Construction Archives - Page 3 of 6 - Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

Get a Better Handle on Your Financial Situation with these 4 Tips for Construction Accounting

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, …

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 …

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 …

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 …

Business owners spend a lot of time and effort ensuring their operations run smoothly, from delivering quality goods and services to providing accurate financial statements and tax returns. Yet one scammer going after your company can bring it all down, harming your reputation and your revenue. One of the best ways to protect your business …

Has your company switched to a remote work or hybrid environment for employees? Government mandates and other health-related concerns at the beginning of the COVID-19 pandemic, caused much of the workforce to transition from an office setting to a remote or hybrid work environment. As the pandemic stretched on and companies extended their remote work options, many employees started spreading out to …

Remote work has been a hot topic for the past several years. Since workplaces were strongly encouraged to allow non-essential employees to work from home in 2020, remote work has become an even bigger discussion. As regulations allow companies to bring employees back into the office, many are asking if remote work is a viable …

The last few years have afforded quite a few changes in how the IRS allows businesses to handle meal and entertainment costs in relation to their taxes. The 2018 Tax Cuts and Jobs Act (TCJA) eliminated deductions for most business-related entertainment expenses. Since the pandemic, the IRS has temporarily changed the tax-deductible amount allowed for …

As a business owner, increasing sales can be a great mood lifter. But what happens if you get a large order and have no way to pay for the supplies? Sales doesn’t always equal immediate cash in hand, which can put a strain on your business accounts and your ability to deliver on time. Below, …

Small business owners wear many hats and can spend too much time in one area of managing their business, and not enough working on growing and improving their business. One of the biggest culprits of this is in payroll. Payroll can be tedious and time consuming, and errors could be costly. Add in the stress …