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A recent alert from Maryland-based cybersecurity firm Huntress highlights a concerning vulnerability for construction companies using on-premise accounting and project management software with default login credentials. The ripple effect of cyberattacks isn’t confined to a single construction firm.
Fraud is costly for all victimized companies, but it’s even worse in the construction sector. Some types of fraud are more prevalent in the construction industry, particularly payroll and billing fraud. The post Preventing Fraud in your Construction Company appeared first on Roger Rossmeisl, CPA.
As the year draws to a close, construction business owners find themselves in a critical period of reflection and preparation. Access to the best available tools and information is vital in almost any operation but is especially crucial in the competitive construction and home service industry. you can use our promo code YEAREND40.
Implementing an effective payroll system is crucial for construction business owners, as it directly impacts project management, employee satisfaction, and overall financial health. Identify the types of workers (e.g., subcontractors, full-time employees) and ensure your payroll system can handle various pay rates and classifications.
But what does it really mean, and why is it crucial for your construction business's success? If you've been a long-time reader or a contracting company owner, you've probably heard about " Cost of Goods Sold " (COGS). Understanding COGS isn't just about accountingit's about making smart decisions for profitability, pricing, and more.
Given the industry's complexity and unique challenges, effective job management is crucial for construction contractors. From managing projects and keeping the team on the same page to ensuring profitability, have you ever sent an email about a critical update only to find that team members missed it?
As the year draws to a close, construction business owners find themselves in a critical period of reflection and preparation. Access to the best available tools and information is vital in almost any operation but is especially crucial in the competitive construction and home service industry. you can use our promo code YEAREND40.
Have you ever wondered how successful construction companies accurately price custom projects? The secret is in a method called Job Costing. For small business owners like you, understanding this process could be the key to increasing your profitability and ensuring that every job is priced right.
Have you ever paused to consider the real impact of your business's customer experience? Is it lifting your brand or dragging it down, along with your team's morale? Today's consumers expect nothing short of excellence, so understanding the consequences of poor customer service is vital. So, what does poor customer service cost you?
Running a small business is a constant juggle, and managing your receivables is one of the more frustrating tasks. How often have you been waiting on overdue invoices? Do you have enough cash flow to cover next month's expenses? If this sounds familiar, you're not alone.
Tracy Coenen talks about the prevalence of fraud allegations related to construction projects and the work a forensic accountant can do in construction claims. She goes through the basics of the financial analysis performed on the numbers and documents related to the construction project.
Construction contractors have a tough job these days, given labor shortages, supply-chain headaches and mushrooming regulation. Generally, a business in the construction industry is performing a service, and most services are excluded from sales and use tax. Lump-sum and separated (itemized) contracts.
A new construction project, a renovation or expansion of a property, ongoing management of a property: All these and more can come with a ton of sales tax nuances. Particularly for those construction companies with projects beyond the borders of their home state, where they may have done well with sales tax compliance for many years.
In construction, its not just the concrete that holds things togetherits cost control. Managing expenses isnt just a line item; its the backbone of a construction firms financial health and long-term profitability. The post How the Cost-to-Cost Method Improves Profitability in Construction Projects appeared first on LSL CPAs.
We often overlook the immense value that construction contractors bring to our communities. From building our homes and schools to developing infrastructure and commercial spaces, construction contractors like you play a vital role in shaping our world. Your contributions are undeniably essential, yet they often go unrecognized.
In today's fast-paced construction industry, staying in touch and being productive is crucial for project success. One of the most impactful ways technology has improved construction communication is through user-friendly mobile applications and project management software.
Payroll, HR, and benefits software provider ADP has launched a human capital management solution specifically for the unique needs of construction firms. In addition, an uncertain economy makes it harder for construction firms to manage material and labor costs. Manage and assign union wages and benefits.
In the construction industry, unexpected challenges can arise at any moment. That's why a contingency plan is crucial for construction contractors. Small construction businesses need to be prepared for a range of scenarios. Would your staff know what to do? Would your staff know what to do? Would you be able to keep working?
In the competitive construction industry, implementing efficient business systems can make a significant impact on the overall success and profitability of a construction business, regardless of its size or specialization.
Key Takeaways Improving Cash Flow for Construction Businesses: About 90% of construction jobs go over budget. In construction, you must keep track of your direct materials, direct and indirect labor, and other indirect expenses (operating costs). 6 min read July 9th, 2024 Cash flow is the lifeblood of every business.
Mastering the right tone is critical when connecting and communicating with people in the construction business. For small construction businesses, email is frequently the preferred way to communicate with new leads, customers, and employees – but if you haven't mastered your tone, the meaning of your message may be lost.
