Being open to incorporating new business strategies is the key to pursuing new veins of profit and growth, explains a recent article from Construction World. The author recommends five approaches for bolstering your operations. From incorporating diversification to trying out new pricing and bidding strategies, the article offers a wealth of helpful advice. Click here …..
Long-lasting labor shortages in the construction industry are a painful reality for business owners in this sector—and they are only getting worse, write Brian Montelongo and Christy Crook in a new article from Construction Executive. The authors suggest that in order to recruit and retain workers, construction business owners should focus on creating training and …..
Tracking finances in a construction company is a complicated and difficult task. However, maintaining an accurate picture of your company’s financial health is integral to your ongoing success. In a recent article from Construction Business Owner, author Garrett Baird offers some helpful tips ensuring that you have access to timely and accurate financial data. His …..
Though complications caused by the coronavirus pandemic have eased relative to the last two years, a pessimistic outlook persists among nonprofit leaders, shows a recent 2022 State of the Nonprofit Sector report. A recent article from CPA Practice Advisor offers an overview of key findings from the study. Unfortunately, the report revealed significant budget shortfalls …..
Getting Ready for the Nonprofit Year-End Financial Close Process
As June 30th approaches, your nonprofit organization should be taking steps to prepare for its annual audit. In a helpful article for The NonProfit Times, Christine Hall, CPA offers five tips to help you get ready for the year-end financial close process. Click here to read about documenting changes and assessing risks, assessing collectability and …..
Recent Generally Accepted Accounting Principles (GAAP) updates announced by the Not-for-Profit Advisory Committee of the Financial Accounting Standards Board (FASB) will have an impact on nonprofit organizations that accept gifts-in-kind and other non-cash contributions from donors. The Accounting Standards Update seeks to increase transparency by requiring nonprofits to disclose additional information regarding any contributed nonfinancial …..
It’s your time to shine What is your favorite movie and/or TV show? My favorite TV shows are Friends and New Girl. What did you want to be when you were growing up? Veterinarian, but once I realized you would have to put animals down I couldn’t pursue it. What hobbies do you have? Photography …..
You may or may not have heard of the 50/30/20 budgeting rule, but it’s a good one — one that will help make organizing your finances a lot simpler. The basic idea is to divide up your after-tax income and allocate it for spending in this way: 50 percent on your needs, 30 percent on …..
The Rise in Ransomware Attacks and How to Keep Safe
Cybersecurity experts estimate that there is a ransomware attack every 11 seconds. This is a big challenge for individuals, businesses, and governments alike. In ransomware attacks, cybercriminals encrypt a victim’s network or data, making it inaccessible until a ransom is paid. Despite organizations’ efforts to reduce the attacks, cybercriminals are advancing their attack methods. For …..
If you want to make an impact in your new grad’s life, make an investment in his or her future with a 529 College Savings account. There are two versions: an investment account and a prepaid account. Assuming you are opening an account now and don’t have time for investment growth, you may need to …..
According to the U.S. Small Business Administration and Project Equality, 60 percent of business owners plan to cash out of the business in the next 10 years. For the baby boomer generation, it’s especially important as they contemplate retirement, with this generation reportedly owning 2.3 million businesses. When it comes to getting a business ready …..
Lean Manufacturing and a Crisis—What Can We Learn?
The impact of the COVID-19 pandemic on manufacturers has been resounding and wide-ranging, explains Lori Walsh in a new article for CPA Practice Advisor. One subset of manufacturers that has felt a significant impact are those who employ lean manufacturing practices. Walsh examines what the pandemic can teach about how this manufacturing style functions during …..
There seems to be no end in sight for the supply chain challenges that have been plaguing the manufacturing industry. As such, small manufacturers need to focus on conserving and prioritizing their energy and resources in order to remain afloat, recommends a recent article from Industry Week. While there is no one-size-fits-all approach, the article …..
Is innovation a top priority for your manufacturing company? Perhaps it should be. In a recent article from Industry Week, Ethan Karp and J. Scott Cade examine three recent instances of manufacturers reframing their perspective on risk and achieving successful innovation. Click here to learn about how three companies hit gold by fostering “intrapreneurship,” innovating …..
The last few years have seen an enormous shift in the workplace—changes in where we work, how we work, and how we decide to leave an employer behind. As a result of the Great Resignation, the power dynamic between employers and employees has shifted. Employers are scrambling to retain their team members and are working …..
In November of 2021, President Biden enacted the Infrastructure Investment and Jobs Act (IIJA), a piece of legislation aimed at shoring up the US infrastructure. As is common with large legislation such as this, there is quite a lot to unpack, explains Julie Strupp in an article for Construction Dive. She offers an overview of …..
Earlier this year, the Supreme Court made the decision to block the COVID-19 vaccine mandate for large employers issued by the Occupational Safety and Health Administration (OSHA). In a recent article from Construction Dive, author Ryan Golden covers the court’s decision and its impact. Click here for a helpful deep dive into the vaccine mandate, …..
Safeguarding the Future of Your Construction Company
Establishing a thorough plan for leadership transition within your construction business is important. This is how you ensure the future of your organization. Author Martin McCarthy offers some helpful advice in a new article from Construction Executive. He covers getting started on creating a plan, choosing your successor, preparing your business for the transition, the …..
Using Net Operating Losses to Your Greatest Advantage
Reducing your construction organization’s income tax liability is a big deal. A recent article from Construction Executive discusses a lucrative strategy: the use of net operating loss (NOL) carrybacks and carryforwards. Author Kyrstin Mackrides offers a helpful overview of NOLs, including a thorough definition, tips for calculating NOLs, limitations regarding a change in ownership, and …..
Do you find yourself regularly frustrated with how often your projects go over budget? You are not alone. Many construction companies deal with this issue. Breakdowns in communication between estimators and construction workers is often the culprit, according to Gregg Schoppman in a new article from Construction Business Owner. Click here to learn about Schoppman’s …..