Construction & Real Estate

RPA

The Potential of Robotic Process Automation (RPA)

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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avoiding construction disputes

7 Tips for Avoiding Construction Disputes

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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construction family business succession plan

Respond Quickly to Succession Plan Troubles

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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leases hiding in your contracts

New Accounting Standard: Are There Leases Hiding in Your Contracts?

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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bar-code technology

How to Keep Track of Small Tools and Equipment

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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construction business valuation

Risky Business: Valuation Rules of Thumb

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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construction indirect costs

Would You Recognize an Indirect Cost if You Saw One?

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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construction PEO

Outsourcing Employment Tasks to a PEO

After reaching a certain level of success, many construction companies struggle to keep up with employment and human resources (HR) tasks such as recruiting and hiring, payroll processing, and employee benefits and workers’ comp administration. One solution may be to outsource these functions to a professional employer organization (PEO). How it works When you partner…

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construction small business tax savings

Year-End Tax Planning: Tax Benefits Available to Small Construction Businesses

Companies that qualify as “small businesses” enjoy several tax benefits, including simplified tax reporting and the ability to defer taxes under certain circumstances. Your construction company’s eligibility for these advantages depends on your gross receipts, including those earned by certain related entities. Previously, the gross receipts threshold was $5 million ($10 million in some cases).…

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Virginia mechanic's lien forms have been ammended

Virginia Mechanic’s Lien Form Amendment

The forms provided in the Virginia Code for mechanic’s liens have been amended effective July 1, 2019.  Virginia Code §43-5 will soon state: The memorandum and affidavit required by §43-4 shall be sufficient if substantially in form and effect as follows: Memorandum for Mechanic’s Lien Claimed by General Contractor: Name of owner Address of owner…

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