Construction & Real Estate
The Coronavirus Aid, Relief, and Economic Security Act (known as the CARES Act) may be best known for its provisions designed to shore up the economy as the nation copes with the COVID-19 pandemic. These include distributing Economic Impact Payments to individuals and offering Paycheck Protection Program (PPP) loans to businesses. But the act also…
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Labor shortages are a universal hurdle facing the construction industry. High demand for construction creates a high demand for workers to carry out these projects. In the current environment most construction companies are struggling to find these workers. The current situation is most often attributed to what can be summarized as the 4 R’s –…
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The federal government’s response to the novel coronavirus (COVID-19) has included many tax law changes. To simplify matters, let’s look at three issues that contractors should keep an eye on in light of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Maintaining payroll As of this writing, some construction work was continuing, but…
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Robotic process automation (RPA) isn’t new, but improvements in the technology and shrinking costs have made it more accessible than ever. By taking over repetitive, mundane, time-consuming tasks, RPA can reduce costs, increase efficiency and productivity, minimize errors, and free up employees to focus on higher value activities. The technology holds promise for construction companies,…
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A single construction dispute can turn a profitable job into a loss; multiple disputes can put a contractor out of business. Here are seven strategies for avoiding them: 1- Draft contracts carefully. Ambiguous contract language is probably the most common cause of legal wrangles for contractors. Pay close attention to provisions that affect your right…
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Family-owned construction businesses often face distinctive challenges when it comes to creating a succession plan. Emotions can run high, and the business owner’s lifelong working legacy may be at stake. Once you’ve chosen a successor, and put a basic succession plan in place, it’s important to respond quickly if trouble starts brewing. Form your team…
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Late last year, the Financial Accounting Standards Board granted a one-year reprieve from new lease accounting rules to private companies that comply with Generally Accepted Accounting Principles (GAAP). This means that GAAP-compliant construction businesses with a calendar year end now have until 2021 to implement Accounting Standards Codification (ASC) Topic 842, Leases. (Contractors with a…
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Whether it’s hard hats and drills on a jobsite, iPads in an office or RFID readers in a warehouse, small tools and equipment have a tendency to disappear at many companies. The cost of lost, damaged and stolen items can quickly add up, consuming profits and cash flow. What can you do to manage these…
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Determining the market value of your construction business may be necessary or desirable for many reasons. Examples include a sale or merger, financing, succession planning, tax and estate planning, insurance claims, divorce, or setting up an employee stock ownership plan. Whatever the reason, it’s important to consult an experienced valuation professional. Some contractors use rules…
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Indirect costs can have a substantial impact on a construction company’s financial picture and bottom line. But they’re not always the easiest things to “see.” Let’s zoom in to bring indirect costs better into focus. Viewing the numbers It helps to first define project costs in general. The Financial Accounting Standards Board recommends that construction…
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