Beefing up benefits may save tax dollars for construction businesses
Construction companies continue to find themselves embroiled in a protracted battle for skilled labor. One fundamental way to recruit the best talent and retain valued employees is by offering competitive compensation and benefits. Let’s focus on the latter, which may … Read more…
11 ways your construction company can avoid accounting mistakes
One of the not-so-secret ways to run a profitable construction business is to follow sound accounting practices. Mistakes in financial reporting can be costly, potentially leading to budget overruns, cash shortfalls, delayed projects, unpaid bills and underfunded payroll. Here are … Read more…
Manage your construction business … and your wealth
Many contractors prioritize business financial management over personal wealth management. It’s an easy trap to fall into given how competitive the construction industry can be. Let’s discuss some ways to manage your wealth while you run your business. Separate the … Read more…
Contractors must clear a high bar to claim disruption damages
It’s not unusual for a construction contractor to seek damages when an owner’s actions delay completion of a project. The contractor may pursue a variety of increased costs flowing from the slowdown, such as increased bond or insurance premiums, extra … Read more…
Placing a high value on a construction business valuation
If you own or co-own a construction business, it’s likely your most valuable asset. But the question is, just how valuable is it? This is something you’ll need to contemplate regularly throughout your tenure because the answer will change. The … Read more…
Tackling time-tracking troubles
For construction businesses, time tracking is about more than capturing labor hours to issue paychecks. It’s a complex, critical administrative task directly tied to your company’s financial stability. Improper time tracking can lead not only to payroll mistakes, but also, … Read more…
Reducing your construction company’s workers’ comp costs
Workers’ compensation insurance represents a major expense for construction companies. It might seem like there’s not much you can do to avoid high premiums. However, there are steps you can take to reduce or at least better control workers’ comp … Read more…
9 cash-flow management tips for construction companies
Construction business owners know that cash is king. However, managing cash flow in an industry known for its ebbs and flows isn’t easy. And when you throw in the steady rise of inflation and ongoing supply chain issues, cash-flow management … Read more…
Construction industry awaits guidance on new energy tax incentives
Many contractors likely sat up and took notice in August when the Inflation Reduction Act (IRA) was signed into law. The IRA is expected to have a substantial impact on the construction industry, largely because of how it has created … Read more…
Reviewing revenue recognition for construction companies
While many businesses handle sales in a single transaction, construction contracts often cover months or even years and include multiple payments. As you’re well aware, the longer-term nature of construction projects can prevent contractors from billing and collecting on a … Read more…
