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 …
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The FASB released ASU No 2023-01 to Topic 842, Leases on March 27, 2023. Applicable businesses can adopt the changes in their lease accounting procedures for fiscal years beginning after December 15, 2023. The new lease accounting methods have been an important topic for businesses over the last few years. Determining if an enforceable lease …
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February 28, 2023, Sandusky, OH – Payne, Nickles & Company, a full-service accounting, and business advisory firm, announced today Abbey Bemis will join the firm as its first Chief Operating Officer. The appointment of the COO is in line with the company’s strategy to drive growth and efficiency as it continues to expand its business. “We are …
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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 …
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With a recession on the horizon – or already here, depending on who you talk to – employees are feeling the sting of inflation, and employers are feeling the financial pinch from decreased consumer buying power and increased caution in spending. Traditionally, layoffs are one of the first options to save money, which harms productivity …
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A business owner’s plate is quite full, if not overflowing, from the day-to-day operations to the background necessities like marketing and financial activities. The reality is it’s difficult to do everything and be everyone for your business. Working with an outsourced Chief Financial Officer, or vCFO, could be the right move for your business in …
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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, …
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The IRS has released the updated tax brackets, deductions, and credits for the 2023 tax year. While tax filing for this year won’t happen until early 2024, it’s important to pay attention to your tax rate. Strategizing now can help minimize your tax liability and maximize your income potential. Here are the updated numbers for …
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The new Secure Act 2.0 legislation expands upon the Secure Act of 2019 with updates to retirement savings plans across the country. Here’s what you need to know. Automatic Enrollment Requirements Plan sponsors of 401(k) and 403(b) plans will be required to automatically enroll eligible employees with a starting contribution of 3% of their salary …
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The IRS recently released the 2023 mileage rates for businesses to use as guidance when reimbursing workers for applicable miles driven within the year. The rates tend to increase yearly to account for rising fuel and vehicle and maintenance costs and insurance rate increases. Businesses can use the standard mileage rate to calculate the deductible …
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