Your financial statements may be a guiding light when trying to wade through the complicated industry that is construction. Owners of small to midsize construction businesses can use the following information to hopefully help in their journey out of the red and into greater profitability.
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Topics: Capital Turnover, Construction, Financial Statements, Profitability Ratio, Uncategorized
For contractors, employment-related hassles can sprout like weeds and quickly grow out of control. Human resources, payroll, legal assistance and health care benefits are just some of the issues a professional employment organization (PEO) can help you with.
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Topics: PEO, Construction, Employment, Uncategorized
You may be able to relate to the owner of a growing electrical contracting company's frustrations surrounding his marketing efforts. The significant lag time between marketing his company's services to identifying leads and finally turning those leads into sales was much longer than initially anticipated. The contractor happened to mention his frustrations to his financial advisor.
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Topics: Automated Marketing, Business Development, Construction, Uncategorized
Simplifying the Financial Reporting of Leasing Arrangements
Posted by celliott on Aug 25, 2014 12:21:59 PM
The construction team at Smith & Howard often advises construction clients who have separate, but related, business entities used to buy vehicles, equipment or facilities that they then lease back to their parent company. Earlier in 2014, FASB issued guidance that applies to privately held companies using GAAP providing a way for some construction companies to realize a simpler way to handle the financial reporting of these type of lease/buy-back arrangements.
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Topics: common-control leasing, Construction, FASB, Financial Reporting, GAAP, Uncategorized
Weighing a Joint Venture for Your Next Construction Project
Posted by celliott on Aug 25, 2014 12:12:48 PM
The lure of creating a joint venture as a way to take on a larger-than-normal project is appealing and can create a way to reach large-project goals much easier. Joint ventures may allow you to expand geographically, may boost your working capital and may even spread the risk a bit. But a joint venture requires a leap of faith and serious thought. Following are some things to consider before taking the joint venture "leap":
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Topics: Advisory, Construction, Joint Venture, Uncategorized
Reviewing Your Workforce in a Post-Affordable Care Act World
Remember when the size of your construction company was a strategic matter? Your leadership team work to maintain a streamlined workforce and expand that workforce as business picked up.
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Topics: Affordable Care Act, Construction, large employer, Uncategorized
Stunned Contractor Battles Business Identity Theft
Business owners do not expect to have trusted employees steal from them. And when we mention "identity theft," most people think of individual identities. Unfortunately, identity theft can also strike businesses — including those in the construction industry. Recently, a plumbing contractor learned this the hard way. Our fraud prevention and detection group offers the following story, with some tips for preventing business identity theft and a Smith & Howard resource to help.
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Topics: Red Flag Reporting, Construction, Fraud, Fraud Prevention, Identity Theft, red flag services, Uncategorized
Delays in construction projects can lead to a cascade of negative financial repercussions for both owners and their contractors. The parties may even wind up in court.
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Topics: Construction, Construction Litigation, Damages, real estate, Uncategorized
Construction Success Story: Applying the Latest Technology to Mobile Project Management
Posted by celliott on Jun 26, 2014 3:07:56 PM
A midsize telecommunications contractor recently learned that the right mobile project management tools mean a lot more than increased convenience. The business, which operates over a large suburban area, employs roughly 60 technicians, 15 sales representatives and managers, and eight executives (including the owners). Suffice it to say, being able to work collaboratively on the go is a must.
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Topics: Project Management, Construction, Uncategorized
Small Tools, Big Deal: Accountable Reimbursement Plans
Posted by celliott on Jun 26, 2014 3:03:38 PM
Small tools are an unavoidable expense for many construction workers and the companies that employ them. Like many contractors, you have likely considered creating an “accountable” plan for reimbursing employees for their small tools purchases. Although the dollar amounts of these items may be relatively miniscule, getting an accountable plan right is a big deal come tax time.
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Topics: Accountable Reimbursement, Construction, Uncategorized