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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.
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.
If you’re a construction contractor – especially if you’re engaged in contracts in different states – you have to evaluate your sales tax responsibilities in each state where you have customers. That might be true in some states but different states have different rules when it comes to construction services.
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.
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.
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?
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.
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.
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?
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 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.
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.
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 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?
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.
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:
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.
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.
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.
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
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.
Certain industries — for example, construction, real estate, manufacturing and transportation — are usually more vulnerable to employee theft, according to the Association of Certified Fraud Examiners (ACFE). Construction Some types of fraud are more prevalent in the construction industry, particularly payroll and billing fraud.
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.
Keeping track of sales, earnings, expenses, and purchases is fundamental to your construction business's overall health and sustainability. The power of effective bookkeeping using QuickBooks Desktop - plus an Important Update from Intuit.
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.
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.
Being a construction manager and a business owner requires a unique blend of skills and attributes essential for effectively leading a crew. Leadership is at the forefront of this role, as a construction manager must inspire and motivate their team to achieve project goals while maintaining safety and quality standards.
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.
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.
“The whole point of Building Up is to connect people with barriers to employment to careers in construction,” explained Marc Soberano, founder of non-profit project Building Up. “We The funding will support our work and help more and more people who are looking to turn their life around through a career in construction.”
He hired a construction firm to do most of the work. million for the build-out and $400,000 for the purchase and installation of the hibachi tables that was separate from work by the construction firm. Prior to the restaurant opening in 2008, the taxpayer had to make numerous improvements to the location in the undeveloped mall.
The ideal timeframe in which to conduct a cost segregation analysis is within the same year a building is constructed or an existing structure is purchased. Contact Us The post 2023 Year-End Tax Planning Strategies for the Real Estate and Construction Industry appeared first on Cherry Bekaert.
The construction industry is dynamic and challenging, and a business's success or failure can hinge on various factors. As we approach the end of another year, it's essential to take a step back and assess your company's successes and challenges. Contracting is notorious for its complexities and ever-changing landscape.
Washington has amended its excise tax rule on leases or rentals of tangible personal property to clarify the department’s policies regarding charges for such construction services as concrete pumping.
If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow.
Many ATGs target specific industries or businesses, such as new vehicle dealerships, construction, aerospace, art galleries, architecture and veterinary medicine. Others address issues that frequently arise in audits, such as executive compensation, passive activity losses and capitalization of tangible property.
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