Running a small construction business comes with unique challenges, and dealing with toxic employees is undoubtedly one of the trickiest. For the construction industry, where teamwork and safety are paramount, addressing and managing toxic employees is crucial. Knowing how to handle such situations effectively can turn things around.
Communication is crucial in the construction industry, and active listening plays a significant role in fostering successful communication. For construction professionals, this skill can improve client relationships, make fewer errors, enhance teamwork, and ultimately increase project success.
Setting financial goals for your construction business may be one of your most important responsibilities as a leader and business owner. Why financial goals matter for your construction business Financial goals are more than just numbers on a spreadsheet. They are the roadmap that helps you plan and make strategic decisions.
Not knowing your construction company's financial situation can result in missteps that could ultimately cost you your business. When starting bookkeeping as a construction business owner is challenging, a good first step is to break the process down into manageable tasks. Avoiding your bookkeeping is dangerous, however.
This means each dollar spent on labor must generate an adequate ROI to justify the expense… Improve Performance With Outsourced Accounting: At GrowthForce, we specialize in working with clients who run service-based businesses such as construction firms in the AEC industry…
The Professional Services Edition joins Acumatica’s existing suite, which includes the Construction Edition, Manufacturing Edition, Distribution Edition, Retail Edition and General Business Edition.
If you are a ProAdvisor, Consultant, or Accountant wanting to support construction businesses as they digitally transition, you won’t want to miss this survey, which will provide valuable insights into the industry.
In today's competitive business landscape, establishing a personal brand is essential for standing out in the construction industry. Whether you're a contractor, architect, or engineer, cultivating a professional image differentiates you from competitors and fosters trust and credibility among clients and partners.
Stepping up your marketing game as a construction business owner is always a welcome topic in my client conversations. So, if you're looking to do some construction business promotions to attract more quality clients, what do you do, especially on your own? Here are some practical tips that I highly suggest to consider:
Avoiding cash flow crises is crucial for the success and sustainability of your construction business. Managing cash flow is vital for small business owners. Poor cash flow management can create significant challenges even if your business is profitable.
Construction Company owners like you have probably experienced life-changing events in the past few years, as many of our clients did. Are you struggling to keep your construction business afloat? Poor Cash Flow Management One of the biggest challenges for construction businesses is managing cash flow.
Cash flow problems ensue, threatening the survival and growth of your construction business. Managing cash flow is a vital part of running a successful construction business. The driving force keeps your business engine running smoothly, covering all your liabilities. But what happens when outflow exceeds inflow?
Tax season can be a bit overwhelming for construction business owners, especially with many things to keep track of in our industry. We know that construction businesses have unique tax considerations that can be tricky to navigate, such as complex accounting and bookkeeping challenges and issues related to payroll and sales taxes.
If you're like many construction business owners, you may need help understanding your finances or how you can use your financial information to make decisions for your business. As a construction company owner, you have the best chances of success when you regularly set budgets, develop financial forecasts, and establish goals.
Overview The Government has announced a series of policy and funding reforms aimed at increasing housebuilding and strengthening skills within the construction sector, in a bid to support economic growth and meet long-term infrastructure demands. Menzies LLP - A leading chartered accountancy firm. How will the measures impact the industry?
Overview The Government has announced a series of policy and funding reforms aimed at increasing housebuilding and strengthening skills within the construction sector, in a bid to support economic growth and meet long-term infrastructure demands. Menzies LLP - A leading chartered accountancy firm. How will the measures impact the industry?
In the ever-evolving world of construction, financial modeling is a game-changer. Crafting precise and insightful financial models is a valuable tool for construction companies. It drives intelligent decision-making, minimizes risks, and ensures the revenue health of projects.
In FY24 the Commission collected $140 million in taxes, almost 21% more than projected and what one official attributed largely to sales tax, non-retail, primarily construction contracts and professional services. Tribal sales taxes are just as dynamic as states. The Nation instituted the 6% rate in 2018, for example.
Consider this scenario: A couple wanting to sell their house expresses interest in your remodeling service, presenting an exciting opportunity that could significantly elevate your construction business. However, they have a requirement: they want the job done in three weeks. Now, you're caught in a challenging position.
Marketing your construction business is crucial for its growth and success. I understand how daunting it can feel for construction business owners like you; we've been there. I understand how daunting it can feel for construction business owners like you; we've been there. But it doesn't have to be.
1 accounting firm catering to businesses in the construction industry by the trade magazine Construction Executive. CLA has worked hard to know and help our clients in the construction industry. It’s such an honor to be recognized again,” Tom Dearnley, managing principal of construction industry at CLA,” said in a statement. “We
Many small construction business owners tend to handle their accounting and bookkeeping, especially when they've just started. However, keeping track of the finance side of the business– everything from income to expenses to tax compliance– can be overwhelming.
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