construction
When the pandemic hit in 2020, the federal government rolled out the Employee Retention Tax Credit (ERTC) under the CARES Act. Federal government officials and lawmakers created the credit to…
When you read the words “construction software,” the first thing that may come to mind is an application that helps you plan or execute projects. Although this is certainly common,…
In the construction business, backlog is generally defined as the total value of all the projects a construction company has signed contracts for but has yet to complete. The construction…
Construction businesses are an attractive target for ransomware attacks. In fact, according to a recent study by NordLocker, a developer of encryption software, the construction industry was targeted more often…
The construction industry is more competitive than ever, so accurate estimates are critical. Labor is usually among the largest costs associated with any project; even small errors in this part…
Nearly 8 million people are employed within the Construction sector of the United States. A great way to access that network of people is through professional associations. Not only can…
Construction companies have always faced challenges when it comes to cash flow. The difficulty largely stems from the often-lengthy gaps between winning projects, doing the work and receiving payments. As…
Although the overall costs of construction materials nationwide have stabilized somewhat this year, many contractors still likely face challenges in this area. The price of specific types of materials continues…
Creating a comprehensive and actionable succession plan is rarely easy for business owners. It’s certainly a challenge for most contractors, who may find it difficult to step away from the…
“Don’t settle for second best!” Just about everyone has encountered this phrase in various commercials and ad campaigns over the years, and it’s a good ideal to aspire to. Unfortunately,…
The Tax Cuts and Jobs Act (TCJA) was signed into law in 2017 and generally took effect at the start of 2018. It brought sweeping changes to various aspects of…
Artificial intelligence (AI) has been receiving plenty of press coverage lately, some of it positive and some of it negative. The truth is, like many technological innovations, AI is both…
For construction companies, accounting isn’t as simple as just balancing the books every month. Contractors tend to have multiple projects underway at various stages of completion and, ideally, more in…
Most federally funded projects and even some privately funded ones require contractors to obtain payment and performance bonds. Unfortunately, qualifying for those bonds can be a challenge for small construction…
When evaluating the financial performance of a construction company, lenders, sureties and other stakeholders often want more than just an income statement, balance sheet and statement of cash flows. Although…