Accounting and Finance | Topics

Accounting & Finance

Q.

I have put into practice your twelve steps for making a profit. It works great with two exceptions:
About 30 percent of the time the market won't bear what I need to charge, I can't hire quality workers and I have do most of the work myself. I've cut overhead where I can and run a pretty lean operation. What steps can I take to keep growing and always make a profit?
Thanks in advance,

Jon Ambler

Ambler Carpentry

Tags: 2009 February Issue , costs , George Hedley , management

10 Tax Tips

Now more than ever, construction contractors face complex tax issues that strain resources and drain what may be already-shrinking profits. Especially during a recessionary period, contractors need to minimize spending though effectively managing their tax burden and protecting themselves against tax increases and assessments. This is particularly important now, when nearly every tax authority, from the federal government down through state and local jurisdictions, is seeking additional sources of revenue in response to strained budgets.

Tags: 2008 December Issue , accounting , costs , management

Internal Controls Save Time and Money

In the past five years, the construction industry has experienced a shift in the way construction contracts are managed. First, a movement emerged where building owners favored cost-reimbursable contracts as opposed to the more traditional firm, fixed-price or stipulated sum projects. Second, adhering to the Sarbanes-Oxley (SOX) Act of 2002 has required building owners to conduct audits of construction spending, leading to a sharp increase in construction audits. With the increased level of accountability in the building owner's camp, contractors have been forced to undergo their own process improvements.

Tags: 2008 December Issue , accounting , analysis , costs , financial , management , value , waste

Construction Business Owner, November 2008

Editor's Note: Following is the tenth article in our ten-part series, called "Accounting Software Checkup: Ten Ailments That Can Hinder a Healthy Bottom Line," by our regular columnist, Fred Ode. Each "ailment" is discussed in detail to help you determine if your seemingly healthy business has an underlying problem.

Tags: 2008 November Issue , accounting , adaptation , construction software , Fred Ode