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Accounting & Finance

Strengthen your company’s financial foundation. Explore job costing, cash flow, forecasting, tax strategies and financial management practices that help contractors improve profitability and make informed decisions.

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    Construction Accounting: A Solid Foundation for Your Business

    Many business owners view accounting as nothing more than an administrative headache. But good construction accounting systems and practices are powerful tools for managing your business. Accurate and timely construction financial reports can help you monitor your performance, control costs, improve profitability and manage cash flow. This is important for any business, but it’s particularly critical in the construction industry, which, by its nature, is subject to a great deal of uncertainty. Good accounting practices provide a snapshot of where each project stands at any given time, allowing management to detect problems and make necessary adjustments before it is too late. Construction Accounting 101 Construction accounting is distinct from other types of accounting because of the long-term nature of many construction contracts. Revenue recognition is…
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    Focusing on Gross Revenues Instead of Net Income Can Be Hazardous to a Contractor’s Health

    Why the bottom line matters more than the top line
    Read More →: Focusing on Gross Revenues Instead of Net Income Can Be Hazardous to a Contractor’s Health
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    Setting Up Retirement Plans

    Implementing a 401(k) plan into your construction company can pay off’ at tax time and hiring time.
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    Prepare for Your Construction Business Year-End

    Learn how to prepare your construction business for the end of the year.
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    How to Obtain Surety Bonds: What You Need to Know about Surety Bonding

    Federal, state and local governments require surety bonds in order to manage risk on construction projects and protect taxpayer dollars. However, surety bonds are not limited to public construction. Many private project owners stipulate bonding requirements on their projects, and prime contractors may require subcontractors to obtain bonds. In today’s competitive construction environment, a contractor’s ability to obtain surety bonds has a significant effect on that contractor’s ability to acquire work. What is a Surety Bond? A surety bond is a three-party agreement in which the surety assures the project owner (obligee) that the contractor (principal) will perform a contract in accordance with the contract documents. When a contractor requires its subcontractors to obtain bonds, the contractor is the obligee and the subcontractor is the…
    Read More →: How to Obtain Surety Bonds: What You Need to Know about Surety Bonding
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    Get Your Business to Work Part 5: Boost Your Bottom Line with 5 More Business Tools

    Ever been accused of being a sandbagger?
    Read More →: Get Your Business to Work Part 5: Boost Your Bottom Line with 5 More Business Tools
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    No. 1: Lead Off with Job Cost Reporting

    If only construction accounting and financial management could be as easy to understand as baseball.
    Read More →: No. 1: Lead Off with Job Cost Reporting
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    Revolving Credit – An Essential Tool For Your Business

    Imagine a situation in which a piece of equipment unexpectedly breaks down, and to make it worse, imagine it happening right at the end of your most productive season.
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    Which Liquidity Strategy is Right for You?

    We compare and contrast the relative merits of each and lay a foundation for matching the approach to the specific objectives of the shareholder.
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    Want To Stay Busy Or Make Money?

    Editor’s Note: This is the third in our 2009 series, “Earn More, Work Less.” To read the previous article, click here. To read the next article in the series, click here. As a business owner, I bet you love what you do. You’re really good at doing your work with pride, integrity and quality workmanship. If asked, you tell people you are the best at what you do and stand by your finished product and personal service. You have spent years working hard, building your company, grooming your management team, developing supervisors and foremen, training your crews and growing your equipment fleet. You have a small list of customers who keep your company busy and provide you steady work on an ongoing basis. Your business…
    Read More →: Want To Stay Busy Or Make Money?
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    Identifying Contract and Procurement Fraud

    How would you react if someone at your company said, ‘Last year we lost 5 percent of our revenue due to fraud, and we’re not sure how it happened!’
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    How to Read Your Financials – Costs in Excess of Billings

    A guide to closely monitoring job costs through key reports for optimal profitability & cash flow
    Read More →: How to Read Your Financials – Costs in Excess of Billings

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