It’s easy to get intimidated when applying for a business loan. You have the need; the bank has the money — how can you win them over? One way to lower the stress level is to view your lender as a partner rather than a gatekeeper. After all, it needs your business just as much […]
Category: Construction
A SYMBIOTIC BOND – How WIP reports relate to your financial statements
Construction work in progress (WIP) reports are too often ignored and less often fully understood. Your WIP reports share a symbiotic bond with your financial statements — the two should be consistent in the information they present. Let’s look at four different schedules of a typical WIP report and discuss how they relate to your […]
Is Risk Management Software A Worthy Investment?
“My construction company recently underwent an audit by the Occupational Safety and Health Administration (OSHA). Among the most important findings is that our safety and insurance documentation is inadequately organized. While researching the matter, I learned that there’s software available to help businesses with this problem. But is it a worthy investment, or would I […]
Evaluate the Risks of Joint Ventures Carefully
Sometimes a construction project is just too big or complex for one general contractor to handle alone. Joint ventures (JVs) enable two construction companies to temporarily partner up to distribute risk, apportion resources and, one hopes, share profits. There are other reasons to consider a JV. You might need to secure additional bonding capacity or […]
Construction Innovators Can Still Claim the Research Tax Credit
There are innovators in every industry, including construction. If your company happens to be one, you may be able to claim the research tax credit, which remains available under the Tax Cuts and Jobs Act. Explore eligibility To be eligible, an innovation-seeking business activity generally must do several things. First, it must relate to development […]
No accident: Identifying the five biggest safety risks to your workers
Forgive the pun, but a culture of safety doesn’t happen by accident. Planning is key to minimizing the hazards and practices that lead to mishaps and disasters. To help categorize the most widely occurring — and lethal — risks on any construction site, let’s focus on what OSHA calls the “fatal four” and then add […]
How to make workers’ comp costs less costly
Employers usually have no choice: You’re required to pay workers’ compensation insurance for W-2 employees. But no one says you can’t look for ways to reduce the cost of coverage. The key is to lower your company’s risk. To that end: Commit to safety. Communicate and enforce safe work rules and establish a task force […]
Building the framework of your succession plan
At some point, we all must hang up our hard hats. But what will happen to your construction company when you retire? Or when you simply can’t work for an extended period, because of illness or injury? Having a succession plan in place is key to ensuring the business will go on. Even if you’re not […]
When to consider builder’s risk insurance
In construction, there’s always risk. No matter how careful an operation is, accidents happen — as well as theft, vandalism, bad weather and natural disasters. And let’s not forget the potential for earth movement during construction or hitting hidden pipes and buried gas lines. The list of unforeseen incidents can get long! While worker’s compensation, […]
Get ready: New lease rules for GAAP-compliant companies
Does your construction company follow U.S. Generally Accepted Accounting Principles (GAAP)? If so, there’s an important deadline coming up later this year that you should start thinking about right now. For annual periods beginning after December 15, 2019, and for interim periods beginning a year later, GAAP-compliant companies must begin following the Financial Accounting Standards […]