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…
Give your construction company’s bonding capacity a solid foundation
A high bonding capacity is a strategic objective of many construction businesses. Knowing you can get the necessary underwriting from your surety gives you the freedom to bid on jobs well suited to your strengths — not to mention bigger … Read more…
5 change-order pitfalls construction companies should avoid
Properly documented and handled change orders can mean more profitable jobs for construction companies. When the process doesn’t go smoothly, however, you risk not getting paid on time — or at all — for the extra work. Here are five … Read more…
Could the Work Opportunity Tax Credit help your construction company?
The construction industry has been facing a labor shortage for years. Although there are various ways to tackle the challenge, one approach to keep in mind is expanding your hiring pool to, in part, avail yourself of a potentially valuable … Read more…
Ensure your construction accounting system has the right features
Construction accounting is distinctively complex. Unlike other businesses that rely heavily on a general ledger to track finances, construction companies need to master a project-based approach to accounting. After all, each of your jobs serves as an individual profit center … Read more…
Tax-saving fundamentals for construction companies
By the time you read this, you might have already filed your construction business’s federal tax return for the 2021 tax year. Or maybe you’ve requested an extension while you pull together more documentation. Whatever the case may be, now’s … Read more…
