My construction company recently celebrated its 15th year in operation and, even better, business is really heating up. My concern is that, with this lengthy history and sizable client list, so much information seems to be falling through the cracks. We try to track everything through a shared spreadsheet, but it’s kind of a mess. […]
3 tips for achieving your mission more cost-effectively
Do you want to control costs and improve delivery of your nonprofit’s programs and services? It may not be as difficult as you think. Several simple initiatives can make a big difference in how efficiently your organization operates. Here are three: Tip #1: Monitor measures that matter First, you need to know how much of […]
Whipping up more profitable jobs with WIP reports
Jobsites generate many things — dust, rubble, scrap metal. But they also generate a lot of information. And extracting the right financial data from an ongoing project in an accurate, timely and easily digestible manner is critical to maintaining that job’s profitability and avoiding losses. Depending on the size and nature of your construction company, […]
Planning can help your nonprofit minimize negative effects
Months after the Tax Cuts and Jobs Act (TCJA) was signed into law, nonprofits are still trying to assess its consequences. Some of the early proposals that raised alarms in the charitable sector — such as a repeal of the Johnson amendment — didn’t make it into the final version of the law. But there’s […]
What contractors should know about bonus depreciation
As projects heat up, construction company owners often find they must buy additional equipment or other assets to ensure project success and remain competitive. Because return on investment for high-dollar purchases can take years, finding the right tax deductions to help offset costs is critical to staying in the black. The good news is that, […]
WW&D establishes scholarship for local accounting students
Wheeler Wolfenden and Dwares, CPAs (WW&D) announces the creation of the Wheeler Wolfenden and Dwares, CPAs Accounting Scholarship in the Lerner College of Business and Economics at the University of Delaware. This endowed scholarship will provide an annual award of $2,000 in perpetuity, beginning in the 2018-2019 academic year. The University will award the scholarship, […]
Upcoming changes for not-for-profit organization financial statements
Some changes in your year-end financial statements will be required that are designed to more clearly indicate your organization’s financial position as a result of a recent Financial Accounting Standards Board Accounting Standards Update (FASB ASU). The changes prescribed in Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities (ASU 2016-14) will affect […]
New revenue recognition rules to “go live” soon
A new website or updated software “goes live” when it’s launched for widespread use. This, too, will soon be the case with an important accounting change for construction businesses that follow Generally Accepted Accounting Principles (GAAP). For privately held companies, Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, is due to go live […]
Accounting matters: Keep the heart of your nonprofit beating
Your accounting department is the heart of your nonprofit. Although departments such as programming or fundraising may seem to have more obvious relationships with your nonprofit’s mission, your accounting function ensures that the whole organization runs well — and remains healthy over the long term. Indeed, accounting inefficiencies and chronic processing delays can make everyone’s job […]
Think about licenses before working out of state
Construction markets can turn on a dime. One new manufacturing plant or infrastructure project can transform a sluggish region into a booming economy. Problem is, these hot markets often ignite across state lines. In such cases, you may rush to commit valuable time and resources to preparing a bid. Among the many small details that […]