To ensure success, contracting and subcontracting companies need accounting professionals responsible for managing cash flow, budgeting, bank reconciliation, payroll, financial reporting, and other accounting functions. For many small and medium companies, the workload may not require full-time staffing or competent professionals may be too expensive. An alternative to hiring in-house staff is to outsource all or a portion of the accounting department, which offers a variety of benefits you may not even have considered. Here are some of the top… Read more ›
Job costs are the lifeblood of your construction business… and accurately estimating them will determine if a project will make money. Managing job costs across the life of the project will ensure that your firm makes money on every job. Moreover, those job-by-job profits make the office and your executive salary possible. Despite this, some CFOs don’t take job costs seriously. Some see tracking those costs as more trouble than it is worth, while others think that the costs are… Read more ›
Construction site theft is an expensive, growing concern. Costs rise as contractors lose building materials, tools and equipment and liability insurance premiums rise. Often those losses are passed on to customers. Double Check Subcontractors by Asking if They: Have a theft prevention policy. Conduct background checks on employees. Restrict access to storage. Understand procedures for securing materials and equipment at the end of the day. Sites are especially vulnerable to theft, both by on-site workers and by criminals who recognize… Read more ›
Call it Green or call it sustainable, whatever term you choose, it identifies a building movement that appears to have become mainstream. This environmentally friendly way to construct involves the architects, engineers, designers and contractors — everyone who has a say in the life cycle of a skyscraper, a home or a renovation. This article looks at technologies used to make buildings sustainable and environmentally friendly.
Major federal laws and regulations generally require federal government contractors to source materials in America. This basically means that U.S. government purchases must meet certain standards, such as a percentage of items used in production must be made in the United States. While this is a boon for some manufacturers and suppliers, it may hurt the bottom line of construction companies. This article looks at the issue.
A classic depiction of a contractor might show someone surveying the worksite with a hard hat and a set of blueprints. These days, the hard hat’s still there but the contractor is just as likely to be carrying a tablet. And that tablet, while efficient, may open the door for new threats to your projects and business. Recent reports from cyber security specialists at Symantec and Verizon indicate that nearly a million malware threats are released every day. That’s well… Read more ›
Late in 2015, new legislation made some significant changes to the tax code. Included in the PATH Act are several incentives that will have a major affect on construction companies, such as the increased Section 179 expensing limits, the extension of bonus depreciation and the now permanent special treatment for qualified leasehold improvements. Here’s a rundown of seven of the modifications.
Bullying is getting more notice in the construction industry but research indicates that it needs much more attention. Bullying can create a hostile work environment and interfere with work getting done, which can hurt your firm’s bottom line of course. This article explains what bullying is, what forms it can take, some of its causes and steps your company and employees can take to fight it.
Cost-conscious leaders in the construction industry are advocating the use of lean construction, based on principles developed by Japan’s Toyota. The main focus of the production and management techniques is to uncover and eliminate the waste that prevents the delivery of value. Here are some details of implementing this process.
Small construction firm owners and contractors can find it especially difficult to comply with the strict letter of the law when it comes to filing their income tax returns. The IRS recognizes the potential problems and wants to lend a helping hand. The tax agency periodically updates several publications geared to contractors, most notably Publication 3780, Tax Information for Small Construction Businesses.