to file your return by the IRS due date, there are many instances that can prevent this. In these circumstances, it can be beneficial to extend your return. Consider, for example, K-1s from pass through …
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