Construction & Real Estate Featured

Why Contractors Should Consider Mediation

When a construction dispute arises, among the first thoughts that may come to mind is, “Oh no, is this going to wind up in court?” Sometimes that eventuality is unavoidable, but there’s often a much easier and even productive way to resolve the matter — mediation. Developing strategies In mediation, a neutral mediator facilitates a…

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constructionAccunting

Construction Accounting: 5 Ways to Optimize Your Financial Reporting

In today’s challenging environment, a construction company’s relationships with its lenders and surety are more important than ever. One way to enhance these relationships is to optimize your financial reporting to ensure it provides the information that lenders and sureties need to feel comfortable extending credit and bonding to your business. Here are five ways…

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COVID Legislation – 2021 Construction Tax Planning Opportunities

On March 27, 2020 the President signed The Coronavirus, Aid, Relief and Economic Security Act (CARES Act). The CARES Act includes many tax provisions that are intended to put cash flow in the hands of individuals and businesses. Additional coronavirus relief related legislation has been passed and is included in this whitepaper. The CICPAC Tax Thought…

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Mobile Workforce: Finding a Reimbursement Plan that Works for You

Construction industries that maintain mobile workforces often have employees work in various locations which causes them to incur out-of-pocket business costs. You, as an employer, may reimburse the employee for these costs using either an accountable or non-accountable plan. An accountable (reimbursement) plan meets the following criteria: The purpose is to reimburse employees for allowable…

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managing construction project scope

Managing Project Scope: It’s a Full-Time Job

Construction projects often look solid on paper. But put boots and equipment on the ground and suddenly — or, more often, gradually — the job can go soggy as additional, unanticipated work seeps into other tasks. Sometimes you can get paid for this additional work if the owner will sign off on a change order.…

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construction industry labor shortage

Labor Shortages: Where Are the Potential Employees?

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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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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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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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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